LONDON, Feb. 7, 2013 /PRNewswire/ -- The increasing complexity of both IT and physical security requirements for commercial and government organisations will drive a shift towards outsourcing security to managed security service providers (MSSPs). Adopting an outsourced model reduces the need for in-house provision and can provide the most cost-efficient approach to an organisation's security.
New analysis from Frost & Sullivan (http://www.defence.frost.com), Analysis of the Global Managed Security Services Market, finds that the market will be around USD 66.25 billion in 2012 and estimates this to increase to USD 139.10 billion by 2021. The research covers two key service segments: physical and IT security.
"In current times, many organisations remain highly cost-conscious, motivating them to outsource their security requirements and reduce operating costs," noted Frost & Sullivan Aerospace, Defence & Security Research Analyst Anthony Leather. "Even while security remains a priority for organsiations, chief decision makers are looking to the industry to provide them with the most advanced security solutions at the most competitive prices."
The growing threat and complexity of attacks, especially in the IT segment, is spurring greater investment in new and existing solutions to ensure both physical and network security. Shifting security operations to MSSPs enables organsiations to outsource progressively more complex security requirements to the experts, while focusing on their own core business processes.
While there are cost-efficiencies to be gained through a security outsourcing model, some organisations still prefer to keep security in-house. This allows them to address issues immediately, without relying on outside companies.
"A common concern among security managers is the wide range of companies that MSSPs have to monitor," added Leather. "This might result in the untimely handling of security breaches or incidents."
Focusing on the larger markets, such as North America and Europe where outsourcing security services is a more accepted practice, will help build market share and a strong customer base for companies. This trend is expected to spread to other regions, with Asia Pacific anticipated to experience the highest growth in the next ten years.
"As MSSPs become more established and demonstrate high levels of security with excellent customer service, organisations will become more comfortable with outsourcing security services," concluded Leather.
If you are interested in more information on this research, please send an email to Joanna Lewandowska, Corporate Communications, at email@example.com, with contact details.
The Executive Summary of the Analysis is also available on Slide Share.
Analysis of the Global Managed Security Services Market (M8AA-16) is part of the Aerospace, Defence & Security Growth Partnership Service programme. Frost & Sullivan's related research services include: Cyber Security Market, Safe Cities Market and, Airport Security Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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SOURCE Frost & Sullivan