Dublin, Sept. 12, 2024 (GLOBE NEWSWIRE) -- The "Kuwait Cybersecurity - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)" report has been added to ResearchAndMarkets.com's offering.
The Kuwait Cybersecurity Market size is estimated at USD 560.31 million in 2024, and is expected to reach USD 780.47 million by 2029, growing at a CAGR of 6.85% during the forecast period 2024-2029.
The Kuwaiti cybersecurity market is expanding, propelled by mounting cyber threats and a surge in digital transformation, and it is bolstered by governmental initiatives such as the Kuwait Cybersecurity Strategy. The rise of cloud computing, IoT, and AI underscores the need for strong security measures. Companies are increasingly prioritizing cybersecurity to meet regulations and safeguard their valuable data.
Moreover, smart city initiatives and the digitalization of sectors, particularly finance, are amplifying the need for heightened security measures to shield critical infrastructure. Furthermore, an emphasis on safeguarding national security and economic interests is a key driver propelling market expansion.
Key Highlights
- Key market players are strategically pursuing mergers, acquisitions, and investments to enhance their market standing, meet evolving customer demands, and explore new applications. For instance, in August 2023, the Kuwaiti and UK governments solidified their investment partnership by signing a memorandum of understanding (MoU). Additionally, they formalized their commitment to collaborate on cybersecurity by signing a declaration of intent. Under this declaration, the British side commits to providing crucial support to set up the Kuwaiti National Center for Cybersecurity (NCSC). It will also enhance it with the necessary systems and capabilities to safeguard against cyber threats. (QNA)
- In October 2023, Zain partnered with Kuwait Hackathon, the nation's premier cybersecurity competition, as part of its ongoing commitment to bolster cybersecurity awareness and support Kuwaiti coding enthusiasts. In collaboration with its strategic partners at CODED Academy and the National Cybersecurity Center (NCSC), the company supports the nationwide initiative.
- However, factors like the shortage of skilled professionals, high implementation costs, and the complexity of integrating advanced solutions into existing systems pose significant hurdles to the Kuwaiti cybersecurity market's growth.
Rise in Digital Transformation Technologies is Expected to Drive the Market
- The Kuwaiti cybersecurity market is surging, propelled by a rising trend of digital transformation, escalating cyber threats, and proactive government efforts to fortify the nation's cyber infrastructure. The surge in cloud computing, IoT, and AI adoption has further underscored the urgency for stringent security protocols. Businesses are increasingly investing in advanced security solutions driven by regulatory frameworks like the Kuwait Cybersecurity Strategy. Moreover, as smart city projects expand and the financial sector undergoes digitalization, the demand for cybersecurity services is further increased, safeguarding sensitive data and critical infrastructure.
- As businesses and governmental entities embrace digital technologies, the demand for secure, interconnected systems and data has surged. The digital shift, characterized by the broad embrace of cloud computing, IoT devices, and advanced data analytics, highlights the paramount importance of strong cybersecurity measures. Such measures are crucial in protecting data integrity, confidentiality, and availability.
- According to the General Secretariat of the SCPD (Supreme Council for Planning and Development), Kuwait's Vision 2035 prioritizes rapid digital transformation, enhanced cybersecurity, and the adoption of the fourth industrial revolution. Dr. Khaled Mahdi, the Secretary General of SCPD, highlighted in an interview with Kuwait News Agency (KUNA) before the September 2023 UN Sustainable Development Summit in New York that Kuwait's adoption of digital transformation is pivotal for its integration into the fourth industrial revolution. This is expected to drive the market's growth opportunities significantly.
- In June 2024, solutions by STC, the specialized business arm of Kuwait Telecommunications Company, took on the role of the official 'Digital Partner' for the "Cyber First Kuwait" conference. The event, organized by Events First Group (EFG) in partnership with the National Cyber Security Center and the Central Agency for Information Technology (CAIT), stands as a pivotal move in fortifying Kuwait's digital landscape, aligning with the ambitious New Kuwait Vision 2035. Solutions by STC's sponsorship of the conference underscore the company's commitment to the Kuwaiti community. By harnessing its expertise, the company aims to bolster platforms that unite individuals in today's dynamic digital landscape.
IT and Telecommunication Sector to Witness the Significant Adoption of Market
- The Kuwaiti IT and telecommunication sector significantly drives the growth of its cybersecurity market. The sector's emphasis on expanding internet and mobile network coverage highlights the increasing need for robust data security. As sectors increasingly adopt cloud services, the need for enhanced security measures to protect their data is surging.
