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Middle East Region’s IT security Market Poised To Grow At CAGR Of 18 Per Cent From 2012 To 2018
Published Dec 6, 2012
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The Middle East region’s IT spending is posed to reach USD 20 billion in 2012, reflecting a 10 per cent Year-on-Year (YoY) growth rate. Growing also at a similar pace is the region’s network security market, which is forecasted to grow at a Compounded Annual Growth Rate (CAGR) of 18 per cent from 2012 to 2018, according to a recent report. Looking to play a key role in this expected growth is the newly-formed partnership between First Information Security (FIS), a company dedicated to offering a comprehensive range of security products and services that are in compliance with the latest international industry standard requirements and Adeya, a leading Swiss ICT security company composed of cryptology experts, mobile communication engineers and principal software/hardware architects with high-level experience in developing advanced secure mobile and collaboration systems. The strategic alliance is expected to help address the demand for world class high quality range of security services and products across the region's various industry verticals.
According to the report, the expected growth is being attributed to key factors like government led investments into Information and Communications Technologies (ICT), the consumerization of Bring-your-own-device (BYOD) in enterprises and an increase in employee mobility. Also, companies and organizations in the region have demonstrated an urgency to enhance their security infrastructure—with IT becoming an essential component in their day-to-day operations. The report also predicts regulatory compliance to be a key driver for the region's Enterprise Security market. Technology convergence, cloud computing, and greater adoption of web applications are expected to increase the deployment of integrated security appliances in the region over the next six years.
“IT security is fast becoming a key concern among companies and organizations in the GCC. Utilizing fully efficient world class IT security products does not only avoid the possibility of cyber attacks but also gives confidence that all your company’s important data is safe and secure,” said Dr. Taher Elgamal, Ph.D., CEO, FIS. “As industry forecasts show that the region’s IT security spend will increase by 18 per cent, we are planning to take an active role in this growth by leveraging our solutions in the areas of authentication and identity management, secure content, professional security services, information security training and computer forensics across companies and organizations. Our partnership with Adeya also assures us the advantage of tapping into the BFSI segment, helping meet demands for fully reliable mobile information security solutions.”
FIS offers key consulting services like security risk assessment, applications code review, network penetration testing, security policies deployment and audit, ISO 27000 1 and 2 compliance and PCI DSS compliance. In addition, the company also has security solutions that includes multi-factor authentication, secure managed file transfer, data loss prevention, gateway content security, data encryption and control and credit card fraud solutions. Meanwhile, Adeya specializes in secure mobile systems for Swiss banks, Swiss Government Authorities and other multinational companies. The company provides its client base with a secure mobile and collaboration system for corporate customers through the 'Adeya Gate,' it’s Swiss-based server and data center, which provides central technical and software support as well as the unique security advantages of location in Switzerland. The 'Adeya Gate' complies with SAS 70, the AICPA’s Statement on Standards of internal control for service organizations.
“We are confident with our new partnership with FIS, who are strongly positioned as industry leaders in the Middle East region. Our alliance with them will allow us to leverage our products and services across key industries, particularly in the BFSI segment. Security is an important aspect for any business, regardless of scale and industry, and working closely with FIS will allow us to be true to our commitment of keeping our customer’s operations secure and always staying one step ahead to avoid threats and attacks,” concluded Herbert C. Luethold, CEO, Adeya.
Posted by
VMD - [Virtual Marketing Department]
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