The "Asia-Pacific Managed Security Services Market, Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The main pull factor toward the adoption of managed security services (MSS) in the Asia-Pacific (APAC) region is the growing threat landscape in cybersecurity. Over the years, it has become increasingly easy and profitable for threat actors to set up and initiate cyberattacks on businesses of all sizes. As per the research estimates, cyberattacks on large enterprises can cost up to a total economic loss of $30 million, including direct, indirect, and induced costs. This has compelled businesses to move cybersecurity higher up on their priority lists, thereby driving MSS adoption.
MSS growth is also driven largely by the lack of skilled cyber professionals in the APAC region. While many large enterprises have set up their own Security Operations Centers (SOCs), they do not have the manpower to staff these centers to their optimal capacity. Small and medium businesses (SMBs) do not usually have the financial leeway for this and are thus more reliant on outsourcing their cybersecurity management and operations.
Of late, the MSS market has seen a growing acceptance of hybrid deployments. Such deployments combine the flexibility and scale of cloud-based services, while maintaining the security and control of on-premise deployments.
MSS adoption is supported by the emergence of security orchestration and automated response (SOAR) and security information and event management (SIEM). Both technologies enable managed security service providers (MSSPs) to deliver these services with much greater capability and efficiency by automating data collection, detection, incident response and analysis, and remediation workflows, while allowing for seamless coordination among various security tools and personnel across the security stack. More importantly, SOAR enables security teams to do more with fewer resources. The MSS industry is seeing a gradual transformation toward more integrated, one-stop, end-to-end cybersecurity service propositions.
In addition to providing a market growth analysis, this study highlights the key drivers in the managed security services market. These include: persistent lack of cybersecurity professionals; proliferation of cyberattacks and a growing threat landscape for enterprises and governments; growing risk and security awareness among end users in the APAC region; and government support for cybersecurity development and adoption.
Market trends are analyzed from 2017 to 2023, taking 2018 as the base year. MSS is the key focus area of this study. The vertical segmentation includes government; banking, financial services, and insurance (BFSI); service provider; manufacturing; education; and other sectors (including pharmaceuticals, retail, logistics, oil and gas, energy, mining, agriculture, IT/ITES, eGaming, eCommerce, and BPOs).
Key Issues Addressed
Is the market growing? If yes, how long will it continue to grow and at what rate?
Which are the regions and countries recording the highest growth rates?
Which are the key services adopted by customers in the region?
How is the competitive landscape in Asia-Pacific?
Will MSSPs be replaced by new trends such as insourcing and cloud-based security services?
How will the market evolve in the next 5 years?
Key Topics Covered:
1. Executive Summary
Market Engineering Measurements
2. Market Overview
Managed Security Service Types
Market Overview - Definitions
Key Questions this Study will Answer
Percent Revenue Breakdown by Region
3. Drivers and Restraints - Total MSS Market
4. Forecasts and Trends - Total MSS Market
Percent Revenue Forecast by Segment
Revenue Forecast by Segment
Revenue Forecast Discussion
Percent Revenue Forecast by Region
Revenue Forecast Discussion by Region
Percent Revenue Breakdown by Vertical
Percent Revenue Breakdown by Horizontal
5. Market Share and Competitive Analysis
6. Growth Opportunities and Call to Action
Growth Opportunity 1 - Continued Trend Toward the Outsourcing of Cybersecurity Operations
Growth Opportunity 2 - Enterprises Shifting to the Cloud and MSSPs to Help Protect These Multi-cloud Environments
Growth Opportunity 3 - Hybrid MSS Capabilities to Become More Important
Growth Opportunity 4 - Larger, Mature Enterprises Looking for More Advanced Security Services
4 Major Growth Opportunities
Strategic Imperatives for Success and Growth
Managed Security Services - Vendor Analysis
Trustwave (a Singtel Company)
Other Notable Managed Security Service Providers
CITIC Telecom CPC
For more information about this report visit https://www.researchandmarkets.com/r/bm4t55
View source version on businesswire.com: https://www.businesswire.com/news/home/20200929005530/en/
Laura Wood, Senior Press Manager
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