Regional security spending to grow by 9.8%

According to the latest forecast from Gartner, the MENA region spending on enterprise information security technology and services will touch $1.9 billion in 2019, an increase of 9.8 percent over 2018. While discussing the latest findings, the principal research analyst at Gartner, Sam Olyaei, commented “Security and risk leaders will see new spending in areas related to cloud security and data security, driven by regulations and an increased awareness among organizations as their needs evolve to address more complex threats. Those two segments are set to achieve the highest growth rates in 2019, at 108 and 18 percent respectively.”

Sam Olyaei, principal research analyst at Gartner

Gartner has classified market into five enterprise security product segments and the forecast for 2019:

  • Cloud security spending will total US$9 million — a 108 percent increase in 2019.
  • Data security spending will total US$125 million — a 17.6 percent increase in 2019.
  • Infrastructure protection will total US$225 million — a 10.5 percent increase in 2019.
  • Integrated risk management will total US$33 million — a 9.2 percent increase in 2019.
  • Security services will total US$798 million — a 9.9 percent increase in 2019.

Olyaei further added the market is going to follow same trajectory and double the spending to clock $2.9 billion 2022-23. And, believes that this market growth is driven by several factors and among them main is that now the top management at board level is aware of the security concerns and the damages an incident can hit them financially as well as cause ab dent on their brand image.”

Regulations and compliance is also pushing enterprises adopt more stringent security measures and currently all the Gartner analysts are busy for 2 days, providing the latest outlook for the information security industry at the 2018 Gartner Security and Risk Management Summit, which is underway in Dubai.