(MENAFN- The Peninsula)
M Mazharul Haque
|
The Peninsula
Doha: The cybersecurity market in Qatar is expected to witness significant growth in the coming years. The revenue in this market is set to reach $143m in 2025, according to the latest projections by Statista.
Among the various segments, security services dominate the market with a projected market volume of $79.90m in the same year. This indicates the high demand for security services in Qatar to combat cyber threats.
“Furthermore, the market is anticipated to exhibit a steady annual growth rate (CAGR 2025-2029) of 8.17%, which will contribute to a market volume of $195.80m by 2029. This demonstrates the sustained growth potential of the cybersecurity market in Qatar over the forecast period,” it said.
“In terms of average spend per employee, the cybersecurity market is projected to reach $67.93 in 2025. This metric highlights the level of investment and resources allocated to cybersecurity measures, indicating the importance placed on protecting digital assets in Qatar.”
In a global context, it is worth noting that the United States is expected to generate the highest revenue in the cybersecurity market, reaching $88,250m in 2025.
This underscores the significance of the US market and its leading position in the global cybersecurity market industry, the analysis said.
“Overall, the prospects for the cybersecurity market in Qatar appear promising, with substantial revenue growth and a strong focus on security services. This reflects the increasing recognition of the importance of cybersecurity in safeguarding digital infrastructure and sensitive information in Qatar.” Qatar's cybersecurity market is thriving, driven by increased government focus on protecting critical infrastructure and rising cyber threats in the region.
“Cybersecurity is a topic practically every company must tackle in order to ensure and enhance the success of the digital transformation of their operational activities (eg, automated processes, cloud-based tools, or software support). Driven by the increasing awareness of data risks and threats, the global cybersecurity market has witnessed robust growth over the last few years with revenue increasing from $83.32bn in 2016 to approximately $166bn in 2023,” it said.
“The adoption of cybersecurity is expected to grow with the increasing Internet penetration among developing and developed countries. While it was common to dismiss cybersecurity as a task for the IT department, it is now increasingly becoming the dominant part of top-level strategic planning.”
The COVID-19 crisis led to many organisations facing more cyberattacks due to the security vulnerability of remote work as well as the shift to virtualised IT environments, such as the infrastructure, data, and network of cloud computing.
The market is expected to continue showing strong growth, with North America as the dominant region in this market. Cloud security is the fastest-developing market, it added.
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