Posted On: 2019-01-05
Growing incidents of cyber-attacks across several sectors such as energy and BFSI have resulted in increase in demand for more advanced cyber security systems in the country. Further, growing awareness regarding the need for cyber security along with the government efforts to strengthen the country's digital infrastructure after the recent blockade in 2017 by Saudi Arabia, Bahrain, UAE, and Egypt would spur the growth of the Qatar managed security services market over the years to come.
According to 6Wresearch, Qatar Managed Security Services Market is forecast to grow at a CAGR of 47.8% during 2018-24. Rise in demand for managed security services would be majorly attributed to the increasing internet penetration in the country and due to implementation of government initiatives such as the e-government strategy. Several upcoming infrastructure projects in the country, such as Lusail city, Doha New Port, Hamad medical city etc., along with a rapidly developing hospitality sector would further drive the growth of managed security services market during the forecast period.
According to Shefali Goel, Assistant Manager, Research and Consulting, 6Wresearch, "Qatar managed security services market is still in its nascent stage. The security assets monitoring segment accounted for the highest market revenue share, by service type, owing to the construction of several infrastructure projects in the hospitality, healthcare, oil & gas and BFSI sectors over the past two years."
"Additionally, rising complexity and intensity of cyber-attacks in Qatar would also increase the demand for advanced and emerging managed security services (AEM) during the forecast period. This consist of services such as data loss prevention, endpoint security, identity, and access management and managed firewall," Shefali further added.
According to Kanchan Negi, Research Associate - IT & Electronics, Research and Consulting, 6Wresearch, "The BFSI sector emerged as the highest market revenue generating sector in Qatar managed security services market in 2017, owing to significant use of cyber security systems in this domain to prevent cyber-attacks, incidents of frauds, payment defaults and for governance, risk and compliance."
"In 2017, the Doha region accounted for the maximum revenue share in the overall managed security services market. Upcoming construction projects across several sectors of Doha such as hospitality, healthcare, offices, retail etc., would help the Doha region managed security services market witness significant growth in near future," Kanchan further added.
Some of the major players in the Qatar Managed Security Services Market include Ooredoo Q.P.S.C, Gulf Business Machines B.S.C, Navlink, Inc., Si Consult, Paladion Qatar W.L.L, and Paramount Computer Systems FZ-LLC."
Qatar Managed Security Services (2018-2024)" provides an in-depth analysis with 36 figures and 9 tables covered in over 90 pages. The report estimates and forecast the overall Qatar Managed Security Services Market by service type, sectors, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.