Spending on security solutions and services in the Middle East and Africa (MEA), including Israel, is expected to increase by 7.9% YoY in 2023, reaching $6.2 billion, according to the latest Worldwide Security Spending Guide from the International Data Corporation (IDC).
The IDC predicts that the figure will rise to $7.7 billion in 2026, with a CAGR of 7.8% over the forecast period from 2022 to 2026. Security software will account for the largest share of spending in 2023, followed by services and hardware. The IDC expects security software to experience the fastest growth rate this year as digital transformation initiatives drive increased demand for solutions across the region.
The banking, financial services, and insurance (BFSI) vertical will be the MEA's largest spender on security solutions and services, with a 19.2% share, and is expected to remain so until 2026. Government organizations will be the region's second-largest spender, with a 15.6% share, as they invest in network security and endpoint security solutions to ensure regulatory compliance.