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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.”
September 2020: Cybersecurity & Data Safety: perpetual awareness and innovation presupposed 6