Kuwait Managed Security Market Research Report: Forecast (2022-2027)

Market Definition

Managed Security primarily deals with networked access control & management of devices for buildings & premises. Surveillance products such as security cameras & related data storage & transmission services, motion sensors, and programmable & remote-control door locks alongside risk monitoring tools like connected smoke detectors & humidity sensors, among others, altogether make up the system. Outsourced monitoring & management of security devices & systems, offered by MSSP (Managed Security Service Provider), comprise services like managed firewall, intrusion detection, virtual private network, vulnerability scanning, and anti-virus support.

Market Insights

The Kuwait Managed Security Market is projected to grow at a CAGR of around 3.0% during the forecast period, i.e., 2022-27. Several organizations across Kuwait are seeking technologies in order to expand their business operations and enhance productivity & customer experience, and having a robust IT infrastructure has become paramount to achieve that.

Several organizations in Kuwait lack the resources required to opt for dedicated in-house IT teams, owing to their significantly high costs and an increasingly complex IT environment to manage. As a result, they are now more than ever looking at Managed Security Services as an alternative to effectively managing & expanding their IT infrastructures.

The growth of the managed security market in Kuwait is likely to be driven primarily by the ever-evolving needs of companies, both large enterprises & SMEs (Small & Medium-Sized Enterprises), especially those operating in the BFSI, manufacturing, healthcare, & retail sectors, to address the growing incidence of organized cyber-attacks in the country. 

• Two years back, when the National Bank of Kuwait (NBK) planned to move its operations to the newly built headquarters, the AEOS by Nedap came to its rescue to help centralize its access control. Again, with ten years of familiarity with the usage of AEOS in some locations, the bank already knew that this flexible, scalable system is of paramount importance. AEOS has now been implemented not just at NBK’s iconic headquarters but at its bank branches and data centers across Kuwait too. Moreover, Nedap’s AEOS is more than a solution for access control. It offers a unique architecture that is extendable and versatile at the same time.

Moreover, the rampant cyber-attacks, as a result of feebly secured networks, demonstrate a dire need for enterprises to switch over to some reliable providers to outsource their security requirements. However, besides setting the stage for the key players to demonstrate their competence in the market, the latest trend pushes the service providers to upgrade their security systems & services to stay afloat in the competition. For instance: 

• One of the largest internet providers in the Middle Eastern digital market, Quality net, headquartered in Kuwait City, underwent a cyberattack. The criminals decided to exploit the security system's vulnerabilities and hacked the whole server by copying the entire server data on the SQL database. Surprisingly, it was to prove that provider doesn't possess the perfect security and to encourage different organizations and ministries to cut relations with it.

Furthermore, telecom companies in Kuwait are collaborating with cloud & other IT firms like IBM, Infonet, & Cisco, among others, to integrate digital technologies into their business operations. With improved technological awareness, the country has started investing more in making its IT infrastructure more robust & efficient, which projects lucrative prospects for the managed security market in the coming years.