Spending on cyber security solutions and services in the Middle East and Africa (MEA) will increase 7.9 percent in 2023 to $6.2 billion, according to International Data Corporation (IDC).
Spending on cyber security solutions and services in the Middle East and Africa (MEA) will reach $7.7 billion in 2026, representing a compound annual growth rate (CAGR) of 7.8 percent over the 2022–2026 forecast period, IDC report said.
The report said Cyber security software will account for the largest share of cyber security spending in 2023 (41.2 percent), followed by services and hardware. Security software will see the fastest rate of growth this year, as the proliferation of digital transformation initiatives is driving increased demand.
The banking, financial services, and insurance (BFSI) vertical will be the MEA region’s biggest spender on security solutions and services this year with 19.2 percent share. Banks expected to account for around 78 percent of total BFSI spending in 2023.
Government organizations will be the region’s second-biggest spender on cyber security solutions and services in 2023, with 15.6 percent share.
Discrete manufacturing companies, which are focused heavily on endpoint security and cybersecurity analytics, intelligence, response, and orchestration (CAIRO), will follow in third place with 10.1 percent share.
The personal and consumer services sector will have the highest growth rate (12.8 percent) in 2023, followed by construction (10.6 percent) and retail (10.4 percent).
Cyber security spending across all verticals will grow as awareness increases, with most organizations now embedding IT security into their new business initiatives and making it an integral part of their planning, assessment, and execution.