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Pressure to Reduce Operational Costs Driving MSS Adoption
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The GCR MSS market grew 16.2% on a year-on-year (YoY) basis in 2016. The market was driven by the rising demand in MSS adoption in the region, as more enterprises were looking for third-party experts to manage their security postures against the evolving threat landscape. Stringent regulations by local authorities continued to spur the spending sentiments across the region. Enterprises were keen to engage with MSSPs, as they needed to meet the requirements of local log storage and incident response processes to stay compliant with the regulations. Given the ever-growing sophistication and complexity of cyber threats, enterprises are facing difficulty in managing their security functions with the right security tools. MSSPs with the capability to deliver security solutions that best fit an organization’s business model, as well as network infrastructure, are being viewed as trusted third-party experts to maintain their cyber resilience.In addition to market growth analysis, the study highlights the driving forces of the managed security services (MSS) market. The shortage of cyber security professionals with strong expertise was the top factor driving enterprises to engage with MSSPs to help them cope with new security challenges. The evolution of advanced threats continued to cause greater operational pressure on companies, driving them to look at MSSPs to reduce the pressure and better security threat management. The introduction and amendment of cyber security laws and regulations are urging companies to focus more on regulatory compliance. The shift from CapEx to OpEx continued to take place across the APAC region, prompting companies to outsource parts of their security practices to focus more on the revenue-generating operations.Market trends have been analyzed for the period 2015 to 2021, with 2016 as the base year. Hosted security services (HSS) and customer-premises equipment (CPE)-based management and monitoring services are the key service segments in this study. Vertical segmentation includes the government, banking, financial services, and insurance (BFSI), service provider, manufacturing, education, and other sectors including pharmaceuticals, retail, logistics, oil and gas, energy, mining, agriculture, Information Technology (IT)/IT-enabled services (ITeS), eGaming, eCommerce, and business process outsourcing (BPO). Companies mentioned in the GCR MSS vendor analysis include NTT, IBM Security, Singtel Cyber Security, Verizon, Symantec, Orange Business Services, Quann, Tata Communications, CITIC Telecom CPC, and Venustech. The countries included in this study are Taiwan, Hong Kong, and China.
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