Automation, AI and machine learning contribute to growing availability of customer self-service, as-a-service offerings, finds Frost & Sullivan
SANTA CLARA, California, Oct. 30, 2019 /PRNewswire/ -- Cyberattacks are increasing, and as organizations expand into new platforms such as cloud, IoT, connected devices, and mobility, so does their potential vulnerability, making it increasingly difficult to fend off cyber adversaries. Growth and diversity are, therefore, a priority in the global managed and professional security services market, which is expected to grow from $21 billion in 2018 to $35.6 billion in 2023, at a compound annual growth rate (CAGR) of 11.1%.
Frost & Sullivan's latest research, Global Managed & Professional Security Services Market, Forecast to 2023, finds that the top five providers, which account for 42% of the global market, grew 27.6% year-over-year in 2018 due to their massive size, global reach, consultative strength, industry expertise, and established relationships with large enterprises and government agencies. In terms of broad service categories, professional security services represented 61% of the global market in 2018. Within professional security services, assessment and advisory offerings continue their upswing. In managed security services, detection & response is growing at the fastest pace and in strategic importance down market.
For further information on this analysis, please visit: http://frost.ly/3ul.
"Despite robust market demand, providers must evolve in this competitive market. Similar to their clients' digital innovation, their platform of services and how they offer them will be required to change in order to remain competitively vibrant in this market," said Jarad Carleton, Global Program Leader of Cybersecurity at Frost & Sullivan. "Managed security services are increasingly being repackaged as customer self-service offerings, and providers that have historically concentrated on professional security services are strategically investigating managed security services."
Providers are improving the productivity of their security talent and presenting better curated and prioritized risk management perspectives to their clients through automation, the most extensive technology trend, which includes artificial intelligence and machine learning. Including intellectual property in processes and procedures is contributing to the growing availability and array of customer self-service and as-a-service offerings from security service providers.
"Automation can be a double-edged sword as it improves provider means to serve their clients but also facilitate clients to serve themselves," noted Carleton.
With a heightened potential for cyber risks, companies operating in this sector should explore the following growth opportunities:
Global Managed & Professional Security Services Market, Forecast to 2023 is a part of Frost & Sullivan's Information and Communications Technology Growth Partnership Service program, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
About Frost & Sullivan
For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.
Global Managed & Professional Security Services Market, Forecast to 2023
K37E-74
Contact:
Mariana Fernandez
Corporate Communications
P: +1 210 348 10 12
E: mariana.fernandez@frost.com
http://ww2.frost.com
Photo - https://mma.prnewswire.com/media/1019691/security_cyber_automation.jpg
