Press Release

Managed & Professional Security Services Market Registers around 15% CAGR in the Middle East through 2026

According to a recent research study by MarkNtel Advisors, the Middle East Managed & Professional Security Services Market is expecting around 15% CAGR during 2021-26. Managed & professional security services are the network security services that help manage an organization’s security needs. It includes services like monitoring intrusion detection systems & firewalls, enabling security checks, and responding to emergencies. The increasing penetration of the internet & mounting usage of advanced technologies has increased threats for several businesses whose credibility is at risk and, consequently, fueled the demand for managed & professional security services.

Moreover, the rising trend of work-from-home, BYOD (Bring-Your-Own-Device), & CYOD (Choose-Your-Own-Device), coupled with the increasing number of security breaches & cyberattacks and cost-effectiveness of managed & professional security services, are other crucial factors driving the market. However, lack of trust among organizations in third-party services to handle sensitive data is a prominent factor that might restrain the growth of the Managed & Professional Security Services Market in the Middle East. Nevertheless, the snowballing adoption of IoT devices & cloud technologies among enterprises to manage their security shall boost the market during 2021-26, further states the research report, “Middle East Managed & Professional Security Services Market Analysis, 2021.”

With Large Volume of Sensitive Data, BFSI Sector Dominates the Middle East Managed & Professional Security Services Market

The BFSI sector is responsible for dealing with a large volume of sensitive data, such as customers’ banking details, contact information, assets, etc. Hence, the increasing need for constant security monitoring solutions among banks & financial institutions to protect these confidential data and the mounting need for complying with regulatory norms are the prime reasons behind the largest market share of the BFSI sector.

On the other hand, the healthcare sector is projected to experience robust market growth in the coming years. It owes to the increasing adoption of online platforms in the healthcare sector to enhance customer experience, i.e., making patients’ critical data online, which needs to be protected.

Increasing Establishment of Corporates in the UAE Drives the Managed & Professional Security Services Market

Among all countries in the Middle East, UAE acquired the largest share of the Managed & Professional Security Services Market. It owes to the mounting adoption of digital technologies among businesses and the increasing establishment of corporates in the country, i.e., fueling the demand for managed & professional security services to protect their critical information. 

Furthermore, the Covid-19 pandemic in 2020 has also contributed to the increasing market growth in the UAE. The rising trend of work-from-home & BYOD amidst the crisis led to increasing transfer & storage of large volumes of data online, which fueled the incidences of cyberattacks & data breaches in the country and, in turn, boosted the market, reveals MarkNtel Advisors in their research report, “The Middle East Managed & Professional Security Services Market Analysis, 2021.”

According to MarkNtel Advisors, the leading players in the Middle East Managed & Professional Security Services Market include IBM, Cisco, BIOS Middle East Group, Huawei, Gulf Business Machines (GBM), Ras Infotech, AGC Networks, Data TAAG Technologies Middle East LLC, VRS Technologies LLC, Mindfire Technologies LLC, & Chipco Solutions LLC.

Key Questions Answered in the Study

1. What are the current & future trends in the Middle East Managed & Professional Security Services Market?
2. How has the industry been evolving in terms of geography & services adoption?
3. How has the competition been shaping across the Middle East, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the Middle East Managed & Professional Security Services Market?
5. What are the customer orientation, purchase behavior, and expectations from managed & professional security service providers across the Middle East?

Market Segmentation:

1. By Service (Professional Services (Design & Development, Integration, IT Assessment, Consulting, Training & Education, Maintenance & Upgrades), Managed Services, (Hosting services, Cyber Security Services, Managed Cloud services, Managed Detection & Response (MDR), Managed Threat Intelligence), Others (24x7 monitoring, On-demand IT support, KPI Monitoring, CRM & ERP management, etc.))
2. By Deployment (Cloud, On-Premise, Hybrid)
3. By Enterprise Size (Large, Mid-sized, Small)
4. By End-User (Oil & Gas, BFSI, Healthcare, Utilities, IT & ITES, Telecom, Industrial, Others)
5. By Countries (UAE, Saudi Arabia, Qatar, Turkey, Israel, Kuwait, Bahrain, Oman, Egypt)
6. By Competitors (IBM, Cisco, BIOS Middle East Group, Huawei, Gulf Business Machines (GBM), Ras Infotech, AGC Networks, Data TAAG Technologies Middle East LLC, VRS Technologies LLC, Mindfire Technologies LLC, Chipco Solutions LLC)