At 19.6% CAGR, Middle East & Africa Extended Detection and Response Market is Projected to be Worth US$ 342.93 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa extended detection and response market was valued at US$ 81.75 million in 2023 and is expected to reach US$ 342.93 million by 2031, registering a CAGR of 19.6% from 2023 to 2031. Increasing number of cyberattacks and increasing complexity of business processes are among the critical factors attributed to the Middle East & Africa extended detection and response market expansion.

In recent years, businesses have been facing the continuous threat of cyberattacks. According to Embroker Insurance Services LLC, cyberattacks were considered the fifth top-rated risk in 2020, and cases continue to rise with technological advancements. Computer malware, data breaches, and denial of service (DoS) are a few examples of cyberattacks. During the COVID-19 pandemic, cybercriminals took advantage of misaligned networks as businesses were shifting to remote working environments. According to OneLogin, cybercrime costs more than US$ 1 trillion worldwide, as 37% of organizations were affected by ransomware and 61% were affected by malware attacks in 2020. Similarly, according to the Clusit Report, cyberattacks across the globe increased by 10% in 2021 compared to the previous year. The average cost of a cyber breach was US$ 3 trillion in 2015, and it is predicted that this value is expected to reach US$ 10.5 trillion by 2025.

Cyber threats are considered a major concern as various organizations continue to operate in a digital environment. They have severe consequences for individuals, corporations, and governments. The rise in the number of cyberattacks has increased the importance of cybersecurity in safeguarding critical infrastructures and ensuring the safety of individuals and organizations. Organizations are increasingly becoming aware of the need to safeguard their critical assets from unauthorized access and potential breaches. Extended detection and response has emerged as an important solution that companies can adopt to defend against online attacks. Thus, the increasing number of cyberattacks across enterprises drives the growth of the extended detection and response market.

On the contrary, integration and interoperability issues hampers the growth of Middle East & Africa extended detection and response market.

Based on component, the Middle East & Africa extended detection and response market is bifurcated into software and services. The software segment held 79.5% market share in 2023, amassing US$ 64.99 million. It is projected to garner US$ 278.01 million by 2031 to register 19.9% CAGR during 2023-2031.

In terms of deployment, the Middle East & Africa extended detection and response market is bifurcated into cloud and on-premises. The cloud segment held 67.4% share of Middle East & Africa extended detection and response market in 2023, amassing US$ 55.08 million. It is projected to garner US$ 246.16 million by 2031 to expand at 20.6% CAGR during 2023-2031.

In terms of enterprise size, the Middle East & Africa extended detection and response market is bifurcated into large enterprises and SMEs. The large enterprises segment held 77.9% share of Middle East & Africa extended detection and response market in 2023, amassing US$ 63.65 million. It is projected to garner US$ 272.73 million by 2031 to expand at 19.9% CAGR during 2023-2031.

In terms of end user, the Middle East & Africa extended detection and response market is segmented into IT & Telecom, BFSI, healthcare, retail and Ecommerce, manufacturing, and others. The IT & Telecom segment held 26.9% share of Middle East & Africa extended detection and response market in 2023, amassing US$ 21.98 million. It is projected to garner US$ 94.84 million by 2031 to expand at 20.1% CAGR during 2023-2031.

Based on country, the Middle East & Africa extended detection and response market has been categorized into the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa. Our regional analysis states that UAE captured 42.6% share of Middle East & Africa extended detection and response market in 2023. It was assessed at US$ 34.86 million in 2023 and is likely to hit US$ 163.02 million by 2031, exhibiting a CAGR of 21.3% during 2023-2031.

Key players operating in the Middle East & Africa extended detection and response market are Broadcom Inc, Palo Alto Networks Inc, Microsoft Corp, Sophos Ltd, Cisco Systems Inc, International Business Machines Corp, Check Point Software Technologies Ltd, Fortinet Inc, and Cybereason Inc, among others.

• In April 2024, Fortinet announced several enhancements to FortiXDR, including support for iOS and Android mobile devices as well as threat hunting for containers. These additions further solidify the power of the Fortinet Security Fabric platform and its ability to reduce the average time needed to detect and repair, all while tapping into existing data lakes without the need for replication.
• In April 2023, Cybereason, the XDR company, announced a US$100 million investment led by SoftBank Corp. to support the company's global growth and advance its innovation in XDR, EDR, and EPP solutions.
  
  

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