Market Definition
Managed Security is a network of services adopted by organizations to strengthen & enhance their security infrastructures and reduce the burden of the IT team to handle cyber threats & attacks. These services are either outsourced by the service providers or conducted in-house. The most prominent applications of these security services are tracking, managing, & supervising the complex software & systems of end-users like government, BFSI, healthcare, manufacturing, retail, telecom & IT, oil & gas, and others like hospitality.
Market Insights
The Bahrain Managed Security Market is projected to grow at a CAGR of around 3% during the forecast period, i.e., 2021-26. The growth of the market is driven primarily by the swiftly increasing cases of cyber-attacks & threats, especially across Small & Medium Enterprises (SME), coupled with stringent government regulations for digitally transforming businesses.
Managed Security service solutions help minimize costs & maximize operational efficiency, facilitate quicker incident response & event investigation, and provide necessary skills & technical resources for the team to manage & administer advanced security assets. These benefits of managed security services are the prime reasons attributed to their increasing adoption across many organizations in Bahrain.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR (2021-2026) | 3% |
| Key Companies Profiled | VIVA Bahrain, F5, Fortinet, Wipro, Secureworks, IBM, Cisco, Paladion Networks, Intel, etc. |
| Unit Denominations | USD Million/Billion |
Moreover, the increasing dependency of organizations on IT departments to bring productivity & ensure cyber security is another crucial aspect propelling the demand for managed security solutions to manage data security professionally & eliminate potential threats beforehand.
Additionally, Bahrain Vision 2030 is also likely to play a crucial role in augmenting the market growth as the government is immensely investing in different sectors for their economic diversification. It, in turn, is leading to the rapid digital transformation of businesses & enhanced IT infrastructure, thereby propelling the need for managed security services and driving the market.
Impact of Covid-19 on the Bahrain Managed Security Market
The Covid-19 pandemic in 2020 had a decelerating impact on most industries across Bahrain. However, the Managed Security Market witnessed a drastic change in the operations, owing to the imposition of stringent movement limitations & lockdown by the government to curb the spread of this dreadful disease.
Initially, since most businesses implemented work-from-home policies in line with remote working & social distancing, incidents of cyber-attacks & threats rose dramatically due to the increasing vulnerabilities of organizations. Due to this, the managed security providers in Bahrain faced several challenges while delivering their services to organizations.
However, the leading market players soon began to deliver services with a robust infrastructure connecting different devices to cloud-based centers. It, in turn, introduced a temporary hike to the market growth & augmented the demand for Managed Security amidst the crisis.
Since 2021, the country is experiencing a declining number of Covid-19 cases, and the government has uplifted the restrictions & allowed the recommencement of business operations. This move is allowing the market to regain its usual growth pace & the leading market players are gradually recovering from revenue losses. Since many organizations have resumed their business operations from offices, the demand for managed security services is surging across Bahrain, and the same trend is likely to be followed in the coming years.
