UAE Managed security services market is expected to grow at a CAGR of around 13% during the forecast period 2022-2028. The regulations imposed for insufficient data privacy measures are anticipated to propel the growth of the managed security services market across the nation. Furthermore, organizations have started shifting towards allocating 25% or less of their security budgets towards MSS owing to the increasing cyberattacks and continuously evolving threat landscape.
Additionally, the scarcity of in-house talent and expertise and the upsurging need to overcome complex and targeted attacks are anticipated to further fuel the market growth. Rising cyber-attack incidents over the past few years along with increasing digitalization in several sectors would also act as a major driver for the adoption of managed security services in the UAE.
The market for managed security services in the UAE is anticipated to increase strongly during the next period as a result of the retail industry’s growing digitalization. Rising e-commerce platforms and increased sales as a result of expanding retail, particularly in Dubai, as well as the city’s hosting of shopping festivals have contributed to the hiring of managed security service providers to protect websites from cyber attackers and boost productivity and efficiency at work.
BFSI segment to hold significant growth due to the higher probability of cyber threats in the banking sector
On the other hand, the BFSI industry has also made room for market expansion as a result of a growing necessity to safeguard the system against data breaching activities, which are thought to serve as a growth-promoting catalyst of the UAE-managed security services market.
The BFSI segment is anticipated to gain significant growth and is also expected to dominate the UAE-managed security service market during the period 2022-2028. The BFSI segment is constantly using manager security services due to the higher probability of cyber threats in the banking sector.
Banking organizations hold the confidential data of multiple customers which is a common target for many cybercrimes. Thus, the use of managed security services in the BFSI sector becomes necessary. Additionally, several government compliances make it mandatory for companies in the energy domain to adopt managed security services for managing their routine activities.
According to RationalStat, the UAE managed security services market is segmented on the basis of type, deployment mode, organization, end user, and region.
- By Type
- Security Asset Monitoring and Management (SAMM)
- Risk and Compliance Management (RCM)
- Threat Intelligence, Research, Detection, and Remediation (TIRDR)
- Advanced and Emerging Managed Security Services (AEMSS)
- Distributed Denial of Service (DDoS)
- By Deployment Mode
- By Organization
- Large Enterprises
- Small and Medium Enterprises (SMEs)
- By End User
- Technology Media & Entertainment
- IT-enabled services
- Others (Agriculture, Construction, Education, etc.)
- By Region
- Abu Dhabi
- Umm Al-Quwain
- Ras Al Khaimah
The managed security services market is highly competitive, with a large number of companies offering a wide range of security solutions and services. In addition to established players, there is also a growing number of smaller and emerging companies that are offering specialized managed security services in niche areas such as cloud security, IoT security, and mobile device security.
These companies are helping to drive innovation in the market and provide customers with new and unique security solutions. Some of the key players in the market include:
- Wipro Ltd
- Tech Mahindra Ltd
- McAfee, LLC
- LogRhythm Inc
- Dark Matter LLC
- eHosting DataFort
- Emirates Telecommunication Corporation
- Help AG
- Paramount Computer Systems FZ-LLC
- Cognizant Technology Solutions Corp
- Capgemini Technology Services India Ltd
- Cisco Systems Inc