Managed Security Services (MSS) are network security services that provide in-house or remote security services to businesses. The services include cybersecurity monitoring and management alongside security assistance at various occasions such as in the case of imminent threats and data theft. Businesses usually prefer to outsource MSS from niche Managed Security Services Providers (MSSP) that specialize in cloud-based and/or in-house security services. The expertise of MSSP varies and their services along with it. Some specialize in 24/7 security monitoring while others focus on security management at specific incidents.
Global MSS Market Size and Outlook:
More and more businesses are opting for cloud-based services such as workforce management software and ERP, and therefore, they are constantly under threats such as data theft and information leaks. Thus, MSS have become must-haves for such businesses. This results in certain global trends which are ultimately increasing the managed security services market size. The global MSS market is expected to grow at a constant Compound Annual Growth Rate (CAGR) of 12-14 percent with an approximate value of $25 billion. Cloud-based content security dominates almost 50-60 percent of the total revenue of cloud-based security services across the globe.
The North American region is considered the largest and the most sophisticated in the global MSS market. The European Union is the second largest MSS market followed by emerging markets such as APAC and LATAM. APAC is likely to show substantial growth in the MSS market in the upcoming 5 years. A major driver for such dominance is the need to support a remote workforce, reduced operational costs, easy deployment, and fast access to the product and technology updates.
Global MSS Market Opportunities:
The global MSS market is growing and the number of MSSPs along with it. Service providers are focusing on quality services on specific aspects such as cloud-based Distributed Denial-of-Services (DDoS) and Security Information Event Management (SIEM). Both of these are all set to register a substantial amount of growth in the next 18 to 24 months. The industry is presenting several business opportunities for enterprises/entrepreneurs to establish themselves in the field of cybersecurity.
The rising demand for expert cybersecurity professionals is a sign that enterprises across the globe are trying to seize the opportunity and capture the market as much as hey can. However, there are still avenues that can benefit entrepreneurs. New businesses can focus on aspects such as firewall management, intrusion prevention, security threat analysis, penetration testing, and proactive security vulnerability as key business opportunities.
Most businesses primarily focus on these aspects in the initial phase and move to the secondary aspects of cybersecurity of clients satisfied with the services of the MSSP. Still, the industry is not saturated even in countries such as the U.S. With enterprises becoming more and automated, the need for protection from both internal and external threats will always be there.
Cybersecurity was once associated with only government bodies and defense contractors. It has now become mainstream and various industries across the globe are choosing it as a means to protect their invaluable business information. The industry is sure to grow even more with global economic growth where small and mid-sized enterprises will play a major role in the market demand.