According to Goldstein Research, “There is a rapid digitization and growth in a number of internet users in GCC countries with current penetration of more than 50% in the GCC countries. Similarly, the region is undergoing an industrial growth in multiple sectors including BFSI, ICT and defence sector among others with many services going online, with the high connectivity growth the GCC countries is receiving a rising number of cyber attacks. Aforementioned factors are the major contributors to the growth of cyber security market in the region."
The GCC cyber security market is segmented based on solutions, by services, by deployment type and by end users. End users is further bifurcated into government, BFSI, manufacturing, ICT, aerospace & defense, retail and healthcare. The government sector accounted for the more than 35% of the GCC cyber security market in 2016. The growing government expenditures on implementation of government security installations mainly in Saudi Arabia and UAE has been driving the cyber security market growth in this sector. It is anticipated that cyber security market in government sector is likely to reach USD 3.9 billion by the end of 2024.
The GCC cyber security market is projected to expand at a CAGR of 5.9% over the forecast period i.e. 2016-2024 owing to rising digitization and related cyber threats in the region. Further, the market is expected to reach USD 11.4 billion by the end of 2024.
Saudi Arabia is the largest region for cyber security market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. Saudi Arabia cyber security market valued USD 2.6 billion in 2016 and is estimated to reach USD 4.3 billion by 2024. Saudi Arabia is considered as one of the most spammed country in the world with 83.3% spam rate. In order to curb cyber threats, Saudi Arabia has launched a project named as The Cyber Security Initiative (CSI) aims to understand current cyber threat and to deliver more collaborative results for society, which is expected to foster the growth of cyber security market in Saudi Arabia.
Defense Sector Vulnerability to Cyber Attacks: Major Impel
The GCC countries are now highly concerned about the cyber security. The GCC countries now alleges majorly UAE and Saudi Arabia that the countries are now more vulnerable to cyber attacks following the United States and is constantly under threat from criminals, intelligence agencies, terrorist groups and hacking collectives as Anonymous. At a 2016 forum on cyber security in UAE hosted by Arab Gulf Institute and Raytheon Corporation, many cyber security experts suggested that, despite progress in cyber security the region's defense expenses remain inadequate. To address cyber threats, the GCC governments are planning to double its spending on internal security from USD 25 billion to more than USD 50 billion in next 10 years, with significant share dedicated to cyber security.
“GCC Cyber Security Market Outlook 2024” contains detailed overview of the GCC cyber security market in terms of market segmentation by solutions type, by services type, by deployment type and by end users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
GCC Cyber Security Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as IBM Security, Raytheon Company, Mimecast, Cisco, CyberArk Software, Lockheed Martin, BAE Systems, Rapid7, Palo Alto Networks, Symantec, Root9B, Herjavec Group, FireEye, Sophos, etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the GCC cyber security market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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