Market Insights Technology Cybersecurity Cyber Solutions

Cloud Security - Kuwait

Kuwait

The Cloud Security market in Kuwait is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$618.10k in 2024.
Furthermore, it is expected to exhibit a robust annual growth rate (CAGR 2024-2029) of 24.88%, resulting in a substantial market volume of US$1,877.00k by 2029.
In terms of expenditure, the average Spend per Employee in the Cloud Security market is projected to reach US$0.24 in 2024.
This indicates the importance placed on security measures within the industry.
When compared globally, United States is expected to generate the highest revenue in the Cloud Security market, with an estimated value of US$869.2m in 2024.
This highlights the dominance of the United States in the global market and its significant investment in cloud security.
Kuwait's cloud security market is rapidly growing, driven by the government's focus on cybersecurity and the need for data protection in key industries.

Key regions: Canada, Chile, Brazil, Spain, Germany

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Methodology

Data coverage:

Data encompasses B2C, B2B and B2G enterprises. Figures are based on security spending excluding VAT and the number of cyberattacks.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial statements of the market-leading companies and industry associations, national statistical offices, and specific countries’ security organizations (e.g., German Cyber Security Council, Canadian Centre for Cyber Security). Furthermore, we use relevant key market indicators and data from country-specific associations, such as GDP and internet penetration. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. Possible techniques are, for example, exponential trend smoothing and the autoregressive integrated moving average (ARIMA) forecasting algorithm. The main drivers are GDP, internet users, level of digitization, and consumer attitude towards data and IT security.

Additional notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.