Cyber intelligence platforms to surge as companies require advanced threat protection
In the Americas, the managed and professional security services market is estimated to reach US$18.81 billion by 2024
SANTA CLARA, Calif. — 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 organizations.
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 US$12.01 billion in 2020 to US$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, in a prepared statement. “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.”
Chede added: “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 digitalization 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: