The global managed security services (MSS) market is set to grow at lightning pace as the move to the cloud, bring-your-own-device (BYOD) trends, and new cybersecurity laws push organisations to improve their security posture. The emergence of sophisticated threats such as targeted attacks, advanced persistent threats, and larger distributed denial of service attacks too are leading enterprises to adopt a more mature approach to security, increasing the market opportunity for MSS providers (MSSPs).
New analysis from Frost & Sullivan, Global Managed Security Services Market finds that the market earned revenues of 7.83 billion USD in 2014 and estimates this to reach 12.78 billion USD in 2018. The market in EMEA (Europe, Middle East and Africa) will remain the largest. Security asset management and monitoring (SAMM) services will represent the prime market segment. The adoption of cloud-based SAMM will gather pace as the need for real-time security intelligence and protection, big data analytics and advanced targeted threat protection heightens.
"The enforcement of the new EU Data Protection legislation in 2016 and in particular increased awareness of the threat of targeted attacks will prompt firms in EMEA to turn to MSSPs," said Frost & Sullivan Information & Communication Technologies Senior Analyst Beatriz Valle. "In North America too, stringent regulations and increasing governance complexity will spur MSS uptake, particularly in healthcare, banking and retail."
Although returns on MSS investment become evident only after a targeted attack has taken place, organisations are beginning to realise the potential revenue losses and reputation damages an attack can cause. Hence, more firms will consider MSS as a necessary investment.
However, some businesses still underestimate the risk and effects of targeted attacks. Many companies may not perceive themselves as a likely target of cyber attacks and remain unaware of the scale of the problem when it comes to protecting their assets from a growing army of threats.
"Educating customers is a crucial part of the job for MSSPs," explained Valle. "MSSPs must also progress from merely generating security alerts to proactively staving off or resolving security breaches in order to keep up with the fast-evolving threat landscape."
Further, MSSPs must ensure that they fully understand client requirements and establish a sound provider-customer relationship to strengthen their competitive advantage in the global MSS market.