Managed security services are outsourced by a third-party service provider that enables organizations to strengthen their security system and have highly skilled professionals to protect critical data from possible cyber threats, attacks, & breaches. These services principally include Distributed Denial of Service Mitigation (DDoS), Intrusion Detection & Prevention System, Endpoint Security, Firewall Management, Risk & Compliance Management, Vulnerability Management, Security Information, and Event Management (SIEM), and Unified Threat Management, among others.
The UAE Managed Security Services Market is projected to grow at a CAGR of around 13% during the forecast period, i.e., 2022-27. The growth of the market is likely to be driven primarily by the growing number of cyber threats & attacks, increasing adoption of devices, and the rising need to address concerns over malicious malware attacks & breaches across different sectors in the UAE. Besides, the growing establishment of several Multi-National Companies (MNCs) & increasing number of business start-ups across the country is also stimulating the demand for managed security services.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Key Companies Profiled||Injazat Data Systems, Emirates Integrated Telecommunications, DTS Solutions, BT Group, Managed FZ-LLC, Fortinet, Wipro, Secureworks, IBM, Cisco, Ixtel Technologies, Paladion Networks|
|Unit Denominations||USD Million/Billion|
Moreover, organizations of all sizes increasingly adopting cloud technologies for efficient business operations & benefits like cost-effectiveness & reduced turnover time would further surge the need for managed security services and, in turn, fuel the overall market growth in the coming years.
Impact of Covid-19 on the UAE Managed Security Services Market
With the imposition of stringent movement restrictions & lockdown across the UAE due to the Covid-19 pandemic in 2020, most organizations adopted the work-from-home policy. It, in turn, propelled the demand for remote monitoring & management of the IT assets & security of organizations by third-party service providers. However, it also exposed organizations to cyber threats & attacks due to the mounting usage of unprotected internet connectivity & advanced technologies like the Cloud.
Amidst the crisis, the finance, IT, telecom, and oil & gas sectors, among others, were the prominent adopters of managed security services. Additionally, while the healthcare industry was flooding with patients, it became an attractive area for hackers to access patient data for insurance frauds. It, in turn, augmented the demand for managed security systems and displayed an upswing to the market growth amidst the crisis.
Based on the Deployment Model:
Here, the Cloud deployment model dominates the UAE Managed Security Services Market, principally due to the mounting inclination of customers on online platforms for most of their demands, i.e., displaying a dramatic shift of organizations to online platforms using Cloud technologies to store & manage the massive data volume.
Besides, since most organizations are opting for cloud due to extra benefits like cost-effectiveness, minimal turnaround time, and easy access & use, the demand for managed security systems on cloud deployment is rising swiftly. It, in turn, provides other perks like remote monitoring & managing assets, addressing potential threats, etc.
Moreover, growing complexities in the IT infrastructure of organizations with a centralized system of network solutions for seamless coordination in the company are other prominent factors projected to stimulate the demand for managed security systems and drive the market through 2027.
Based on End-Users:
Of them all, the BFSI (Banking, Financial Services, & Insurance) sector dominated the UAE Managed Security Services Market in recent years with the largest share & is anticipated to prevail the same trend during 2022-27. It owes principally to the availability of a voluminous amount of confidential data of multiple customers & organizations, presenting the sector as a prominent target for cyber threats, attacks, data breaches, etc.
Key Driver & Opportunity: Paradigm Shift toward Work-from-Home Policies
Trends of Work-from-Home (WFH) across different organizations in the UAE are increasing the vulnerabilities of critical data to cyber threats, attacks, & breaches, thereby displaying a growing number of cybercrimes in the country. Since WFH resulted in the access of unprotected internet & confidential data, the number of cybercrimes is rapidly surging.
Hence, several small, medium, & large size enterprises are opting for managed security services through cloud deployment and driving the UAE Managed Security Services Market during 2022-27. Besides, it is also generating growth opportunities for the leading players to bring upgrades in the security systems and provide more services to customers.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The UAE Managed Security Services Market is projected to grow at a CAGR of around 13% during 2022-27.
A. The BFSI sector is anticipated to emerge as an area of remunerative opportunities for the leading players in the UAE Managed Security Services Market through 2027.
A. The key growth opportunity projected to drive the UAE Managed Security Services Market over the forecast years is the growing trend of Work-from-Home (WFH) across different organizations & increasing vulnerabilities of critical data to cybercrimes, i.e., instigating the leading market players to provide robust services & security systems to combat potential threats.
A. In the coming years, the UAE Managed Security Services Market is anticipated to observe significant growth opportunities owing to the increasing prevalence of cyber threats & attacks in various organizations, leading to the mounting need for these security services for enhanced security infrastructure.