The Bahrain Managed Security Market is expecting around 3% CAGR during 2021-26, states MarkNtel Advisors in their recent research report. It owes to the immense dependence of organizations on their IT teams to bring productivity & ensure cyber security, coupled with various benefits of managed security services like reduced IT operational costs & enhanced efficiency of organizations.
Many companies see Bahrain as an area of business opportunity, owing to which the country is witnessing an increasing number of establishments of several Small & Medium Enterprises (SMEs). It, in turn, is soaring the demand for managed security services & generating remunerative growth opportunities for the leading market players.
Moreover, the government of Bahrain is substantially investing in different sectors to expand their economic diversification in line with Bahrain Vision 2030 & taking various initiatives for digitally transforming the IT infrastructure, strengthening governance, & enhancing services for customers. As a result, the demand for managed security services is projected to accelerate rapidly through 2026, further states the research report, "Bahrain Managed Security Market Analysis, 2021."
Banks & Financial Institutions across Bahrain to Boost the Managed Security Market through 2026
Among all end-users, the BFSI (Banking, Financial Services, & Insurance) sector is anticipated to dominate the Bahrain Managed Security Market with the largest share during 2021-26. It owes principally to the abundance of data generated in banks, insurance companies, financial institutes, etc., which need to be protected, entwined with increasing instances of data loss, thereby propelling the demand for managed security services. Due to the vast data generation & storage, there are significant growth opportunities for the leading market players across the BFSI sector.
Besides, the BFSI sector is critical about securing sensitive customer data since it is a prominent target for cyber-attacks & threats. Hence, a majority of the banking & finance companies are rigorously hiring managed security solution providers & exercising the benefits of services.
Moreover, the increasing number of criminal networks, terrorism acts, modern threats from cyber sabotage, etc., in banks & other finance-related companies are other crucial aspects projected to fuel the market growth across the BFSI sector during 2021-26, cites MarkNtel Advisors in their research report, "Bahrain Managed Security Market Analysis, 2021."
According to MarkNtel Advisors, the leading players in the Bahrain Managed Security Market are VIVA Bahrain, F5, Fortinet, Wipro, Secureworks, IBM, Cisco, Paladion Networks, & Intel.
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