Report : Middle East & Africa Data-Centric Security Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solution and Service), Deployment Mode (On Premise and Cloud based), Organization Size (Small and Medium Enterprises (SMEs) and Large Enterprises), and Verticals (IT and Telecommunication, BFSI, Government and Defense, Healthcare and Pharmaceutical, and Others)
At 19.8% CAGR, the Middle East & Africa Data-Centric Security Market is speculated to be worth US$ 556.66 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa data-centric security market was valued at US$ 188.22 million in 2022 and is expected to reach US$ 556.66 million by 2028, registering an annual growth rate of 19.8% from 2022 to 2028. Increase in data including bring your own device (BYOD) policies and incorporation of artificial intelligence (AI) and multi-cloud strategy are the critical factors attributed to the market expansion.
This growth is attributed to the enormous increase in people working, studying, and amusing themselves from home. Hence, securing these data will be the companies' primary objective, as data-driven business models will be widely adopted in the future. Hence, such a transition is anticipated to create lucrative opportunities for the data-centric-security vendors over the forecast period.
Furthermore, the IT infrastructure is anticipated to become more complicated and heterogeneous due to the introduction of new platforms, bring your own device (BYOD) regulations, choose your own device (CYOD) trends, business apps, and other technologies. The BYOD and CYOD trends are becoming more and more common in business settings due to the quick improvements in mobile computing. Through mobile devices, employees may access organizational data from anywhere, at any time, thanks to these developments, which also boost employee productivity to protect organizational data from potential hazards and maintain its confidentiality and integrity. Based on the Bitglass survey, 69% of respondents said their organizations allow employees to use personal devices for work while allowing contractors, partners, customers, and suppliers. However, several companies fail to maintain security due to the unsuccessful incorporation of new devices into the existing security infrastructure. Based on the report by Software Guild, 72% of organizations have no plans to secure BYOD devices. Hence, such factors will likely create mammoth opportunities for the data-centric- security market players.
On the contrary, concerns regarding the adoption of cloud-based security solutions hurdles the growth of Middle East & Africa data-centric security market.
Based on component, the Middle East & Africa data-centric security market is sub segmented into solution and service. The solution held 70.6% market share in 2022, amassing US$ 132.93 million. It is projected to garner US$ 399.63 million by 2028 to expand at 20.1% CAGR during 2022–2028.
- Based on deployment mode, the Middle East & Africa data-centric security market is sub segmented into on premise and cloud based. The cloud based segment held 60.8% market share in 2022, amassing US$ 114.38 million. It is projected to garner US$ million 350.51 by 2028 to expand at 20.5% CAGR during 2022–2028.
On the basis of organization size, the data-centric security market is segmented into small and medium enterprises and large enterprises. In 2022, the large enterprises is expected to hold 69.8% market share with a revenue of US$ 131.43 million. It is projected to garner US$ 374.03 million by 2028 to expand at 19.0% CAGR during 2022–2028.
In terms of verticals, the Middle East & Africa data-centric-security market is categorized into government and defense, healthcare & pharmaceuticals, IT and telecommunication, BFSI, and others. With 28.8% share of the domain, the IT & Telecommunication segment dominated the market in 2022. It accrued US$ 54.17 million in 2022 and is estimated to generate US$ 167.76 million by 2028 to grow at a CAGR of 20.7% over the forecast period.
Our regional analysis states that Saudi Arabia captured 39.9% market share in 2022. It was assessed at US$ 75.11 million in 2022 and is likely to hit US$ 218.82 million by 2028, exhibiting a CAGR of 19.5% during the forecast period.
Key players dominating the Middle East & Africa data-centric security market are Broadcom Corporation, Forcepoint, IBM Corporation, Informatica Corporation, Micro Focus, NetApp, Orange Cyberdefense, Talend, and Varonis among others.
Below are listed a few key market developments by top players:
- In 2022, Informatica Corporation announced a partnership with Oracle. Through this endeavour, Oracle and Informatica have combined the Oracle autonomous database, Oracle Exadata Database Service, and Oracle Object Storage with Informatica's Intelligent Data Management Cloud. This new alliance will enable streamlined OCI migrations and improved data governance capabilities on OCI and IDMC.
- In 2022, HCL Technologies partnered with IBM Security. Through the use of a modernised security operation centre (SOC) platform, this collaboration intends to unify and streamline the threat management process for clients. The goal of HCL's Cybersecurity Fusion Centers is to provide a unified security platform that connects security teams, tools, and procedures throughout the threat lifecycle by utilising IBM's Cloud Pak for Security.
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