UAE Cybersecurity Market

UAE Cybersecurity Market Size More Than Doubles to Touch USD 1.05 Billion by 2029

Published | 26 September 2023

UAE cybersecurity market is gaining traction because of the growing focus on thwarting data breaching incidents across the country and an increasing number of e-commerce platforms.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the UAE cybersecurity market size at USD 457.89 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the UAE cybersecurity market size to grow at a CAGR of 12.6%, reaching a value of USD 1,050.83 million by 2029. Concerning increase in the number of cyberattacks on banks, defense organizations, and other governmental entities, as well as an increase in online transactions as a result of the widespread adoption of Internet banking and the usage of online payment platforms are major growth factors for the UAE cybersecurity market.

UAE Cybersecurity Market – Overview

The concept of cybersecurity refers to securing data, hardware, and software from internet-connected threats. Individuals and businesses leverage cybersecurity to ensure their data centers and other computer systems are protected from unauthorized access. The number of cyberattacks is growing at a high rate to gain unauthorized access to computers and computer networks, which is becoming a cause of concern for several industries across the Middle East. Cybersecurity offers comprehensive protection against data theft and further reduces the risk of data breaches and attacks on IT systems. The advantages offered by cybersecurity are driving the growth of the Middle East cybersecurity market.

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Rapidly Increasing Data Breaching Incidents

The rising frequency of cyberattacks that have been occurring all across the UAE in recent years has caused great concern to the country. In the past two years, businesses in the UAE have paid more than 5.1 million UAE dirhams (approximately USD 1.4 million) in ransomware to regain access to their systems. Of those businesses, 42% had to shut down operations as a result of the ransomware attack, according to a 2021 report by cybersecurity firm Cybereason, and as reported by Zawya. These threats are accelerating the use of cybersecurity solutions in the UAE and boosting the market's overall growth.

Impact of COVID-19 on UAE Cybersecurity Market

The COVID-19 pandemic propelled the growth of the UAE cybersecurity market owing to the significant surge in cyberattacks in the country. According to a report by CNBC, the UAE witnessed a 250% spike in the number of cyberattacks in 2020 alone, with a high number of phishing and ransomware attacks. The report also revealed that the rising digitization and expanding adoption of remote working culture, fueled by the COVID-19 pandemic and lockdown, directly influenced the surge in the frequency of hacking and other cyberattacks. As a result, both the public and commercial sectors adopted changes to cybersecurity, spurring industry expansion overall.

UAE Cybersecurity Market

Segmental Information

UAE Cybersecurity Market – By Industry Vertical

Based on industry vertical, the UAE cybersecurity market is segmented into aerospace & defense, government, BFSI, IT & telecommunications, healthcare, retail, manufacturing, and others. Due to the increasing frequency of cyberattacks on financial institutions in the UAE, the BFSI sector holds the highest market share. DDoS attacks have lately targeted several significant institutions in the United Arab Emirates, including First Abu Dhabi Bank and Abu Dhabi Commercial Bank. Therefore, the BFSI industry is heavily investing in cutting-edge cybersecurity measures, which are fueling the growth of the overall market.

Competitive Landscape

Major players operating in the UAE cybersecurity market include Trend Micro Inc., Caulis Inc., Internet Initiative UAE, Inc., IBM Corporation, Cisco Systems, Inc., LAC Co. Ltd., SCSK Corporation, NEC Corporation, Spider Labs Ltd, Cybereason UAE Corporation, Caulis Inc., and Cybersecurity Cloud, Inc.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and the UAE Cybersecurity Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the UAE Cybersecurity Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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