Market Insights Technology Cybersecurity Security Services

Managed Services - Kuwait

Kuwait

The Managed Services market in Kuwait is expected to witness a significant growth in revenue, with projections indicating that it will reach US$13.64m units in 2024.
This growth is expected to continue at an annual rate of 1.12%, resulting in a market volume of US$14.42m units by 2029.
Furthermore, the average Spend per Employee in the Managed Services market is anticipated to reach US$5.36 units in 2024.
This metric provides insights into the level of investment and expenditure within the market segment.
In a global context, it is important to note that United States is projected to generate the highest revenue in the Managed Services market, with an estimated value of US$10,260.0m units in 2024.
This highlights the dominant position of the United States in this market segment.
These figures highlight the significant opportunities and potential growth within the Managed Services market in Kuwait.
With a positive growth trajectory and a substantial market volume, it is evident that this sector holds promise for both local and international players in the coming years.
Kuwait's growing demand for managed services is driven by the need for efficient and secure IT infrastructure management in the oil and gas industry.

Key regions: India, Germany, Canada, Europe, Belgium

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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.