Global managed security service providers (MSSPs) market earned revenues of over $4.5bn in 2009 and is estimated to reach $14.7bn in 2016, according to a new report by Frost & Sullivan.
The report expressed that as cyber threats continue to proliferate, prospects for global managed security service providers (MSSPs) look upbeat.
Cyber crime assumes alarming proportions, threatening organisations across all verticals. Enterprises are obliged to comply with stringent regulations to maintain strong security posture. Moreover, the difficult economic climate has forced enterprises to restrain their IT spending.
The report highlighted that outsourcing security to an MSSP will enable an organisation to focus on core business processes; and lack of expertise is another factor fueling market growth.
Frost & Sullivan research analyst Martha Vasquez said vendors in this space have evolved a great deal, offering a range of services while maintaining competitive levels of differentiation and keeping prices under control.
"Services have diversified to offer customer premise equipment (CPE)/managed monitoring and hosting, and assessment/professional services," Vazquez said.
The research firm said that to remain competitive in the market, MSSPs must focus on diversifying security portfolios and rolling out cost-efficient offerings.