- Moreover, IT and telecom companies are increasing their investments in innovative technologies such as 5G, IoT, and AI. While these advancements introduce new security challenges, they also open doors to profitable opportunities, highlighting the need for robust cybersecurity solutions. Furthermore, companies in the nation not only drive tech-centric economies but also increase the adoption of cybersecurity best practices, positively impacting the entire industry.
- In May 2024, the Communication and Information Technology Regulatory Authority (CITRA) in Kuwait bolstered data protection measures in the telecom and IT services sector, marking a pivotal shift in the country's regulatory framework. Under Decision No. 26 of 2024, CITRA introduced a fresh set of Data Privacy Protection Regulations, effectively supplanting the previous ones. This proactive update underscores CITRA's response to the rising demand for robust data security, coinciding with the expansion of Kuwait's telecom and IT sectors. These regulatory adjustments align with Kuwait's vision, as articulated in the New Kuwait 2035 strategy, highlighting a strategic emphasis on bolstering technology resilience and privacy standards within the nation's digital landscape.
- The Kuwaiti cybersecurity sector is on the rise, propelled by the increasing adoption of various social media platforms. However, this surge in online activity is exposing both individuals and businesses to a spectrum of cyber threats, including phishing, identity theft, and data breaches. With the rise of digital interactions, both individuals and businesses are sharing an expanding amount of sensitive data online. This amplifies the urgency for stringent cybersecurity protocols.
- The increasing integration of social media into daily life heightens individuals' exposure to cyberattacks, fuelling the need for enhanced security measures. This trend is propelling the cybersecurity market forward, sustained by a growing focus on secure transactions and data protection. This emphasis is particularly crucial given the expanding domains of social media marketing and e-commerce. According to StatCounter, as of June 2024, Facebook was the most-used social media website in Kuwait, with an overall percentage of 49.46, followed by Instagram, LinkedIn, and Twitter.
Kuwait Cybersecurity Industry Overview
The Kuwaiti cybersecurity market is moderately competitive due to the presence of significant players like Microsoft Corporation, Cisco Systems Inc., and Dell Technologies Inc. Market players are enhancing their portfolios and seeking enduring competitive advantages through strategic partnerships and product launches.
- May 2024: Basel Al-Haroon, the CBK Governor and Chairman of the Board of Directors of the Kuwait Institute of Banking Studies (KIBS), unveiled the initiation of the 4th Cohort of the Cybersecurity Leaders Program. This move aligns with CBK's broader strategy to cultivate skilled national talent in the banking sector, enhance technical capabilities in cybersecurity, and fortify the sector against evolving technological risks. The initiative, a part of the Kafa'a program, is a joint effort by CBK, Kuwaiti banks, and KIBS.
- January 2024: Kuwait's Minister of Foreign Affairs, Sheikh Salem Al-Sabah, unveiled a new cybersecurity center, underscoring the nation's commitment to fortifying its defenses against cyber threats. The foreign ministry statement described the new center as a pivotal component of the nation's cybersecurity infrastructure, designed to combat both internal and external threats. It emphasized that a primary goal of the center is to enhance cybersecurity awareness among foreign ministry personnel.
Key Topics Covered:
MARKET INSIGHTS
- Industry Attractiveness-Porter's Five Forces Analysis
- An Assessment of the Impact of Macroeconomic Trends
MARKET DYNAMICS
- Market Drivers
- Rise in Digital Transformation Technologies is Expected to Drive the Market
- High Potential Damages From Attacks On Critical Infrastructure and Increasing Sophistication of Attacks
- Increase in Adoption of Data-intensive Approach and Decisions
- Market Challenges
- Integration Complexities With Legacy Infrastructure
- Key Use Cases
- Regulations and Cybersecurity Standards
- Analysis of Pricing and Pricing Model
MARKET SEGMENTATION
- By Offering
- By Deployment
- By End-user Industry
COMPETITIVE LANDSCAPE
- Microsoft
- Dell Technologies
- IBM
- Cisco Systems
- Fortinet
- Cyberkov
- ICS Cyber Solutions
- CT Defense
- Cyberguard
- Kuwait Application Service Provider
VENDOR SHARE ANALYSIS
RANKING OF VENDORS AT A REGIONAL LEVEL
INVESTMENT ANALYSIS
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