Managed Security Services (MSS) are network security services that aim to offer in-house or remote assistance to businesses. The services are usually outsourced to companies that specialize in various aspects of cloud-based security services. These can range from setting up a security infrastructure to prompt responses on various occasions. However, not every MSS provider offers full-fledged services as some specialize in specific areas such as 24/7 security monitoring or security management on specific incidents.
MSS is becoming more and more essential for corporates as businesses are becoming more reliant on cloud-based storage and services, and crucial business information remains at stake. Such need is inducing global trends that will benefit the managed security services market. The global MSS market is expected to grow at a Compound Annual Growth Rate (CAGR) of 12-14 percent till 2020, to reach 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. A major driver for such dominance is the need to support a remote workforce.
Global MSS Market Trends:
Cloud-based Distributed Denial-of-Services (DDoS) and Security Information Event Management (SIEM) are expected to gain a substantial foothold in the market in the upcoming 18 to 24 months. There are certain factors that are inducing the current and future trends in the MSS market.
- Many enterprises prefer to manage core security functions privately whereas they outsource general functions such as compliance and application, parts of network security including IPS/IDS firewalls, UTM/NGFW, and web application firewalls.
- Expert MSS providers offer quality security services that take care of every aspect of a company’s network security needs. The reason for a wide acceptance of MSS services is that these are cost-effective. Managing security on their own is a tedious situation for businesses that requires spending a significant amount of money on the infrastructure and salaries of the experts. Therefore, more and more businesses find it easier to outsource MSS rather than setting up a separate network security division.
- Global data security regulations are becoming more stringent and keeping up with those while focusing on core business operations is not easy. Therefore, outsourcing services to agencies that have the know-how to act in accordance with the regulations is an intelligent step. Businesses have understood this factor and they have decided to let the professionals handle it.
Global MSS Market Growth:
In the global MSS market, the North American region is considered the largest and the most sophisticated market. The European Union is the second largest MSS market followed by emerging markets such as APAC and LATAM. Being an emerging market, APAC is also expected to show substantial growth in the next 5 years. Such an increase in the global market share of MSS is due to its specific advantages such as reduced operational costs, easy deployment, and fast access to product and technology updates.
Despite showing decent growth in the global business scenario, the MSS market is quite fragmented and it is dominated by a few key players. However, the benefits offered by MSS are attracting enterprises from all over the world to both outsource and invest in the market that will certainly improve functionality.