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Complex Business Environment and Insufficient Cybersecurity Make the Adoption of MSS a Top Technology Strategy
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Managed security service providers (MSSPs) offer managed security services (MSS) that help manage and monitor the security posture of their customers’ IT infrastructure. By using these services, client organizations are often able to reduce expenditure on either customer premises equipment (CPE) or in-house security specialists, and receive effective security management. The services offered are categorized into 2 segments: hosted security services (HSS) and CPE-based management monitoring services (MMS).Though revenue generation in the APAC MSS market is likely to be impeded by the global COVID-19 pandemic, it will recover quickly after 2020 at a CAGR of 14.9% (2019–2024); growth will vary with each country in the region. Though ANZ is a fragmented market with a large number of local security providers competing with international participants in both Australia and New Zealand, it will continue on a steady growth path. The ASEAN market is expected to maintain its strong growth over the next 5 years. The lack of budget allocated to cybersecurity, specifically to strengthen detection and response capabilities, is one of the reasons why businesses engage MSSPs. The Indian MSS market is set to experience a robust, double-digit CAGR from 2019 to 2024, indicating that the market will continue seeing strong growth in the next 5 years. Greater China region recorded strong YoY growth in 2019. Regulatory pressure and the evolving threat landscape will be top driving factors, especially in highly regulated sectors.The Japanese MSS market is the largest in the APAC region; it is expected to grow at a healthy CAGR of 9.6% from 2019 to 2024. Growth of the South Korean market was relatively flat when compared to other countries in APAC. Owing to the government’s smart factory supply expansion project, the manufacturing vertical will continue to be a key revenue contributor and help the market grow at a CAGR of 12.1%.Companies mentioned in the market's competitive landscape include ACSI, AIMS, AT&T, Accenture, AhnLab, BT, Bkav, CAT Cyfence, CHT Security, CITIC Telecom CPC, CMC Infosec, DXC Technology, E-CQURITY, Ensign, HCL Comnet, HeiTech Padu, IBM Security, IIJ, ISSDU, KDDI, LAC, Lumen Technologies, MBSD, Microland, NEC, NSFOCUS, NTT, Network Box, Orange, PCCW, SKInfosec, ST Electronics, Samsung SDS, Secureworks, SysArmy, TM ONE, TOPSEC, Tata Communications, TechMahindra, Telkomtelstra, Telstra, Trustwave, Unisys, VCS, Venustech, Verizon, Wipro, and i-secure.Author: Anh Tien Vu
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