MSS Market in ASEAN Shows 22.3% Growth

The Managed Security Services market in ASEAN continued its tremendous growth momentum, as it grew strongly by 22.3% on a year-on-year basis. ASEAN was the second- fastest growing market, following India, which grew by 24.1%. ASEAN businesses continued to invest significantly in cyber security measures in the wake of rising advanced cyber threats.

Increase in the number of security solutions, growing complexity of infrastructure, and shortage of cyber security experts drove many of these enterprises to outsource security operations to MSSPs for better threat visibility, security device management, threat monitoring and detection, and incident response. Other industries, including healthcare, utility, technology, and energy were also seen to be more open to the service model during the year. Investment in critical infrastructure protection services is set to increase significantly in the next five years, PR Newswire reported.

In addition to market growth analysis, the study highlights the driving forces of the Managed Security Services market. The shortage of cyber security professionals with strong expertise was the top factor driving enterprises to engage with MSSPs to help them cope with new security challenges.

The evolution of advanced threats continued to cause greater operational pressure on companies, driving them to look at MSSPs to reduce the pressure and better security threat management. The introduction and amendment of cyber security laws and regulations are urging companies to focus more on regulatory compliance. The shift from CapEx to OpEx continued to take place across the APAC region, prompting companies to outsource parts of their security practices to focus more on the revenue-generating operations.

Market trends have been analyzed for the period 2015 to 2021, with 2016 as the base year. Hosted security services and customer-premises equipment-based management and monitoring services are the key service segments in this study. Vertical segmentation includes the government, banking, financial services, and insurance, service provider, manufacturing, education, and other sectors including pharmaceuticals, retail, logistics, oil and gas, energy, mining, agriculture, Information Technology/IT-enabled services, eGaming, eCommerce, and business process outsourcing.

The countries included in this study are Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.