Americas' investment in cyber intelligence platforms set to surge
In the Americas, the managed and professional security services market is estimated to reach $18.81 billion by 2024, according to analysts Frost & Sullivan.
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Frost & Sullivan's recent analysis, Managed and Professional Security Services Market in the Americas, Forecast to 2024, finds that the volume, sophistication, and diversity of cyber threats are unrelenting problems for companies' internal information security teams. The study finds that the combination of escalating cyber risks and security personnel shortages propels market demand and presents challenges for organisations. Customers' demand for more proactive security is compelling managed and professional security service (MSS/PSS) providers to embrace advanced security analytics platforms to better detect and anticipate threats. In the Americas, the MSS/PSS market is estimated to rise from $12.01 billion in 2020 to $18.81 billion by 2024.
"With customers requesting more proactive security measures to defend against evolving cyber threats, MSS/PSS providers must adopt more advanced security analytics platforms to detect and anticipate the potential threats more effectively," said Mauricio Chede, Information & Communication Technologies Research Analyst at Frost & Sullivan. "These new security analytics platforms should feature advanced functionalities, such as forensics and incident response, across the entire systems in different environments, be it on-premises or for cloud-based services.
"Attackers are now targeting people and not just systems. Companies need to understand that a cybersecurity culture needs to be implemented. Cybersecurity tools and service providers can mitigate threats, but employees need to be aware of potential security threats that could penetrate the corporate environment."
The digitalisation of business operations and the dispersion of devices and locations create a dynamic and escalating exposure footprint, presenting immense growth prospects for market participants, including:
Advanced Threats: Service providers need to emphasize the effects of advanced persistent threats (APTs) by showing companies their exposure to financial, intellectual property, and confidential information losses.
Digital Transformation: MSS/PSS providers must take advantage of digital transformation initiatives by observing clients' current situations and being trusted advisors through consulting and value-added services to help them embrace digitalization.
Vertical Specialisation: Market participants should develop dedicated vertical teams and advise customers operating in several verticals.
Geographic Expansion: With the Latin American market in the growth stage, companies should try to increase the client's trust by establishing offices in prime locations to grow MSS/PSS in the region.
IoT: Enterprises that embrace IoT technologies to enhance end-user and employee experiences are likely to turn to MSS providers for quick and effective security.