MSSP market to hit $15bn by 2016
Frost & Sullivan predicts Managed Security Service Provider business to grow rapidly
Frost & Sullivan predicts that the market for Managed Security Service Providers (MSSP) will grow from $6.66 billion in 2011, to $15.63 billion by 2016, driven by the increasing complexity of security threats.
The analyst company says that the rise in advanced persistent threats and other cyber attacks means that more and more companies are turning to external providers to protect their organisations while controlling costs.
"Different verticals have different compliance requirements, but adhering to them remains a top driver across all organizations," said Frost & Sullivan Industry Analyst Martha Vazquez. "Therefore, many businesses are choosing to partner with a MSSP for monitoring and response capabilities, as well as regulatory compliance."
While MSSPs are helping to replace traditional security practices and regulatory mandates that are proving inadequate, the MSSPs still need to do more to prove the value of their offerings, and the actual cost savings they can deliver to customers, Vazquez said, while MSSPs also need to constantly stay ahead through offering new security technologies and enhanced security portfolios.
"With the rapid introduction of new platforms and security device models, there will be a greater number of devices that the MSSP must support," notes Vazquez. "Consequently, MSSPs must focus on improving their specialization, as well as supporting new emerging solutions, to remain competitive in the market."