Cybersecurity market in the Middle East will be $31B by 2030: Report

The UAE has joined the likes of Saudi Arabia and Israel and is poised to become a preferred hub for cybersecurity businesses, academics, research and innovation, said the report.

Cybersecurity market in the Middle East will be $31B by 2030: Report

Thursday March 16, 2023,

2 min Read

A report by Frost & Sullivan has pointed out that by 2030 the cybersecurity market in the Middle East will touch $31 billion. The Middle Eastern cybersecurity market was valued at $7.5 billion in 2022, and is expected to now grow at 20% at an annual rate.

There are now growing cybersecurity measures in place and a number of government initiatives, the report said. The UAE has joined the likes of Saudi Arabia and Israel and is poised to become a preferred hub for cybersecurity businesses, academics, research and innovation it said.

Cyberattacks particularly use identity as a basis for entry, according to Roland Daccache, SE Manager, META. Thus there is a need to authenticate different vulnerable entry points given the number of rising cybercrime cases in the region, he said, adding that this could also be an opportunity for businesses to build stronger cybersecurity models.

For example, HIMA, a provider of safety related automation solutions has opened its office in Dubai and is looking to expand its market presence in the region.

Other players like Manica, a $7.3 billion global company is acquiring stake in the Dubai Based Cyber Knight Technologies. The Dubai-based firms is one of the largest cybersecurity value-added distributors and solution providers in key regional markets, including UAE, Saudi Arabia, Qatar, Kuwait, Oman, Jordan, and Egypt.



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Edited by Akanksha Sarma