Growth in End-user Security and Risk Management in MENA Reaches 11.2% in 2022

The growing cyber risk and security threats have persuaded end-user security and risk management to grow and develop strategies to cope with the risks. The spending in this sector is increasing.

According to Gartner, there has been a growth of 11.2% in end-user security and risk management since 2021. Moreover, it is forecasted that in MENA (Middle East and North Africa), the spending on security and risk management will be $2.6 billion in 2022.

The principal research analyst Shailendra Upadhyay said that cyber-attacks are happening in a quite sophisticated way, and the MENA region is also not immune or safe from it. These attacks have been happening more in the last two years. Moreover, these dangerous cyberattacks have made the security authorities worried and to make more security and risk management development by increasing spending on it. It will enable them to make their businesses adaptable for the future.

This increase in spending will be in every aspect, both cloud and data security. Cloud security is estimated to increase to 33.8%, while data security is estimated to have an increase of 21.9%

For the rapid growth of all segments, there is a need to smooth the process of transforming from an oil-exporting economy to a data-driven economy. It is possible when the region focuses more on public cloud growth.

There are several segments of end-user security and risk management in MENA. The application security segment has also grown over the years. In 2021, the spending was US$ 69 million, and the growth was 26.4%. In 2022, it costs US$ 75 million, growing 19.9%. In 2023, the spending will be US$ 91 million with 20.9% growth.

The stats for the cloud security segment are as follows: In 2021, it cost US$ 20 million, growing 40.7%; This year, the spending is US$ 27 million with 33.8% growth; For 2023, the spending will be US$ 36 million, and the growth will be 34.9%.

The stats for the consumer security software segment are as follows: The spending was US$ 207 million, and the growth was 6.9% in 2021; Meanwhile, the spending is US$ 216 million, growing 4.5% for this year; In 2023, it will cost US$ 227 million, and the growth will be 4.8%.

For the data security segment, the stats are as follows: In 2021, the spending was US$ 89 million, with a growth of 26.9%; For this year, it costs US$ 108 million, and the growth is 21.9%. In 2023, the spending will be US$ 129 million with 19.2% growth.

There are segments other than those that have been mentioned, such as infrastructure protection, identity access management, integrated risk management, network security equipment, security services, and other information security software. When we total the whole spending for each year, the spending for 2021 is US$ 2,404 million. For 2022, it is US$ 2,672 million, and for 2023 will be US$ 2,984 million. It shows that the spending is increasing with time in efforts to grow and develop.

Organizations are becoming more aware that their extensive infrastructure is mostly at critical risk of identity control and other such threats. Thus, the identity and access management (IAM) market is estimated to keep growing over the long term. Since the growth of cloud computing, security has transformed from perimeter-based approaches to identity context-based strategies. Upadhyay further stated that identity is the foundational growth driver of the digital business upgrade and transformation. Optimization initiatives, compliance, and other regulatory pressures are hoped to increase the demand for IAM solutions.

SaaS adoption and digital transformation were accelerated after COVID-19. The CASB market grew with them as SaaS adoption and digital changes are the basic or primary drivers. Moreover, in the growth process, we find support for remote workers. It is also predicted that the CASB market will grow more through 2023. And from 2024 onwards, more growth will happen due to the inclination toward a secure access service edge (SASE).

Growth of cyberattacks and ransomware threats increase the spending on security, and it is a normal thing—instead, very important—for a business to do. Considering this aspect and how technology is applied almost completely in any industry, businesses need to assess their risk management, budget, as well as the solutions taken to overcome the issue. Keeping updated with the latest trend and improving business simultaneously will be a smart move for them.