IT security spending in MEA to grow 7.9% in 2023: report

TDT | Manama                                                  

The Daily Tribune – www.newsofbahrain.com    

Reported by Zahra Ayaz

Spending on security products and services is poised to surge in the Middle East and Africa (MEA) (including Israel), driven by the proliferation of digital transformation initiatives, says the latest report by International Data Corporation.

The report, which predicts a 7.9% year-on-year growth in spending, reaching $6.2 billion in 2023, cautions that the Middle East and Africa (MEA) (including Israel) has already experienced a significant increase in DDoS attacks, phishing, and ransomware attacks.

The Worldwide Security Spending Guide by IDC forecasts that spending on security will attain $7.7 billion by 2026, indicating a compound annual growth rate (CAGR) of 7.8% during the 2022-2026 forecast period.

Security software will account for the largest share of spending in 2023 (41.2%), followed by services and hardware. IDC expects security software to see the fastest rate of growth this year, as the proliferation of digital transformation initiatives is driving increased demand for such solutions across the region.

“The region has already witnessed exponential growth in threats such as DDoS attacks, phishing, and ransomware, resulting in the implementation of strict regulatory compliance measures across many countries and greater awareness around the need for organisations to improve their security postures.

This will drive strong demand for security solutions over the next few years until the situation stabilises,” experts said. It also states that government organisations will be the region’s second-biggest spender on security solutions and services in 2023, with 15.6% share, as they look to ensure regulatory compliance and invest in network security and endpoint security solutions.

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% share. The personal and consumer services sector will have the highest growth rate (12.8%) in 2023, followed by construction (10.6%) and retail (10.4%).

Security spending across all verticals will continue to grow as awareness increases, with most organisations now embedding IT security into their new business initiatives and making it an integral part of their planning, assessment, and execution.