Report : Middle East and Africa Database Security Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solution and Service), Organization Size (SMEs and Large Enterprise), and Industry (BFSI, IT and Telecom, Manufacturing, Healthcare, Government, Retail, and Others)
Large Enterprises Segment to Dominate MEA Database Security Market during 2021–2028
According to a new market research study on “MEA Database Security Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Organization Size, and Industry” is expected to reach US$ 847.87 million by 2028 from US$ 362.68 million in 2021. The market is estimated to grow at a CAGR of 12.9% from 2021 to 2028. The report provides trends prevailing in the MEA database security market along with the drivers and restraints pertaining to the market growth. Preference for hybrid cloud for faster innovation is the major factor driving the growth of the MEA database security market. However, issues associated with the lack of awareness about multilayered security hinder the growth of MEA database security market.
The MEA database security market is segmented into component, organization size, industry, and country. Based on component, MEA market is divided into software and services. The solution segment dominated the market in 2020 and services segment is expected to be the fastest growing during the forecast period. By organization size, the MEA market is broadly classified into SMEs and large enterprise. The large enterprises segment dominated the market in 2020 and SMEs segment is expected to be the fastest growing during the forecast period. On the basis of industry, the market is segmented into BFSI, and IT and telecom, manufacturing, healthcare, government, retail, and others. The BFSI segment dominated the market in 2020 and others segment is expected to be the fastest growing during the forecast period. Based on country, the database security market is classified into UAE, Saudi Arabia, South Africa, and Rest of MEA.
Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait are the leading countries that faced the economic effects of COVID-19 in the MEA region in 2020. It is becoming apparent with the COVID-19 pandemic spreading through the countries mentioned above that few can avoid its effects, posing significant challenges for all sectors, including BFSI, retail, healthcare, IT & Telecom, and manufacturing. Further, many small and medium-sized enterprises (SMEs) in many Middle East states face challenges in running the business. The adoption of advanced technologies such as IoT and cloud is also quite high especially in countries such as the UAE. The demand for digitalization is growing at an impressive pace in this region and thus it is expected to offer ample growth opportunities for database security Market in the coming years. Further, the software industry is not affected as other industries since businesses allowed their employees to work from home. Due to work from home facility, have resulted in the rise of quantity and variety of business data, the rise in need for business agility and data accessibility, and increasing demand for business analytics, contributing to the positive growth of the database security market in the region.
Fortinet,Inc.; IBM Corporation; McAfee, LLC; Micro Focus; Oracle Corporation; SAP SE; Thales Group; and Trustwave Holdings, Inc. are among the leading companies in the MEA database security market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, IBM acquired 100 percent of the outstanding shares of Red Hat, Inc. (Red Hat). Red Hat is reported within the Cloud & Cognitive Software segment, in Cloud & Data Platforms. With acquisition they have strong market position in database security market.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com