Report : Middle East & Africa Security As A Service Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Solution and Service), Organization Size (Large Enterprises and SMEs), Application (Network Security, Endpoint Security, Application Security, Cloud Security, and Others), and Vertical (BFSI, Government & Defense, Retail, Healthcare, IT & Telecom, Energy & Utilities, Manufacturing, and Others)
At 18.0% CAGR, the MEA Security As A Service Market is speculated to be worth US$ 3,032.31 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the MEA security as a service market was valued at US$ 1,307.29 million in 2022 and is expected to reach US$ 3,032.31 million by 2028, registering an annual growth rate of 15.1% from 2022 to 2028. Multi cloud infrastructure and increasing adoption of BYOD modelling are the critical factors attributed to the market expansion.
When it comes to cloud-native security, conventional security solutions made with on-premises networks in mind are the incorrect tool for the job. However, in a world where practically every organization relies on several cloud platforms, security solutions and policies solely concentrating on one provider's cloud (for example, just Azure or AWS) isn't comprehensive. The increasing significance of solutions created with multi-cloud security in mind is one of the most significant trends in cloud security. Enterprise workloads are dispersed across several cloud environments and evolve quickly, which is considered a multi-cloud security strategy. Enterprise workloads are dispersed across several cloud environments and change quickly; a multi-cloud security strategy considers this. In addition to increasing flexibility and layering automation and intelligence into security across platforms, multi-cloud security solutions decrease or do away with the "point solutions" that tie security to a single site. Therefore, businesses can better defend themselves against contemporary dangers using multi-cloud security solutions.
On the contrary, ability of vendors to access confidential data hurdles the growth of MEA security as a service market.
- Based on component, the MEA security as a service market is segmented into solution and service. The solution segment held 58.8% market share in 2022, amassing US$ 768.19 million. It is projected to garner US$ 1,747.61 million by 2028 to expand at 14.7% CAGR during 2022–2028.
- Based on organization size, the MEA security as a service market is segmented into small and medium enterprises and large enterprises. The large enterprises segment held 77.4% market share in 2022, amassing US$ 1,011.45 million. It is projected to garner US$ 2,314.41 million by 2028 to expand at 14.8% CAGR during 2022–2028.
- Based on application, the MEA security as a service market is segmented into network security, endpoint security, application security, cloud security, and others. The network security segment held 30.0% market share in 2022, amassing US$ 391.93 million. It is projected to garner US$ 887.24 million by 2028 to expand at 14.6% CAGR during 2022–2028.
- Based on vertical, the MEA security as a service market is segmented into BFSI, government & defense, retail, healthcare, IT & telecom, energy & utilities, manufacturing, and others. The BFSI segment held 22.0% market share in 2022, amassing US$ 287.02 million. It is projected to garner US$ 710.03 million by 2028 to expand at 16.3% CAGR during 2022–2028.
- Based on country, the MEA security as a service market is segmented into South Africa, Saudi Arabia, UAE, and Rest of MEA. Our regional analysis states that Saudi Arabia captured 39.6% market share in 2022. It was assessed at US$ 517.25 million in 2022 and is likely to hit US$ 1,137.12 million by 2028, exhibiting a CAGR of 14.0% during the forecast period.
Key players dominating the MEA security as a service market are Barracuda Networks, Inc.; IBM Corporation; McAfee, LLC; Microsoft Corporation; Radware; Trend Micro Incorporated; and Zscaler, Inc. among others.
- In 2022, McAfee recently announced new alliances with top Zero-Trust Network Access (ZTNA) providers, enhancing security for enterprise customers' ZTNA deployments. As members of the McAfee Security Innovation Alliance (SIA) programme, Appgate, Axis Security, and TransientX will have their integrations with McAfee technology certified as part of the SIA's open-provider approach to Zero-Trust. This expands on McAfee's prior zero-trust activities, such as its involvement in the BeyondCorp Alliance of Google Cloud.
- In 2022, Randori, a provider of offensive cyber protection and attack surface management, will be acquired by IBM. IBM intends to combine Randori's software with the extended detection and response (XDR) features of IBM Security QRadar, according to ITPro.
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