Kuwait Managed Security Services Market
Kuwait Managed Security Services (MSS) Market, By Service Type (Managed IAM, Managed Vulnerability Management, Managed Risk & Compliance, Managed Detection & Response, Managed Firewall, Managed SIEM & Log Management, Others); 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), Trend Analysis, Competitive Landscape & Forecast, 2019–2030
- Published Date: April 2024
- Report ID: BWC24301
- Available Format: PDF
- Page: 200
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
Attributes |
Details |
Years Considered |
Historical Data – 2019–2023 |
Base Year – 2023 |
|
Estimated Year – 2024 |
|
Forecast Period – 2024–2030 |
|
Facts Covered |
Revenue in USD Million |
Market Coverage |
Kuwait |
Product/ Service Segmentation |
Service Type, Type, Organization Size, Security Type, Vertical |
Key Players |
IBM, Accenture, Cisco, AT&T, Verizon, Managed Security Services, Abacode, Fujitsu, Secmentis, Ace Cloud |
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
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- Kuwait Managed Security Services (MSS) Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Increasing Cyber Threats
- Rising Adoption of Cloud Technologies
- Shortage of Skilled Cybersecurity Professionals in Kuwait
- Restraints
- Increasing Security Concerns
- Lack of Awareness Regarding Managed Security Services (MSS)
- Lack of Standardization
- Opportunities
- Increasing Focus on Industry-Specific Solution
- Growth of Cloud-Based Managed Security Services (MSS)
- Integration with Artificial Intelligence (AI) and Security Automation
- Challenges
- Maintaining Data Security
- Developing a Skilled Workforce
- Growth Drivers
- Technological Advancement/Recent Development
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Kuwait Managed Security Services (MSS) Market: Marketing Strategies
- Kuwait Managed Security Services (MSS) Market Overview
- Market Size & Forecast, 2019–2030
- By Value (USD Million)
- Market Share & Forecast
- By Service Type
- Managed IAM
- Managed Vulnerability Management
- Managed Risk and Compliance
- Managed Detection and Response
- Managed Firewall
- Managed SIEM and Log Management
- Other
- By Type
- Fully Managed
- Co-Managed
- By Organization Size
- Large Enterprises
- Small and Medium Enterprises
- By Security Type
- Network Security
- Cloud Security
- Endpoint Security
- Application Security
- By Vertical
- BFSI
- IT and Telecommunications
- Government
- Consumer Goods and Retail
- Healthcare
- Manufacturing
- Others
- By Service Type
- Market Size & Forecast, 2019–2030
- Competitive Landscape
- List of Key Players and Their Products
- Kuwait Managed Security Services (MSS) Company Market Share Analysis, 2023
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Development (Merger, Acquisition, Partnership)
- Kuwait Managed Security Services (MSS) Market: Pricing Analysis
- Impact of Geopolitical Tension on Kuwait Managed Security Services (MSS) Market
- Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, SWOT Analysis)
- IBM
- Accenture
- Cisco
- AT&T
- Verizon
- Managed Security Services
- Abacode
- Fujitsu
- Secmentis
- Ace Cloud
- Other prominent players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents
- Assumptions & Limitations
- Qualitative Research
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
Figure 1 Kuwait Managed Security Services (MSS) Segmentation
Figure 2 Kuwait Managed Security Services (MSS) Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2023
Figure 4 Kuwait Managed Security Services (MSS) Market Size, By Value (USD Million), 2019–2030
Figure 5 Kuwait Managed Security Services (MSS) Market Share, By Service Type, By Value (USD Million), 2019–2030
Figure 6 Kuwait Managed Security Services (MSS) Market Share, By Type, By Value (USD Million), 2019–2030
Figure 7 Kuwait Managed Security Services (MSS) Market Share, By Organization Size, By Value (USD Million), 2019–2030
Figure 8 Kuwait Managed Security Services (MSS) Market Share, By Security Type, By Value (USD Million), 2019–2030
Figure 9 Kuwait Managed Security Services (MSS) Market Share, By Vertical, By Value (USD Million), 2019–2030
List of Tables
Table 1 Kuwait Managed Security Services (MSS) Market Size, By Value (USD Million), 2019–2030
Table 2 Kuwait Managed Security Services (MSS) Market Share, By Service Type, By Value (USD Million), 2019–2030
Table 3 Kuwait Managed Security Services (MSS) Market Share, By Type, By Value (USD Million), 2019–2030
Table 4 Kuwait Managed Security Services (MSS) Market Share, By Organization Size, By Value (USD Million), 2019–2030
Table 5 Kuwait Managed Security Services (MSS) Market Share, By Security Type, By Value (USD Million), 2019–2030
Table 6 Kuwait Managed Security Services (MSS) Market Share, By Vertical, By Value (USD Million), 2019–2030
Table 7 IBM Company Overview
Table 8 IBM Company Overview
Table 9 Accenture Company Overview
Table 10 Accenture Company Overview
Table 11 Cisco Company Overview
Table 12 Cisco Company Overview
Table 13 AT&T Company Overview
Table 14 AT&T Company Overview
Table 15 Verizon Company Overview
Table 16 Verizon Company Overview
Table 17 Managed Security Services Company Overview
Table 18 Managed Security Services Company Overview
Table 19 Abacode Company Overview
Table 20 Abacode Company Overview
Table 21 Fujitsu Company Overview
Table 22 Fujitsu Company Overview
Table 23 Secmentis Company Overview
Table 24 Secmentis Company Overview
Table 25 Ace Cloud Company Overview
Table 26 Ace Cloud Company Overview
Market Segmentation
To request a free sample copy of this report, please complete the form below.
We value your investment and offer free customization with every report to fulfil your exact research needs.
Frequently Asked Questions (FAQs):
RELATED REPORTS
WHY CHOOSE US
-
24/7 Research Support
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
-
Custom Research Service
Ask the Analyst to customize an exclusive study to serve your research needs
-
Quality & Accuracy
Ask the Analyst to customize an exclusive study to serve your research needs
-
Data Visualization
As the business world is changing dynamically every day. We need to stay pin point in relation to data management and optimum data utilization
-
Information security
We never share your personal and confidential information. Your personal information is safe and secure with us.