UAE Cybersecurity Market Growth Expected to Reach USD 1.74 Billion by 2033 with 12.93% CAGR – SPER Market Research
Protecting data, hardware, and software from risks connected to the internet is known as cybersecurity. To make sure that data centers and other computer systems are safe from unwanted access, both individuals and companies use cybersecurity. Cyberattacks to obtain illegal access to computers and computer networks are increasing rapidly, which is causing concern for a lot of Middle Eastern enterprises. In addition to providing complete protection against data theft, cybersecurity lowers the possibility of data breaches and assaults on IT systems.
According to SPER market research, ‘UAE Cybersecurity Market Size- By Security Type, By Component, By End-User Industry – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the UAE Cybersecurity Market is predicted to reach 1.74 billion by 2033 with a CAGR of 12.93%.
Drivers:
Strict government laws intended to encourage the use of cybersecurity solutions are expected to fuel market growth.
Thanks to government initiatives and increasing interest from both local and foreign suppliers, the United Arab Emirates, one of the most important economies in the Middle East, has focused on making the shift to a digital economy in recent years. Additionally, the country is making strides toward digitizing almost all of its industries. The vulnerabilities that accompany digitization are growing in importance.
Investment drives the need for ICT products and services in sectors like manufacturing, real estate, healthcare, retail, and aviation, as well as others related to the UAE’s goals for economic diversification.
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Restraints:
- Lack of qualified cybersecurity professionals: The UAE cybersecurity sector is confronted with a number of significant challenges, including a shortage of trained cybersecurity specialists. Since the demand for cybersecurity talent is far higher than the supply, there is a skills gap that hinders the successful implementation of cybersecurity measures.
- High expenses of implementation: Installing robust cybersecurity measures may be very expensive for small and medium-sized enterprises (SMEs). The high cost of cybersecurity services and solutions, particularly for startups with limited resources, may prevent adoption.
Impact of COVID-19 on UAE Cybersecurity Market
The COVID-19 epidemic has significantly altered the UAE’s cybersecurity landscape. With the increasing transition to remote employment and increased reliance on digital technology, hackers have exploited the pandemic’s vulnerabilities. Phishing assaults, spyware, and ransomware instances have increased, underscoring the necessity for strong cybersecurity safeguards. The pandemic has also expedited the use of cloud technology and digital transformation, underlining the value of cybersecurity.
UAE Cybersecurity Market Key Players:
Dubai dominates the UAE Cybersecurity Market due to its position as the country’s economic and financial engine, hosting a substantial concentration of international firms, financial institutions, and regional offices that demand advanced cybersecurity solutions. Significant players in the market also IBM, Cisco Systems, Inc, Juniper Networks, Oracle Corporation, Palo Alto Networks, Fortinet, Inc, and other well-known companies.
UAE Cybersecurity Market Segmentation:
By Security Type: Based on the Security Type, UAE Cybersecurity Market is segmented as; Network Security, Cloud Security, Application Security, End-Point Security, Wireless Network Security.
By Component: Based on the Component, UAE Cybersecurity Market is segmented as; Hardware, Solution, Services.
By End-User Industry: Based on the End-User Industry, UAE Cybersecurity Market is segmented as; BFSI, Healthcare, Manufacturing, Retail, Government, IT and Telecommunication.
By Region: This research also includes data for Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al-Quwain, Ras Al Khaimah, Fujairah.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link: –
UAE Cybersecurity Market Demand
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