GCC Ransomware Protection Market to Grow Exponentially at 8.23% CAGR: MarkNtel Advisors

Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the GCC Ransomware Protection Market, The GCC Ransomware Protection Market is projected to grow at a CAGR of around 8.23% during the forecast period, i.e., 2023-28. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight sustainable materials, rising demand for luxury customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the GCC Ransomware Protection Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook Forecasts:

Forecast Period: 2023-2028
CAGR (2023-2028): 8.23%

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GCC Ransomware Protection Market Segmentation Breakdown:

The GCC Ransomware Protection Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:

By Component
- Solution
  - Standalone anti-ransomware software
  - Secure Web Gateways
  - Application Control
  - IDS/IPS
  - Web Filtering
  - Threat Intelligence
- Services
  - Professional Services
  - Consulting
  - Training and Education
  - Support and Maintenance
  - Managed Services

The Solution Component held a prominent position in the historic year is expected to maintain its dominance during the forecast period.

By Deployment Mode
- On-premise
- Cloud
By Organization Size
- Small Medium Enterprises
- Large Enterprises
By Application
- Network Protection
- Endpoint Protection
- Email Protection
- Database Protection
- Web Protection

Of them all, Endpoint protection is anticipated to hold a substantial share in the GCC Ransomware Protection market during the forecast period as it is implemented on almost all the devices, such as laptops, desktops, servers, and mobile devices, to protect them from cyberattacks.

By Industry
- Government Defence
- BFSI
- IT Telecom
- Healthcare Life Sciences
- Education
- Energy Utilities
- Retail
- Others (Manufacturing, Media and Entertainment, Transportation, etc.)

Geographical Growth Insights:

By Country

Saudi Arabia
The UAE
Qatar
Kuwait
Bahrain
Oman

Of all the regions across the GCC, the UAE held a notable market share in the historical years is expected to acquire a substantial share during the forecast period as well.

MarkNtel Advisors Highlights Key Market Drivers for GCC Ransomware Protection Market:

Rising Instances of Cyber Attacks Have Surged the Adoption of Ransomware Protection

The ever-increasing cases of ransomware attacks have been a cause of concern in the GCC (Gulf Cooperation Council) region, propelling the demand for effective ransomware protection solutions. With the surge in cyber threats the increasing sophistication of ransomware attacks, businesses organizations in the GCC region are realizing the critical need for robust defenses to safeguard their valuable data assets. The demand for ransomware protection has risen as organizations are more reliant on digital infrastructure than in the past, specifically followed by the COVID-19 pandemic due to the remote work trend. For instance,

In 2023, according to the report published by Group IB, more than 150 companies in the MEA region had their data leaked online, following ransomware attacks between 2021 2022, with a total of 42 companies in the GCC region.

As a result, regional companies are heavily investing in ransomware protection solutions such as endpoint security, network security, email security, and others to safeguard their digital assets minimize the risk of ransomware attacks. These solutions are designed in a way to block mitigate ransomware attacks, reducing the potential effect on business operations reputation. Therefore, the surging ransomware attack the upscaling investments by several companies to adopt this protection to mitigate the issue are further predicted to drive the market in the following years.

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A Comprehensive Analysis of Leading Companies in GCC Ransomware Protection Market

Acronis International GmbH
Help AG
Spire Solutions
Trend Micro Incorporated
Fortinet, Inc.
AO Kaspersky Lab
Sophos Ltd.
McAfee, LLC
Check Point Software Technologies Ltd.
Palo Alto Networks
Others

GCC Ransomware Protection Market Recent Developments

2022: Trend Micro Incorporated signed an agreement with the Ministry of Communications Information Technology of Saudi Arabia to maximize investment in hybrid cloud security solutions, endpoint security, extended detection, network security, and response against security threats with the launch of a local cloud data lake for cybersecurity SaaS solutions in the country.
2022: Kaspersky launched a new service to enhance its digital footprint intelligence by taking down malicious domains. The service aims to identify neutralize threats posed by malicious domains to protect users from cyber threats.

GCC Ransomware Protection Market Possible Restraint:

In the GCC countries, corporate organizations, especially SMEs, have inadequate investment as these businesses are not well aware of the consequences of data theft ransomware attacks. The organizations are not focused on solutions such as anti-malware software, employee training programs, and backup recovery systems, leaving them vulnerable to ransomware attacks.

Moreover, the slow adoption of ransomware protection solutions is due to the least or minimal awareness among individuals organizations about ransomware attacks or their prevalence. Owing to this, the companies are lagging are not prioritizing the implementation of the necessary security controls or delaying the adoption of updated ransomware protection technologies practices, which can result in increased vulnerability to ransomware attacks, hence impeding the market in the future.

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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative quantitative research company, strive to deliver data to a substantial varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

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