The global market for managed security service providers (MSSP) is expected to reach $15.63bn in 2016 rising from $6.66bn in 2011, according to a new report.
Frost & Sullivan’s Analysis of the Global Managed Security Service Providers Market found that the rise in complexity of threats to enterprises and businesses’ has directed the organisations to move towards MSSPs.
Frost & Sullivan industry analyst Martha Vazquez said different verticals have different compliance requirements, but adhering to them remains a top driver across all organisations.
"Therefore, many businesses are choosing to partner with a MSSP for monitoring and response capabilities, as well as regulatory compliance," Vazquez said.
According to the report MSSPs are required to spread out their portfolio by launching security technologies and enhanced security portfolios in response to the increasing demand for broader platform support.
The report also revealed that customers came to an understanding that traditional security practices and regulatory commands are not sufficient to avoid data breaches and other attacks.
"With the rapid introduction of new platforms and security device models, there will be a greater number of devices that the MSSP must support," Vazquez adds.
"Consequently, MSSPs must focus on improving their specialization, as well as supporting new emerging solutions, to remain competitive in the market."
The Frost & Sullivan study covers MSSPs which include Nuspire, IBM, Verizon, Dell SecureWorks, Solutionary, BT Global Services, Deutsche Telekom, MegaPath, and Windstream Communications.
