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Lack of Skilled Professionals and Compliance Pressure Drive MSS Adoption
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The Australian managed security services (MSS) market is growing at a steady pace, driven by greater cybersecurity outsourcing in the country. Australia has been the target of numerous, high-profile cyberattacks in recent years, which has spurred organizations into taking prompt action to secure their information technology (IT) and operational technology (OT) environments.New Zealand has burgeoning capabilities in cybersecurity. However, its export market is lagging due to the lack of sales emphasis from the government and local market participants. Consequently, MSS growth in New Zealand is not as robust as that of its larger neighbor. However, MSS adoption will be supported by government-led initiatives such as CERT NZ, that is aimed at bolstering the country’s overall cybersecurity posture, and CORTEX, that provides a suite of capabilities to organizations of critical importance.The Australia and New Zealand (ANZ) region has become a strategic market for global managed security service providers (MSSPs) that have a presence in the Asia-Pacific (APAC) region. Leading cybersecurity companies such as Verizon, Trustwave, DXC Technology, Secureworks, and Symantec have shown or are showing long-term commitments to ANZ, which is expected to drive growth in the region. As enterprises in the ANZ region face a shortage of skilled cybersecurity personnel, there are high rates of security management outsourcing, which drives growth in the MSS market.Regulation and compliance pressure will have a bidirectional effect on the demand for MSS services in the region. While cybersecurity laws will increase the awareness and adoption of effective cybersecurity solutions, they will also bring in privacy and security concerns (e.g., Australia’s encryption laws).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 total MSS market's competitive landscape include AT&T, DXC Technology, IBM Security, Macquarie Telecom, NTT, Orange, Spark NZ, Telstra, Trustwave, Verizon, and other smaller MSSPs. The countries included in this study are Australia and New Zealand.
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