The key growth factors for the managed security services in UAE are stimulating cybercrimes coupled with boosting concerns over malicious malware attacks. The concept of Bring Your Own Device (BYOD) concept is escalating in the country along with the Synchronization (SYN) floods, encrypted attacks and zero-day attacks are galvanizing the need for managed security services. Moreover, the proliferation in the cyber-attacks in various sectors such as BFSI and ICT sectors is aggravating the demand for managed security services in UAE. According to MarkNtel Advisors’ research report “UAE Managed Security Services Market Analysis, 2020”, the market size of Managed Security Services in UAE is anticipated to grow at a CAGR of around 13% during 2020-25.
Banking, Financial Service and Insurance Segment Expected to Lead the Market
Banking organizations hold confidential data of manifold customers which is a common target for many cybercrimes by hackers. Moreover, it was found that financial gain was the main motive in around 72% of the cyber-attacks on the financial institutions during 2015-19. Owing to such high risks, the market share of BFSI in managed security services was considerably higher. Additionally, several government agreements make it mandatory for companies in the energy domain to adopt a managed security service (MSS) for managing their routine activities.
Cloud Based Deployment is Anticipated to Witness a Soaring Demand
The Cloud-based segment is anticipated to sustain its dominance during 2020-25. The most targeted sector by hackers is banking, financial services and insurance (BFSI) industry which is the largest end-user of managed security services in the country due to the availability of financial and private data of the customers as revealed by the MarkNtel Advisors’ research report “UAE Managed Security Services Market Analysis, 2020”.
Owing to the magnifying online trading and snowballing penetration of internet users, cybersecurity is emerging distress for numerous industries as well as government organizations. Also, on account of the high complexity of the IT infrastructure, the organizations are bound to opt for centralized network solutions to enable unified management among various facilities. Therefore, managed security service is escalating at a robust pace in the UAE. Additionally, centralized security management helps the companies to deploy and upgrade and maintain a large number of devices remotely from a central location.
According to MarkNtel Advisors’, the key players with a considerable market share in the UAE Managed Security Services market include DTS Solution, Dark Matter, Intel, IBM, Secureworks LLC, eHosting DataFort, Fortinet, Paladion, Emirates Telecommunication Corporation, Etisalat, LogRhythm Inc. Paramount Computer System FZ-LLC, etc.
“UAE Managed Security Services Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Managed Security Services providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By Sectors (Healthcare, Energy, BFSI, ICT, Other Sectors),
2. By Services (Security Asset Monitoring & Management, Threat Intelligence, Research, Detection & Remediation, Risk & Compliance Management, Advance & Emerging Managed Security Services),
3. By Deployment Mode (Cloud Based and Customer Premise Equipment)
4. Region (Dubai Emirates, Abu Dhabi Emirates, Others),
5. By Company (DTS Solution, Dark Matter, McAfee, LLC, eHosting DataFort, Fortinet, Paladion, Emirates Telecommunication Corporation, Etisalat, LogRhythm Inc, Paramount Computer System FZ-LLC, etc.)
Key questions answered in the study:
1. What are the current and future market trends of the Managed Security Services industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Managed Security Services industry?
5. What are the customer orientation, purchase behavior, and expectations from the Managed Security Services firms across various regions?