Written By Nic Watson – Managing Director, Naseba
The world’s largest cyber security market is, surprisingly, not a country: it’s the US Federal government.Every year, the US Federal government spends more on cyber security than is spent by the total population of any other country (including both the private and public sector). The US government is predicted to spend 18 billion USD on cyber security in 2017. And this expenditure is not a matter ofkeeping IT networks safe – it’s a vital national security concern.
Countries in the Middle East are not yet outpacing US Federal cyber security spending, but as a small but growing number of Middle Eastern governments pursue modernization and digitized solutions across a variety of sectors, regional digital markets are expanding. They were worth an estimated 35 billion USD in 2015, and this number is only expected to rise. With the expansion of digital services and technology adoption rates throughout the region, cyber security will become a necessary priority even for institutions that have so far resisted modernization.
This is perhaps seen most clearly in the GCC region, with the Saudi government’s adoption of smart solutions, and the widespread use of technology by government authorities in Qatar, Bahrain and the UAE. These governments are also quickly realizing that cyber security is one of the most important frontiers of homeland security in today’s interconnected world.
The GCC’s few domestic cyber security providers are struggling to meet the rising regional demand for effective, flexible cyber security solutions. This has led to a massive gap in the regional cyber security market, which global cyber security companies may be well-placed to fill – if they can successfully navigate the unique challenges of the Middle Eastern market.
An increasing number of global companies are setting their sights on exactly this goal: the MEA (Middle East and Africa) cyber security market will be worth an estimated 13.43 billion USD by 2019, at an astonishing CAGR of 13.7 percent. Regional market access has the potential to be a very lucrative undertaking over the next few years for cyber security solution providers.
However, market access requires the establishment of a network of key contacts within the target market. These contacts are essential to building familiarity with the regulatory and business environment of the new market, securing introductions to important stakeholders, and truly understanding the demands of local customers.
Foreign solution providers can often find it difficult to set up a distribution network in the Middle East, and this is where a Middle Eastern partner is able to step in and facilitate distribution – often by taking care of the logistics, regulatory concerns, and marketing activities.
Partnering with organisations and individuals in the Middle East ideally begins with a private, one-to-one meeting. Naseba is a multinational business facilitator that has spent over a decade building and leveraging a network of high level contacts globally, in a variety of industries, including IT.
At our private business platforms, foreign solution providers are able to network with pre-qualified decision makers based in the Middle East. Networking takes place in both scheduled, one-to-one meetings, and in more casual networking sessions over coffee or lunch. This creates the ideal setting for foreign solution providers to meet pre-qualified Middle Eastern business partners, distributors, investors or joint venture partners.
Our private business platforms have helped many cyber security and IT solution providers to successfully partner with Middle Eastern business leaders. Past IT clients and partners of Naseba’s platforms and services include Airbus, IBM and Spire Solutions.
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