Kuwait Managed Security Services (MSS) Market Size Booming at Significant CAGR of 6.11% to Touch USD 834 Million by 2030

Kuwait Managed Security Services (MSS) Market is flourishing because of the rising adoption of cloud and IoT technologies and increasing frequency of cyberattacks.

Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated the Kuwait Managed Security Services (MSS) Market size at USD 672.14 million in 2023. During the forecast period between 2024 and 2030, Report Ocean expects the Kuwait Managed Security Services (MSS) Market size to expand at a CAGR of 6.11% reaching a value of USD 833.9 million by 2030. Stringent government rules to safeguard consumer data privacy and the growing frequency of cyberattacks are key growing factors for the Kuwait Managed Security Services (MSS) Market. Additionally, it is projected that the Kuwaiti Managed Security Services (MSS) Market will expand over the period in analysis due to rising internet and mobile device usage.

Opportunity: Rising adoption of cloud technologies

Based on security type, the Kuwait Managed Security Services (MSS) Market is segmented into network security, cloud security, endpoint security, and application security. The cloud security segment accounts for the highest market share in the market by security type. The rising adoption of cloud technologies, such as artificial intelligence (AI) and machine learning (ML), across businesses in Kuwait is boosting the need for advanced cloud security systems as a safety measure for data protection. These security measures include data privacy protection, data and resource access management, and user and device authentication.

Kuwait Managed Security Services (MSS) Market

Segmental Coverage

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.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Kuwait Managed Security Services (MSS) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Kuwait Managed Security Services (MSS) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.