Market Definition
Managed & Professional Security Services, outsourced to a third-party vendor, provide organizations with 24x7 access to security experts that help them protect their critical data from ever-evolving threats & information security breaches. These services include intrusion detection, managed firewall, vulnerability scanning, virtual private network, and anti-virus solutions. They also help reduce the burden of enterprises to hire, train, & retain in-house security personnel to maintain an acceptable security posture.
Market Insights
The Middle East Managed & Professional Security Services Market is projected to grow at a CAGR of around 15% during the forecast period, i.e., 2021-26. The growth of the market attributes primarily to the increasing demand for security services in various end-user verticals like finance, IT & Telecom, oil & gas, etc. The lack of skilled security specialists and high capital requirements have been the most prominent challenges for businesses to expand their in-house security teams. It has shifted their inclination toward adopting managed & professional security services that offer experienced cybersecurity specialists, access to cutting-edge technologies, and security insights attained from organizations with unique cyber risk profiles.
Managed & professional security services include several benefits, such as broad security protection, cost-effectiveness, continuous security monitors. The mounting trend of BYOD (Bring-Your-Own-Device) and the surging number of cyber activities are other crucial factors driving the market. Moreover, the burgeoning need for advanced threat protection owing to surging instances of cyber-attacks shall also fuel the demand for managed & professional security services and, in turn, contribute to the overall market growth in the coming years.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR (2021-2026) | 15% |
| Countries Covered | UAE, Saudi Arabia, Qatar, Turkey, Israel, Kuwait, Bahrain, Oman, Egypt |
| Key Companies Profiled | 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, Others |
| Unit Denominations | USD Million/Billion |
Impact of Covid-19 on the Middle East Managed & Professional Security Services Market
In 2020, the Covid-19 pandemic resulted in the imposition of lockdown & stringent movement restrictions across the Middle East, which forced organizations to change the way they used to work and adopt the work-from-home policy. It, in turn, propelled the need for remote monitoring & management of IT security services by third-party providers. Also, service providers became well prepared to provide resources as per the varying market conditions.
Moreover, the lockdown imposition also affected traveling and forced organizations to reconsider their operational choices. The increasing trend of work-from-home culture and the burgeoning usage of unprotected internet connectivity & advanced technologies like the Cloud resulted in significant vulnerabilities of businesses in the finance, IT, telecom, and oil & gas sectors. In addition, the healthcare industry, followed by finance, became the most attractive target for hackers, which fueled the adoption of managed & professional security services among banks & hospitals/clinics to secure their infrastructure from cyberattacks.
Hence, the managed & professional security services market in the Middle East witnessed a hike during the pandemic. The leading market players like IBM & Cisco are still providing these services to their respective clients. However, the acquisition of new clients, especially in Small & Mid-Sized Enterprises (SMEs), has been a challenging factor for the market growth since SMEs do not have the necessary budget & resources to adopt these services. However, the demand for managed & professional security services is significantly increasing in large enterprises that deal with critical data across multiple locations.
