The Kuwait Managed Security Market is projected to grow at a CAGR of 3.0% in the forecast period of 2022-27, cites MarkNtel Advisors in their recent research report. The market is swiftly driven by a rise in the cases of cyber threats & data breaches across Kuwait, where the frequent cyberattacks that weakly secured networks are critically augmenting the demand for outsourced security systems to strengthen the infrastructure of a business. Such aspects are promulgating the demand for managed security services and stimulating the industry.
Besides, the emergence of trends like adopting advanced technologies like Artificial Intelligence (AI) & the Internet of Things (IoT) is also instigating companies and brands to enhance their security systems & services. It, in turn, is generating growth opportunities for the leading players to widen their service offerings and attain an edge ahead of the competition while leading the market toward substantial hikes throughout the country. Moreover, the continual need to safeguard confidential information and data while preventing planned cyberattacks is another factor backing the demand for managed security solutions and demonstrating considerable market growth.
Additionally, across Kuwait, numerous businesses are utilizing Managed Security Services (MSS), including banking, manufacturing, healthcare, and retail. Independent of the enterprises' physical locations, MSS, as third-party security service providers, remotely administer and monitor an organization's network infrastructure, allowing even remotely operating businesses to use such services. Such remarkable facilities further enthrall the market through the forecast period, further states the research report, “Kuwait Managed Security Market Analysis, 2022.”
BFSI to Attain the Largest Revenue Share in the Market Through 2027
Based on the End-User, BFSI is expected to account for the largest revenue share in the Kuwait Managed Security Market during the forecast period. As a result of the government's initiative to create a well-established and digitally managed banking and financial platform, the BFSI industry is going online & providing consumers with the convenience of banking transactions, which in turn creates a need for safe and secure banking. Hence, the demand for managed security solutions is mounting rapidly and stimulating the overall market growth through 2027.
However, in addition to the increased advantages and benefits offered by the digital platform used by the BFSI industry, it also poses a threat to the expansion of fraudulent activities involving sensitive consumer bank account information and other important data. As these activities have grown over time, the deployment of a solution that caters to online protection to defend consumers' interests generally is expanding swiftly and driving the market.
The leading players in the Kuwait Managed Security Market are BT Group, Algosec, InfoPercept, Fortinet, Wipro, Secureworks, IBM, Cisco, Paladion Networks, Intel, Others.
Key Questions Answered in the Research Report