UAE Cybersecurity Market Size

UAE Cybersecurity Market Analysis

The UAE Cybersecurity Market size is estimated at USD 0.59 billion in 2024, and is expected to reach USD 1.07 billion by 2029, growing at a CAGR of 12.72% during the forecast period (2024-2029).

The rapid digitalization in the United Arab Emirates has triggered the number of connected devices by opening new cyberattack gateways. Cybersecurity has become increasingly imperative for governments and companies as digitization has increased due to the COVID-19 pandemic, with digital criminal activity increasing.

• A considerable increase in cyberattacks during the COVID-19 pandemic, terrorism threats, and digital transformation have pushed the UAE to secure its cyber borders through high expenditure within its new budget. In October last year, the UAE announced adopting cybersecurity standards for government agencies as the country revealed the budget for the next five years.
• The United Arab Emirates has witnessed a more than 250 percent increase in cyberattacks during the pandemic, according to the UAE Government cybersecurity chief. Ransomware and phishing were the most common forms of attack, and the financial and healthcare sectors were among the most prominent targets. This sudden increase was also attributed to the activists against the UAE's recognition of Israel and normalizing these countries' relationships.
• UAE's government has been emphasizing cybersecurity owing to increasing cyberattacks. For instance, according to the World Economic Forum's (WEF) 'The Global Risks Report' of this year, the risk of cybersecurity failure is ranked among the top five concerns for the UAE.
• As organizations in the UAE undergo digital transformation and move their operations online, the attack surface for cyber threats expands. This provides cybercriminals with more opportunities to target sensitive data and systems.
• Budget constraints and the high cost of cybersecurity solutions can pose challenges for the market, as they can limit the ability of organizations and government entities to protect their digital assets effectively.
• The COVID-19 pandemic created an environment suitable for cyberattacks. Cybercriminals saw new opportunities with a shift to remote work and increased reliance on digital technologies. There was a surge in phishing attacks, malware, and ransomware campaigns targeting individuals and organizations in the UAE.