Kuwait Cybersecurity Market Size (2024 - 2029)

Kuwait Cybersecurity Market Analysis

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).

Companies are embracing digital transformation, incorporating technologies like artificial intelligence (AI), cloud computing, the Internet of Things (IoT), and big data analytics. Therefore, the cybersecurity landscape in Kuwait is expanding.

• 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 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.

Kuwait Cybersecurity Industry Segmentation

The cybersecurity market's scope includes revenues from solutions and services used across various industries. The analysis combines secondary research with primary sources, offering a thorough market view of the market. The market analysis explores the primary drivers and constraints influencing the market's growth.

The Kuwaiti cybersecurity market is segmented by offering (solutions, [application security, cloud security, consumer security software, data security, identity and access management, infrastructure protection, integrated risk management, network security equipment, and other solutions], services [professional services and managed services]), deployment (cloud and on-premise), and end-user industry (IT and telecom, BFSI, retail and e-commerce, oil gas and energy, manufacturing, government and defense, and other end-user industries).

The market sizes and forecasts are provided in terms of value (USD) for all the above segments.