The Managed Security Services Market was valued at USD 27.70 billion in 2020 and is expected to reach USD 64.73 billion by 2026, at a CAGR of 15.2% over the forecast period 2021 - 2026.
- There are some threats which are not currently active, but pose a threat to the enterprise. Threat intelligence includes building a strong front gate against the attacker in the entire network chain. It also provides information and context about attack methodologies, such as the tools used to obscure a break in, how an attack hides inside network traffic or evades detection, the kind of data being stolen or malware being planted, and how an attack communicates back to its controller.
- Organizations are putting their reputation at risk by not addressing security awareness. In a Cisco conducted survey of 2000 respondents, 9% said that they do not have any dedicated cybersecurity professionals at their organizations,
Key Market Trends
Intrusion Detection and Prevention to Dominate the Market
- An Intrusion Detection and Prevention Software (IDPS) monitors network traffic for signs of a possible attack. When it detects potentially dangerous activity, it takes action to stop the attack. Often this takes the form of dropping malicious packets, blocking network traffic or resetting connections. The IDPS also usually sends an alert to security administrators about the potential malicious activity.
- The two main contributors to the successful deployment and operation of an IDS or IPS are the deployed signatures and the network traffic that flows through it.
- According to Insider Threat 2018 report, most insider exploits are detected through IDPS. This indicates the popularity of IDPS and why majority of the vendors are offering this service.
Asia-Pacific to Witness the Highest Growth
- Asia Pacific is a region where great strides are being made in digital transformation.
- Although it has opened up greater avenues for growth and development, it provides more opportunities for threats to get through and risks for businesses and individuals. Along with this, attackers are getting increasingly sophisticated and are employing cutting-edge techniques to breach organizations.
- According to Cisco, in the APAC region, companies receive 6 threats every minute but only 50% of alerts are being investigated.
- Cyber attacks are having far-reaching ramifications that include financial and reputational losses to companies. In Southeast Asia, 51% of all cyber attacks resulted
in a loss of more than USD 1 million.
The market is fragmented due to existing giants and many upcoming vendors who provide security services to prevent companies from attacks like network attack, Denial of services or even performing risk assessment.
- January 2019 - New Delhi based security services provider Security and Intelligence Services acquired 60% share in a Singapore company for about INR 350 crore. It also acquired 51% stake in Uniq Detective and Security Services in December 2018. The acquisition helped SIS increase its market share by close to 75% in the Bangalore region, one of the fastest growing markets for security services..
- January 2019 - Verizon Communications closed its acquisition of ProtectWise a Colorado-based company which provides cloud-delivered Network Detection and Response. This acquisition allows Verizon to expand its product offering in Network Detection and Response and bring additional talent to the company.
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