Asia-Pacific Managed Security Services Market, Forecast to 2023

Asia-Pacific Managed Security Services Market, Forecast to 2023

Lack of Skilled Professionals and Compliance Pressure Drive MSS Adoption

RELEASE DATE
29-Apr-2020
REGION
Asia Pacific
Research Code: PACD-01-00-00-00
SKU: IT04083-GL-MR_24222

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Description

The main pull factor toward the adoption of managed security services (MSS) in the Asia-Pacific (APAC) region is the growing threat landscape in cybersecurity. Over the years, it has become increasingly easy and profitable for threat actors to set up and initiate cyberattacks on businesses of all sizes. As per Frost & Sullivan estimates, cyberattacks on large enterprises can cost up to a total economic loss of $30 million, including direct, indirect, and induced costs. This has compelled businesses to move cybersecurity higher up on their priority lists, thereby driving MSS adoption.

MSS growth is also driven largely by the lack of skilled cyber professionals in the APAC region. While many large enterprises have set up their own Security Operations Centers (SOCs), they do not have the manpower to staff these centers to their optimal capacity. Small and medium businesses (SMBs) do not usually have the financial leeway for this and are thus more reliant on outsourcing their cybersecurity management and operations.

Of late, the MSS market has seen a growing acceptance of hybrid deployments. Such deployments combine the flexibility and scale of cloud-based services, while maintaining the security and control of on-premise deployments.

MSS adoption is supported by the emergence of security orchestration and automated response (SOAR) and security information and event management (SIEM). Both technologies enable managed security service providers (MSSPs) to deliver these services with much greater capability and efficiency by automating data collection, detection, incident response and analysis, and remediation workflows, while allowing for seamless coordination among various security tools and personnel across the security stack. More importantly, SOAR enables security teams to do more with fewer resources. The MSS industry is seeing a gradual transformation toward more integrated, one-stop, end-to-end cybersecurity service propositions.

In addition to providing a market growth analysis, this study highlights the key drivers in the managed security services market. These include: persistent lack of cybersecurity professionals; proliferation of cyberattacks and a growing threat landscape for enterprises and governments; growing risk and security awareness among end users in the APAC region; and government support for cybersecurity development and adoption.

Market trends are analyzed from 2017 to 2023, taking 2018 as the base year. MSS is the key focus area of this study. The vertical segmentation includes government; banking, financial services, and insurance (BFSI); service provider; manufacturing; education; and other sectors (including pharmaceuticals, retail, logistics, oil and gas, energy, mining, agriculture, IT/ITES, eGaming, eCommerce, and BPOs).

Companies mentioned in the MSS market's competitive landscape include AT&T, DXC Technology, Ensign, IBM Security, NRI Secure, NTT, Orange, SK infosec, Symantec, Tata Communications, Telstra, Trustwave, Unisys, Verizon, and other smaller MSSPs. The countries included in this study are Australia, New Zealand, Singapore, Malaysia, Indonesia, Philippines, Thailand, Vietnam, China, Hong Kong, Taiwan, India, Japan, and South Korea.

Key Issues Addressed

  • Is the market growing? If yes, how long will it continue to grow and at what rate?
  • Which are the regions and countries recording the highest growth rates?
  • Which are the key services adopted by customers in the region?
  • How is the competitive landscape in Asia-Pacific?
  • Will MSSPs be replaced by new trends such as insourcing and cloud-based security services?
  • How will the market evolve in the next 5 years?

RESEARCH: INFOGRAPHIC

This infographic presents a brief overview of the research, and highlights the key topics discussed in it.
Click image to view it in full size

Table of Contents

Key Findings

Key Findings (continued)

Market Engineering Measurements

Market Engineering Measurements (continued)

CEO’s Perspective

Market Definitions

Managed Security Service Types

Market Overview—Definitions

Market Overview—Definitions (continued)

Key Questions this Study will Answer

Market Segmentation

Research Scope

Geographic Coverage

Percent Revenue Breakdown by Region

Market Drivers

Drivers Explained

Drivers Explained (continued)

Market Restraints

Restraints Explained

Restraints Explained (continued)

Forecast Assumptions

Revenue Forecast

Percent Revenue Forecast by Segment

Revenue Forecast by Segment

Revenue Forecast Discussion

Percent Revenue Forecast by Region

Revenue Forecast Discussion by Region

Revenue Forecast Discussion by Region (continued)

Revenue Forecast Discussion by Region (continued)

Percent Revenue Breakdown by Vertical

Percent Revenue Breakdown by Horizontal

Competitive Analysis

Competitive Environment

Growth Opportunity 1—Continued Trend Toward the Outsourcing of Cybersecurity Operations

Growth Opportunity 2—Enterprises Shifting to the Cloud and MSSPs to Help Protect These Multi-cloud Environments

Growth Opportunity 3—Hybrid MSS Capabilities to Become More Important

Growth Opportunity 4—Larger, Mature Enterprises Looking for More Advanced Security Services

4 Major Growth Opportunities

Strategic Imperatives for Success and Growth

Key Findings

Market Engineering Measurements

Market Engineering Measurements (continued)

Revenue Forecast

Percent Revenue Forecast by Segment

Revenue Forecast by Segment

Revenue Forecast Discussion by Segment

Percent Revenue Forecast by Country

Revenue Forecast Discussion by Country

Revenue Forecast Discussion by Country (continued)

