-- Complexity of cyber security tools and security staffing challenges have organizations turning to Managed Security Service Providers, finds Frost & Sullivan
MOUNTAIN VIEW, California, Sept. 30, 2014 /PRNewswire/ -- Organizations across North America are turning to managed security service providers (MSSPs) to protect themselves against advanced persistent threats (APT) and other quickly evolving, malicious malware variants that have caused significant monetary damages on a global scale. In particular, businesses with overtaxed security teams are relying on MSSPs to manage the complicated tools that have emerged to combat cyber threats. MSSPs, in turn, are using big data analytic approaches involving advanced network analytics or innovative network intelligence collection to create APT detection and defense products that effectively solve security issues.
A recent analysis from Frost & Sullivan, Analysis of the North American Managed Security Services Market, finds that the market earned revenues of $1.81 billion in 2013 and estimates this to reach $3.25 billion in 2018. The study covers security asset management and monitoring; threat intelligence, research, detection and remediation; and risk & compliance management, as well as advanced and emerging MSS. Security asset management and monitoring will continue to be the largest market segment. Nonetheless, market growth will be driven by the emerging threat intelligence, research, detection, and remediation services segment – the nexus for industry innovation.
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With public and private organizations moving their IT resources to the cloud and employees increasingly using their mobile devices to access resources, the need for managed security services is growing. This bodes well for MSSPs, who can be a strategic partner in securing all corporate-owned and bring-your-own-device endpoints. However, to balance the tough challenges presented by escalating threat evolution and security tool complexity, MSSPs need to be innovative.
"As with any service, the key to success lies in the execution," said Frost & Sullivan Network Security Industry Principal Frank Dickson. "Value is not created the instant a sensor is placed on an endpoint or a new algorithm is applied to an advanced database tool, but in the months and years of work to integrate the data into the analytics by tenured security analysts that produce exceptional insights."
"From the customers' point of view, the value of managed security services provided does not lie solely in the algorithms and sensors put in place, but rather the time-consuming integration of data into the analytics that produce exceptional insights," continued Dickson. "Customers will, therefore, choose MSSPs that offer services that have matured over time as they would be employing the most robust analytics and useful insights."
Analysis of the North American Managed Security Services Market is part of the Network Security Technologies (http://www.networksecurity.frost.com) Growth Partnership Service program. Frost & Sullivan's related studies include: Analysis of the Global Distributed Denial of Service (DDoS) Mitigation Market, Analysis of the Global Unified Threat Management (UTM) and Next Generation Firewall (NGFW) Market, Analysis of the Global Vulnerability Management Market, and Analysis of the Strong Authentication and One-Time Password (OTP) Market, Analysis of the EMEA Managed Security Services Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the North American Managed Security Services Market
SOURCE Frost & Sullivan