Spending on security products and services in the Middle East and Africa (MEA) region, excluding Israel, is poised to experience robust growth in 2024.
IDC’s Worldwide Security Spending Guide said spending on security in the Middle East and Africa (MEA) region will achieve an increase of 10.3 percent, reaching a total of $6.2 billion. Over the forecast period spanning from 2023 to 2027, the expenditure is projected to soar to $8.4 billion, marking a compound annual growth rate (CAGR) of 12.0 percent.
A significant portion of the region’s security spending will be allocated to security software, reflecting the escalating threat landscape and the surge in cybercrime activities. Factors such as heightened cybersecurity awareness and the imperative to adhere to regulatory standards are anticipated to propel the demand for software solutions, making software the fastest-growing technology group within the sector.
Yotasha Thaver, a research analyst specializing in software and cybersecurity at IDC, noted, “The MEA region is undergoing a substantial shift towards digital transformation, with organizations increasingly prioritizing cloud adoption and adopting a digital-first approach.”
“However, this transition has expanded the attack surface for organizations, leading to a surge in cyber threats such as phishing, DDoS attacks, and data breaches. Consequently, cybersecurity awareness has surged, along with the need for regulatory compliance and enhanced security measures,” Yotasha Thaver said.
Financial services and government sectors are expected to emerge as the primary contributors to security spending in 2024, collectively representing nearly one-third of the market’s value. Within the financial services sector, banks are projected to account for the majority of spending, driven by the escalating frequency of targeted attacks and the sensitive nature of their operations.
Meanwhile, government entities across the region are ramping up their cybersecurity efforts in response to stricter compliance regulations. Notably, major initiatives are underway in countries such as Saudi Arabia and the UAE, driving increased expenditure on services such as integration and managed security services. Additionally, substantial investments are earmarked for endpoint security software and network security software across both government and financial services sectors.
The telecommunications industry is poised to emerge as the third-largest contributor to overall security spending in the region in 2024, focusing predominantly on endpoint security, network security appliances, and managed security services, IDC said.
