Cybersecurity Spending to Soar in Middle East, Turkey, and Africa
The cybersecurity market in the Middle East, Turkey, and Africa (META) region is set to experience exponential growth in the coming years, with industry experts forecasting that spending will surpass $6.5 billion by 2024. This surge in investment is being attributed to a myriad of factors including geopolitical threats, security uncertainty surrounding generative AI, and increasing data-protection regulations.
The market forecast, which is part of IDC’s overall information and communications technology (ICT) insights for the region, indicates rapid growth in the demand for cybersecurity products and services. In fact, more than three-quarters of Chief Information Security Officers (CISOs) in the region are planning to increase budgets by at least 10% this year, reflecting the urgency with which companies are responding to the growing threat landscape.
Yotasha Thaver, a research analyst for IT security data at IDC South Africa and META, points to the increase in successful cybercrimes as a key driver for the surge in demand for cybersecurity consulting services. She notes that companies, particularly in non-core countries where awareness is not as high, are finding it imperative to invest more in cybersecurity.
According to Thaver, governmental entities in the Middle East are also playing a significant role in advocating for improved cybersecurity, with notable improvements in the Kingdom of Saudi Arabia and the United Arab Emirates, both of which are considered core countries and have been ranked in the top 10 worldwide on the Global Cybersecurity Index.
IDC further divides the region’s countries into “core,” which have significant technology and cybersecurity spending, and “non-core” countries, which are on a slower growth curve. While the core countries are making substantial progress, challenges remain, particularly in non-core countries which are gradually recognizing the importance of robust cybersecurity measures.
The report also emphasizes the importance of local market data, surveys, and input from over 130 analysts across the region in calculating the estimates of market size and growth.
This surge in local cybersecurity spending in META comes at a time when there is a growing sense of urgency surrounding the need for robust cybersecurity infrastructure across various sectors. A notable trend is the increasing demand for enhanced security services such as managed security services and integration services, with GCC countries standing out for their rapid improvement in cybersecurity posture.
However, challenges persist, as reflected in a report by consulting firm Deloitte, which found that more than half of Middle East firms reported a lack of funding as their main challenge in managing cybersecurity, compared to the global average.
Shilpi Handa, an associate research director at IDC, points out that the uncertainty surrounding generative-AI-related threats, increases in budgets, and a substantial regulatory ramp-up are driving the increase in cybersecurity spending, particularly driven by geopolitical stress which is leading to an increase in cyber budgets, especially for organizations with critical infrastructure.
The cybersecurity market in the Middle East, Turkey, and Africa is also characterized by common targeted attacks, with cloud security concerns being flagged as a major area of worry. State actors are commonly behind these attacks, with a significant portion of cyber attacks being carried out by advanced persistent threat (APT) groups, according to a report by cybersecurity firm Positive Technologies.
As the region continues to make strides in bolstering its cybersecurity landscape, it is clear that more needs to be done to address the evolving threat landscape. Nonetheless, with increased investment in cybersecurity products and services, META is poised to build a stronger defense against cyber threats and navigate the rapidly changing cybersecurity landscape.