LONDON, May 28, 2015 /PRNewswire/ -- 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 (https://www.frost.com/mad3), 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.
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"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.
Global Managed Security Services Market is part of the
Network Security (http://www.networksecurity.frost.com)
Growth Partnership Service program. Frost & Sullivan's related
studies include: Asia-Pacific Managed Security Services Market,
Managed Security Services Market in the Gulf Cooperation Council
(GCC) Countries, Global Network Access Control (NAC) Market, and
Global Web Application Firewall Market. All studies included in
subscriptions provide detailed market opportunities and industry
trends evaluated following extensive interviews with market
participants.
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SOURCE Frost & Sullivan