The GCC Ransomware Protection market is projected to grow at a CAGR of around 8.23% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The factors contributing to the growth are the increasing cases of cyberattacks in the region to the organization as well as individuals. The Gulf Cooperation Council (GCC) is currently undergoing a rapid wave of digitization, encompassing a wide range of sectors such as government, healthcare, finance, and transportation. This increasing reliance on technology & the widespread adoption of digital systems & applications has inadvertently heightened the susceptibility of organizations to insidious ransomware attacks. Consequently, there has been an escalating demand for robust protection solutions that can effectively safeguard critical digital assets & guarantee uninterrupted operations amidst the looming threat landscape.
However, there still exists a lack of awareness among the organization & individuals to prioritize data protection as a critical component. Due to this, there is limited investment in rolling out safety solutions among the software & the need to update the existing protection solution, thereby, resulting in the lack of access to critical information & assets. Moreover, the growing number of data centers in the region containing critical information about the organization has surged in the past few years & further going through the rapid development in the region has spiked the demand for ransomware protection across the regional countries to safeguard the system.
Additionally, in recent times, the GCC region has observed a ripple in the adoption of cyber insurance as organizations strive to transfer the onerous financial risks associated with ransomware attacks. To qualify for coverage under many cyber insurance policies, organizations are now required to implement robust measures to protect against cyberattacks. As a result, the demand for cutting-edge cyberattacks protection solutions in the GCC region has soared as organizations seek to comply with the stringent cyber insurance requirements & effectively mitigate their exposure to potential financial risks, further states the research report, “GCC Ransomware Protection Market Analysis, 2023.”
Growing Dominance of the Solutions Segment in the Market
Based on components, the market is bifurcated into Solutions & Services. Among them, the Solutions segment held a prominent position in the historical years & is predicted to maintain its dominance during the forecast period. The offerings in the GCC Ransomware Protection market encompass a diverse array of cutting-edge technologies, including behavioral analytics, artificial intelligence (AI), machine learning (ML), and endpoint protection. These advanced solutions are highly efficacious in combatting ransomware attacks as attackers are constantly evolving & cybercriminals are employing sophisticated techniques to bypass traditional security measures.
Moreover, industries operating in the GCC region exhibit distinct cybersecurity requirements, shaped by their specific operations, the sensitivity of data, and compliance mandates. The solutions segment in the market caters to these diverse needs by offering industry-tailored cybersecurity solutions designed for sectors such as government, healthcare, finance, and transportation, hence significantly boosting the prominence & traction in the market.
The UAE Poised to Lead GCC Market
Geographically, the GCC region expands across Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain, and Oman. Among them, the UAE is anticipated to attain a significant share of the market in the forecast years. The nation boasts a multifarious & thriving economic landscape, with a plethora of multinational conglomerates, as well as small- & medium-sized enterprises (SMEs), and burgeoning startups, operating across the region. These esteemed entities are confronted with the perpetual peril of insidious ransomware attacks, which impels them to make substantial investments in robust & cutting-edge ransomware protection solutions, aimed at fortifying their critical business operations & safeguarding their invaluable data assets.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Acronis International GmbH, Help AG, Spire Solutions, Trend Micro Incorporated, Fortinet, Inc., AO Kaspersky Lab, Sophos Ltd. McAfee, LLC, Check Point Software Technologies Ltd., Palo Alto Networks, and others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report