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UAE cybersecurity market set to surpass $1b by 2029

UAE’s cybersecurity industry continues to expand its arsenal

Published: Wed 30 Oct 2024, 6:29 PM

By
Issac John

The UAE’s cybersecurity market is outpacing global growth, and is on track to reach $1.07 billion by 2029, with an average annual growth of 12.72 per cent, according to data from industry sources.

Currently valued at $540 million, the UAE’s cybersecurity industry continues to expand its arsenal with targeted investments across cloud security, endpoint protection, and data loss prevention solutions as cyberattacks continue to increase in frequency and severity. Cyber attacks this year are surging by a record 30 per cent year-on-year even as governments and businesses around the world continue to invest in protecting sensitive data, with key applications across banking and financial services, government, IT, and retail.

The global cybersecurity industry is expected to grow from $ 190.4 billion in 2023 to a market value of $298.5 billion by 2028, at a CAGR of 9.4 per cent.

“With a track-record of investment in the digital sector and a clear focus on industries of the future, Abu Dhabi has established itself as a regional economic powerhouse, empowering businesses to lead the forefront of technological development. Anxinsec joins a growing lineup of companies that we have welcomed to Abu Dhabi to invest in high-impact solutions that protect our state-of-the-art digital infrastructure,” Badr Al Olama, director general of Abu Dhabi Investment Office (Adio), said.

Al Olama’s remarks come as Anxinsec, an international cybersecurity product and service provider, announced that it has established its global headquarters at the Abu Dhabi Global Market (ADGM), choosing Abu Dhabi as the launchpad for its next phase of growth. The move is supported by the Abu Dhabi Investment Office, which is spearheading efforts to transform the economic landscape of the emirate.

Anxinsec represents the latest in a series of high-profile collaborations between Adio and global tech leaders, joining industry pioneers like Tamatem Games, Ubisoft, Insilico Medicine, the Applied AI Company and NEOPLY.

Anxinsec said by setting up its global headquarters in Abu Dhabi, it is stepping into a city globally recognized for its cutting-edge cybersecurity infrastructure, where leading tech players such as Amazon Web Services (AWS), Microsoft, G42 and Bespin Global, have already set up to leverage diverse talent base.

“Adio’s support and our partnership with ADGM have enabled Anxinsec to set up its global headquarters in the heart of Abu Dhabi. The emirate stands out as the primary choice for our base of operations, thanks to its top-tier infrastructure and exceptional talent pool,” said Alex Jiang, chairman of Anxinsec.

He said Abu Dhabi offers an ideal environment for business operations, investment opportunities, living, and work, with seamless connectivity to both regional and international markets. “Supported by Adio, we’re dedicated to advancing our core technologies, bolstering our R&D capabilities, and enhancing our marketing strategies. Anxinsec, as a knowledge-driven cybersecurity firm, is dedicated to delivering state-of-the-art cybersecurity solutions and expert services, fostering the growth of Abu Dhabi’s thriving digital economy.”

Anxinsec has already collaborated with local government agencies, including the UAE Cybersecurity Council, to join the next wave of cybersecurity innovation that is cutting across the broader region.