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.
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.
|Study Period||Historical Data: 2017-2020|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Key Companies Profiled||BT Group, Algosec, InfoPercept, Fortinet, Wipro, Secureworks, IBM, Cisco, Paladion Networks, Intel, Others|
|Unit Denominations||USD Million/Billion|
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.
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:
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.