(Wireless-NewsWire.Com, October 17, 2019 ) The global Managed Security Services (MSS) market size was USD 24.05 billion in 2018 and is projected to register a CAGR of 14.7% between 2018 and 2023.
Is lack of competent security professionals challenging the Managed Security Services market growth?
The biggest challenge organizations are facing today is the lack of cybersecurity skills. This is known to be hampering organizations’ ability to meet their evolving IT security needs. Many organizations hire security professionals who lack the right skill to analyze and identify advanced threats while under a cyber-attack. According to Cybrary’s 2017 Cybersecurity Job Trends Report, more than two-thirds of organizations say there is a global shortage of skilled cybersecurity professionals. Only 13% of the companies reported that cybersecurity talent was abundant in their local areas. Furthermore, the companies with pressing cybersecurity needs are facing a major lack of qualified professionals, which makes them vulnerable to cyber-attacks. This underscores the need for better access to cybersecurity training, which can introduce new talent into the field quickly, help close the cybersecurity skills gap, and make companies more secure. The global demand for cybersecurity professionals keeps increasing, but a shortfall of 1.8 million workforces is expected by 2022. Therefore, the lack of competent cybersecurity professionals is expected to be a big challenge for the growth of the entire Managed Security Services market.
Why the increasing adoption of cloud services among SMEs is creating an opportunity for the Managed Security Services market growth?
With various advantages, such as cost-effectiveness, dynamic access to data, and reduced turnaround time for business processes, which come with the adoption of cloud services, a number of SMEs, as well as large enterprises, are inclined toward having the maximum control over their data and infrastructure in the cloud globally. For this, they are keen on utilizing the benefits of cloud security solutions for greater security and access to data. These solutions have distinctive features, such as security policy enforcement, various compliances, IAM, encryption, SIEM, and malware detection and prevention, which can be utilized by MSSPs. Due to these benefits, many large enterprises and SMEs are moving their businesses to the cloud to deliver excellent services. With the reduced cost of implementation of these services, the SMES have become more inclined toward adopting cloud-based security solutions, and this opportunity can be utilized by the MSSPs for offering custom-based security services to enterprises.
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Mr. Shelly Singh