Report Overview

The rising adoption of cloud and IoT technologies and increasing frequency of cyberattacks are expected to boost the growth of Kuwait Managed Security Services (MSS) Market during the forecast period between 2024 and 2030.

Kuwait Managed Security Services (MSS) Market - Industry Trends & Forecast Report, 2030

The Kuwait Managed Security Services (MSS) Market size was estimated to be worth USD 672.14 million in 2023. During the forecast period between 2024 and 2030, the Kuwait Managed Security Services (MSS) Market size is projected to grow at a CAGR of 6.11%, reaching a value of USD 833.9 million by 2030. Major growth factors for the Kuwait Managed Security Services (MSS) Market include the rising scale of cyberattacks and stringent government regulations to ensure protection of the consumer data. Furthermore, deepening penetration of the internet and mobile and smart devices is anticipated to proliferate the Kuwait Managed Security Services (MSS) Market over the forecast period.

Kuwait Managed Security Services (MSS) – Overview

Outsourced management and monitoring of security systems and devices is a feature of managed security services. Managed firewalls, intrusion detection systems, virtual private networks, vulnerability scans, and antiviral services are typical managed security service provider services. A managed security service provider (MSSP) is a third party that offers its clients cybersecurity services. Managed services enable continuous network monitoring instead of outsourcing IT only when an issue arises. A managed service provider also takes care of all maintenance.

Kuwait Managed Security Services (MSS) Market

Growth Drivers

Increasing Frequency of Cyberattacks

The rising prevalence of cyberattacks and increase in sophistication of attacks along with expanding IT infrastructure in the country is directly boosting the demand for managed security services (MSS) in Kuwait. For instance, one of the Kuwait’s finance ministry systems was attacked on September 2023. It is essential to concentrate on cyber-security measures due to the possible hazards, which include financial losses, reputational harm, and compromise of sensitive information. The need to secure sensitive data and shield companies from cyberattacks is growing along with the e-commerce industry.

Challenges

Mitigating High Costs

The burden of high installation and maintenance costs is the biggest constraint on Kuwait's Managed Security Services (MSS) Market. Even with the growing need for strong security solutions, adopting and maintaining these services presents major cost challenges for enterprises. In addition to restricting accessibility for smaller businesses, the financial hardship makes it difficult for larger organizations to scale and innovate. To overcome the constraint and maintain unwavering security standards throughout the market, creative pricing strategies, expandable solutions, and tactical alliances are required.

Kuwait Managed Security Services (MSS) Market

Segmental Coverage

Kuwait Managed Security Services (MSS) Market – By Service Type

Based on service type, the Kuwait Managed Security Services (MSS) Market is segmented into managed IAM, managed vulnerability management, managed risk & compliance, managed detection & response, managed firewall, managed SIEM & log management, and others. The managed SIEM & log management segment holds the largest share in the Kuwait Managed Security Services (MSS) Market. Companies utilize these services to ensure regulatory compliance for the protection of sensitive data. The stringent regulations in Kuwait play a major role in driving the demand for managed SIEM & log management services.

Kuwait Managed Security Services (MSS) Market – By Type

Based on type, the Kuwait Managed Security Services (MSS) Market is split into fully managed and co-managed segments. The fully managed segment accounts for a higher share in the Kuwait Managed Security Services (MSS) Market by type. Managed cloud services provide full or partial administration of a client's cloud infrastructure or resources. Maintenance, security, configuration, optimization, and migration are a few examples of management duties. This ensures seamless operations and lessens the workload for the IT staff by allowing the organization to concentrate on its core business activities while the fully managed services handle the technical issues.

Kuwait Managed Security Services (MSS) Market – By Organization Size

Based on organization size, the Kuwait Managed Security Services (MSS) Market is bifurcated into large enterprises and small and medium-sized enterprises (SMEs). The large enterprise segment holds a larger share in the Kuwait managed security services (MSS) market. Outsourcing services is more common among larger companies. The emphasis on managing and preventing the rise in cyberattacks, which expose large corporations to unforeseen losses in income and reputation, is another important element driving the market's development. However, the growing adoption of cloud computing is anticipated to boost the adoption of managed security services (MSS) among SMEs.

Kuwait Managed Security Services (MSS) Market – By Vertical

Based on vertical, the Kuwait Managed Security Services (MSS) Market is segmented into BFSI, IT & telecommunications, government, consumer goods & retail, healthcare, manufacturing, and others. The BFSI segment dominates the Kuwait Managed Security Services (MSS) Market owing to the high frequency of cyberattacks on banks and other financial institutions. Frequency of email-based attacks like spam and phishing is highly common in the banking sector to steal sensitive data such as banking account details, account logins, and credit card information, which proliferates the need for advanced cybersecurity.

Competitive Landscape

Major players operating in the Kuwait Managed Security Services (MSS) Market include IBM, Accenture, Cisco, AT&T, Verizon, Managed Security Services, Abacode, Fujitsu, Secmentis, and Ace Cloud.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In July 2023 – Cloud Range, a cyber range solution provider based in the United States, formed a partnership with ActiveBytes Innovations LLC as the preferred distributor of Cloud Range products in Kuwait and other Middle East countries.

Scope of the Report

By Service Type

• Managed IAM

• Managed Vulnerability Management

• Managed Risk & Compliance

• Managed Detection & Response

• Managed Firewall

• Managed SIEM & Log Management

• Other

By Type

• Fully Managed

• Co-Managed

By Organization Size

• Large Enterprises

• Small and Medium-sized Enterprises (SMEs)

By Security Type

• Network Security

• Cloud Security

• Endpoint Security

• Application Security

By Vertical

• BFSI

• IT & Telecommunications

• Government

• Consumer Goods & Retail

• Healthcare

• Manufacturing

• Others