Report : Middle East and Africa Security Analytics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solution and Services), Deployment (On-Premise and Cloud-Based), Application (Network Security Analytics, Endpoint Security Analytics, Application Security Analytics, Web Security Analytics, and Others), Organization Size (Small and Medium Enterprises and Large Enterprises), and Industry (BFSI, Government, Consumer Goods and Retail, IT and Telecom, Healthcare, Energy and Utilities, Manufacturing, and Others)

Large Enterprises Segment to Dominate MEA Security Analytics Market during 2020–2028      

According to a new market research study on “MEA Security Analytics Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Deployment, Application, Organization Size, and Industry” is expected to reach US$ 992.58 million by 2028 from 429.38 US$ million in 2021. The market is estimated to grow at a CAGR of 12.7% from 2021 to 2028. The report provides trends prevailing in the MEA security analytics market along with the drivers and restraints pertaining to the market growth. Growing number of internet users in MEA is the major factor driving the growth of the MEA security analytics market. However, issues associated with improper allocation of IT security budgets hinders the growth of MEA security analytics market.

 MEA security analytics market is segmented into component, deployment, application, organization size, industry, and country. Based on component, the MEA security analytics market is bifurcated into solution and services. In 2020, the solution segment led the MEA security analytics market, accounting for a larger security analytics market share. Based on deployment, the MEA security analytics market is bifurcated into on-premise and cloud-based. In 2020, the cloud-based segment accounted for a larger security analytics market share. Based on application, the MEA security analytics market is segmented into network security analytics, endpoint security analytics, application security analytics, web security analytics, and others. In 2020, the network security analytics segment accounted for the largest security analytics market share. Based on organization size, the MEA security analytics market is bifurcated into small and medium enterprises and large enterprises. In 2020, the large enterprises segment accounted for a larger security analytics market share. Based on industry, the MEA security analytics market is segmented into BFSI, government, consumer goods and retail, IT and telecom, healthcare, energy and utilities, manufacturing, and others. In 2020, the BFSI segment accounted for the largest security analytics market share. Based on country, the MEA security analytics market is segmented into Saudi Arabia, South Africa, UAE, and Rest of MEA. Saudi Arabia held the largest market share in 2020.

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 food & beverages, retail, and medical systems. 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 the UAE. The demand for digitalization is growing at an impressive pace in this region. It is expected to offer ample growth opportunities for the security analytics 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, organizations are realizing the importance of security analytics systems to give businesses the ability to foresee security threats using analytics software. Its value has increased exponentially during the COVID-19 pandemic as there are threats that could destroy the infrastructure of a business and its systems, contributing to the positive growth of the security analytics market in the region.

Broadcom, Inc.; Cisco Systems, Inc.; Hewlett Packard Enterprise Development LP (HPE); Huntsman Corporation; IBM Corporation; McAfee, LLC; RSA Security LLC; SolarWinds Worldwide, LLC; and Splunk, Inc. are among the leading companies in the MEA security analytics 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 2021, Huntsman Security launched its Enterprise SIEM V7.0 which is designed to Integrate Mitre Attack Intelligence into SOC workflows with its live attack heatmap

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