The cybersecurity market in the Middle East is set to be worth $31 billion by 2030, according to data from US consultancy Frost & Sullivan. The market, currently valued at $7.5 billion, is expected to grow at a compound annual growth rate of nearly 20% over the next seven years. The UAE, Saudi Arabia and Israel are predicted to lead the sector due to their cybersecurity industries and government policies, which have made them preferred destinations for industry academics, businesses, research and innovation. The global cybersecurity market is set to exceed $500 billion by 2030, with a compound annual growth rate of 12.3% from 2023, according to Grand View Research.
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Governments are taking measures to protect their infrastructure as cybercrime increases with the world’s digitization. In 2023, cybercriminals are expected to use identity-based attacks, highlighting the need to protect technology entry points, according to Roland Daccache, manager for the Middle East, Turkey and Africa at US software company CrowdStrike. Mohamed Al Kuwaiti, the UAE government’s head of cybersecurity, said in a statement that the UAE is keen on creating an inner circle for information security leaders to discuss critical challenges and help build the cyberresilience of businesses and enterprises in the UAE and the world. Ransomware attacks in the UAE have dropped by more than 70% thanks to increased international cooperation, according to recent reports.