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RESEARCH
  ANALYSIS
  TRENDS




































            Rohit   Sharma,  Senior   Technology   Analyst   at   In terms of revenue, China is estimated to account for
            GlobalData,  comments:  “The  key  factor  driving  the   US$4.5bn  in  2020.  It  would  be  the  highest  revenue
            increased  spending  by  enterprises  on  managed    accounting country by 2024, making for more than 33%
            security  services  market  is  the  rise  in  cyberattacks   of the  MSS revenue. The  key  driver for the market is
            (including  direct,  indirect  and  induced),  resulting  in   the  increased  emphasis  by  the  government  to  raise
            significant  losses  to  enterprises.  Additionally,  due  to   cybersecurity  awareness  amongst  the  public  and
            lack  of  skilled  cybersecurity  professionals,  enterprises   private enterprises.
            are looking for trusted partners, thereby resulting in the
            growth of the segment.”                              Managed  security  services’  revenue  in  Indonesia  and
                                                                 Australia is expected to witness the highest CAGRs of
            An  analysis  of  GlobalData's  Market  Opportunity   5.2%  and  1.3%,  respectively,  during  the  forecast
            Forecasts  Model  reveals  that  banking,  financial   period.
            services  and  insurance  (BFSI),  and  manufacturing
            industries  accounted  for  a  market  share  of  15%  and   In  Australia,  growing  need  for  organization  security
            14%, respectively, of the overall MSS revenue in 2019.   solution  across  verticals  such  as  BFSI,  healthcare,
            In  2024,  both  the  BFSI  and  manufacturing  industries   manufacturing, aerospace and defense is likely to drive
            are forecast to account for 15% and 13%, respectively.   the  MSS  market  growth.  Increasing  government
                                                                 investment in security solutions and rising data breach
            However, healthcare vertical is projected to grow at the   concerns are some of the factors contributing to MSS
            highest compound annual growth rate (CAGR) of 5.6%   market growth in the country.
            during the forecast period 2019-2024.
                                                                 Mr Sharma concludes: “Recent technological develop-
            Mr  Sharma  continues:  “The  BFSI  vertical  is  a  major   ments  such  as  cloud,  5G,  and  IoT  will  further  reduce
            target  for  cybercrimes  and  digital  frauds  leading  to  a   the  barrier  between  physical  and  digital  world
            higher  demand  for  managed  security  services.  The   landscapes,  eventually  leading  to  the  growth  in  MSS
            demand  for  managed  security  services  in  the    revenue.” (Source: GlobalData) ◊
            healthcare  vertical  is  driven  by  the  need  to  keep  the
            patients’   data   secure,   stringent   data   security
            regulations  and  developments  like  remote  patient
            monitoring.”





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