Middle East and Africa IoT Security Market By Type of Security (Network Security, Endpoint Security, Application Security, Cloud Security), Solutions (IAM, IPS, DLP, UTM, SVM, NSF), Application, Industry,Countries, Trends, Forecast (2017-2022)
Dallas, United States - November 22, 2017 /MarketersMedia/ —
Middle East and Africa Internet of Things (IoT) Security Market has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Market Insights
The Middle East & Africa held 11.67% market share in 2015, with an estimated value of USD 0.944 billion and are estimated to reach USD 5.892 billion by 2022, at a CAGR of 35.69% during the forecast period 2017-2022. UAE held a lion share of 31.54% of the market.
Manufacturing and transportation industries are leading the way, in terms of IoT investment in the Middle East & African region. IoT is used in operations, which support digitally executed manufacturing, use intelligent and interconnected tools such as sensors - to enable different components in the industry, to autonomously exchange information, trigger actions, and control each other independently. In 2015, Middle East & Africa had 0.336 billion of IoT installed base and are projected to reach 0.729 billion by 2020, at a CAGR of 16.76%.
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Market Dynamics
IoT is gathering pace through smart city initiatives at the heart of the region. IoT-based services shall be delivered in 2016 with the rise in IAM and cloud security gaining traction to fulfill smart city promises. Smart grid is growing at a faster rate in the region. Non-smart field devices of electric utility are used to control and optimize power flow to ensure efficient, safe, and reliable service.
Over the last five years, Middle Eastern companies have experienced security breaches, which cost more than DH 4.9 million after hackers invaded into system perimeters and stole sensitive information from corporate databases and customer data. Businesses in the Middle East & Africa region suffered delays in receiving services and products, which led to decrease in customer confidence and loss of new business opportunities. UAE and Saudi Arabia were the most affected by data breaches. The major factor driving the market for IoT security is effective communication architecture to the end-user by opening possibilities of using information in new ways. The major factors hampering the growth of the market are the lack of technical expertise for infrastructure handling, adhering to regulatory compliances, and low budget for strategic implementations.
Market Segmentation
The market for the Middle East & Africa IoT security is segmented by type of security into network, endpoint, application, cloud etc.; by solutions into IAM, network security forensics, IPS, DLP, UTM, SVM etc.; and by applications into home automation, wearable, MPM, PIM, SCO, CIS etc. The major verticals adding value to the market are BFSI, retail, manufacturing, government, utilities, healthcare etc. The market is segmented regionally into United Arab Emirates, Saudi Arabia, South Africa, and others.
Key Market Players
Prominent players in the market include:
Symantec Corporation
IBM Corporation
Fire Eye Inc.
Intel Corporation
Infineon Technologies
Cisco Systems Inc.
Report Offerings
Market definition for the Middle East & Africa IoT security market along with identification of key drivers and restraints to the market.
Market analysis of the Middle East & Africa IoT security market, with country-specific assessments.
Identification of factors instrumental in changing the market scenarios and in offering prospective opportunities.
Identification of key companies, which can influence the market on regional scales.
Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares.
Identification and analysis of the macro and micro factors that affect the Middle East & Africa IoT security market on a regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
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Source: MarketersMedia
Release ID: 268279