Competitive Analysis

Competitive Environment

Key Findings

Market Engineering Measurements

Market Engineering Measurements (continued)

Revenue Forecast

Percent Revenue Forecast by Segment

Revenue Forecast by Segment

Revenue Forecast Discussion by Segment

Percent Revenue Forecast by Country

Revenue Forecast Discussion by Country

Revenue Forecast Discussion by Country (continued)

Competitive Analysis

Competitive Environment

Key Findings

Market Engineering Measurements

Market Engineering Measurements (continued)

Revenue Forecast

Percent Revenue Forecast by Segment

Revenue Forecast by Segment

Revenue Forecast Discussion by Segment

Percent Revenue Forecast by Country

Revenue Forecast Discussion by Country

Revenue Forecast Discussion by Country (continued)

Competitive Analysis

Competitive Environment

Key Findings

Market Engineering Measurements

Market Engineering Measurements (continued)

Revenue Forecast

Percent Revenue Forecast by Segment

Revenue Forecast by Segment

Revenue Forecast Discussion by Segment

Competitive Analysis

Competitive Environment

Key Findings

Market Engineering Measurements

Market Engineering Measurements (continued)

Revenue Forecast

Percent Revenue Forecast by Segment

Revenue Forecast by Segment

Revenue Forecast Discussion by Segment

Competitive Analysis

Competitive Environment

Key Findings

Market Engineering Measurements

Market Engineering Measurements (continued)

Revenue Forecast

Percent Revenue Forecast by Segment

Revenue Forecast by Segment

Revenue Forecast Discussion by Segment

Competitive Analysis

Competitive Environment

Availability and Completeness of MSS Solutions

Regional Geographic Coverage of Managed Security Service Offerings

Country/Region Legends for Security Operations Centers

DXC Technology

IBM Security

NRI Secure

NTT

Tata Communications

Telstra

Trustwave (a Singtel Company)

Verizon

AhnLab

CITIC Telecom CPC

IGLOO SECURITY

NSFOCUS

SK infosec

3 Big Predictions

Legal Disclaimer

Market Engineering Methodology

Market Engineering Measurements

Market Engineering Measurements (continued)

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

Related Research
The main pull factor toward the adoption of managed security services (MSS) in the Asia-Pacific (APAC) region is the growing threat landscape in cybersecurity. Over the years, it has become increasingly easy and profitable for threat actors to set up and initiate cyberattacks on businesses of all sizes. As per Frost & Sullivan estimates, cyberattacks on large enterprises can cost up to a total economic loss of $30 million, including direct, indirect, and induced costs. This has compelled businesses to move cybersecurity higher up on their priority lists, thereby driving MSS adoption. MSS growth is also driven largely by the lack of skilled cyber professionals in the APAC region. While many large enterprises have set up their own Security Operations Centers (SOCs), they do not have the manpower to staff these centers to their optimal capacity. Small and medium businesses (SMBs) do not usually have the financial leeway for this and are thus more reliant on outsourcing their cybersecurity management and operations. Of late, the MSS market has seen a growing acceptance of hybrid deployments. Such deployments combine the flexibility and scale of cloud-based services, while maintaining the security and control of on-premise deployments. MSS adoption is supported by the emergence of security orchestration and automated response (SOAR) and security information and event management (SIEM). Both technologies enable managed security service providers (MSSPs) to deliver these services with much greater capability and efficiency by automating data collection, detection, incident response and analysis, and remediation workflows, while allowing for seamless coordination among various security tools and personnel across the security stack. More importantly, SOAR enables security teams to do more with fewer resources. The MSS industry is seeing a gradual transformation toward more integrated, one-stop, end-to-end cybersecurity service propositions. In addition to providing a market growth analysis, this study highlights the key drivers in the managed security services market. These include: persistent lack of cybersecurity professionals; proliferation of cyberattacks and a growing threat landscape for enterprises and governments; growing risk and security awareness among end users in the APAC region; and government support for cybersecurity development and adoption. Market trends are analyzed from 2017 to 2023, taking 2018 as the base year. MSS is the key focus area of this study. The vertical segmentation includes government; banking, financial services, and insurance (BFSI); service provider; manufacturing; education; and other sectors (including pharmaceuticals, retail, logistics, oil and gas, energy, mining, agriculture, IT/ITES, eGaming, eCommerce, and BPOs). Companies mentioned in the MSS market's competitive landscape include AT&T, DXC Technology, Ensign, IBM Security, NRI Secure, NTT, Orange, SK infosec, Symantec, Tata Communications, Telstra, Trustwave, Unisys, Verizon, and other smaller MSSPs. The countries included in this study are Australia, New Zealand, Singapore, Malaysia, Indonesia, Philippines, Thailand, Vietnam, China, Hong Kong, Taiwan, India, Japan, and South Korea.--BEGIN PROMO--

Key Issues Addressed

  • Is the market growing If yes, how long will it continue to grow and at what rate
  • Which are the regions and countries recording the highest growth rates
  • Which are the key services adopted by customers in the region
  • How is the competitive landscape in Asia-Pacific
  • Will MSSPs be replaced by new trends such as insourcing and cloud-based security services
  • How will the market evolve in the next 5 years
More Information
No Index No
Podcast No
Author Vivien Pua
Industries Information Technology
WIP Number PACD-01-00-00-00
Is Prebook No
GPS Codes 9532-C1,9659