The need for Managed Security is growing at a high rate in Kuwait. This is due to the rising inclination toward digital safeguards and cybersecurity due to boost in the number of cyberattacks, burgeoning adoption of managed security among end-user such as BFSI, government to protect data and information which are stored at remote locations via the internet and snowballing inclination towards the deployment of cloud technology. Besides these, surging complexities in network infrastructure, rising trend of BYOD workplaces to improve productivity and escalating investment in innovative technologies in managed security are predicted to promulgate the demand for managed security in Kuwait in the forecast period.
According to MarkNtel Advisors’ research report “Kuwait Managed Security Market Analysis, 2021”, the Kuwait Managed Security market is anticipated to grow at a CAGR of around 3% during 2021-26F. Based on Deployment, Cloud segment is anticipated to propel at a robust rate over the forthcoming period. The growth of the segment is attributed to a significant rise in the number of small and medium enterprise, burgeoning presence of cloud service provider in the country and paradigm shift of end-user from on-premises to cloud technology as it is cheaper. Hence, the upsurge in the market growth of cloud technologies is projected to increase the number of cyberattacks. Thus, this would further soar the demand for managed security in the near future.
“Kuwait Managed Security Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Managed Security providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Banking & Financial Institution (BFSI) Acquired Significant Market Share
Based on End-User, BFSI acquired a significant market share in the Kuwait Managed Security market in 2020. The growth is accredited to increasing digital transformation in the banks and financial institution, rise in internet banking, along with the adoption of cloud computing, IoT and burgeoning investment on up-gradation of IT infrastructure. The need for managed security service is accelerating as it helps to protect sensitive data and offers immediate incident response and remediation from cyber threats. Moreover, laid down of cybersecurity framework by the government for the Kuwaiti banking sector is expected to bolster the growth of the Managed Security Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Kuwait Managed Security Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Kuwait Managed Security market are BT Group, Algosec, InfoPercept, Fortinet, Wipro, Secureworks, IBM, Cisco, Paladion Networks, Intel etc.
Key questions answered in the study: