Increasing Dependence on ICT Sector Along with Rising Instances of Cyber Attacks in the Country Would Act as a Major Driving Force for the Growth of UAE Managed Security Services Market - 6Wresearch

The role of cloud computing is becoming more prominent in UAE with the government actively promoting modernization as well as diversification in cyberspace through various initiatives such as the Emirates Blockchain Strategy 2021. These initiatives would result in higher adoption of MSS services among several organizations.

According to 6Wresearch, UAE Managed Security Services market revenues are projected to grow at a CAGR of 13.6% during 2018-24. The penetration of MSS services across various segments in the country is still moderate and consequently would offer high growth potential. Furthermore, growing awareness among organizations towards increasing cyber-crimes would boost the revenues of the MSS market during the forecast period.

According to Shefali Goel, Assistant Manager, Research and Consulting, 6Wresearch, "Security Asset Monitoring and Management services type accounted for maximum revenue share in the overall UAE MSS market owing to growing digitalization in the country. Additionally, increasing demand for cost-effective device and data management across various verticals would result in continued dominance of the respective segment during the forecast period.

"However, Advance and Emerging MSS is predicted to exhibit highest growth over the coming years on account of increasing awareness and efforts of organizations to lessen the adverse effects of cyber-crimes," Shefali further added.

According to Kanika Arora, Research Associate, Research and Consulting, 6Wresearch," Energy sector acquires majority of the revenue share of the MSS market owing to substantial investment made by the players in newer and diversified cloud infrastructure.

"Moreover, the energy sector is anticipated to witness maximum growth during the study period due to various compliance standards set by the government in the country," Kanika further added.

Some of the major companies in UAE Managed Security Services Market include McAfee, LogRhythm Inc., Dark Matter LLC., eHosting Datafort, Emirates Telecommunication Corporation, Help AG, Paramount Computer System, Fortinet, Paladian, and DTS Solution.

"UAE Managed Security Services (2018-2024)" report provides an in-depth analysis with 54 figures and 2 tables covered in over 110 pages. The report estimates and forecast the overall UAE Managed Security Services Market by service type, sectors and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.