The EMEA managed security services market is experiencing a "significant transformation" that may create many growth opportunities for MSSPs, according to business consulting firm Frost & Sullivan.
Frost & Sullivan's "EMEA Managed Security Services Market, Forecast to 2021" indicated the EMEA managed security services market is expected to expand at a compound annual growth rate (CAGR) of 14.1 percent between 2016 and 2021.
In addition, Frost & Sullivan has projected the EMEA managed security services market could be worth nearly $8.3 billion by 2021, according to a prepared statement.
Key Factors in the EMEA Managed Security Services Market
Several factors may accelerate the EMEA managed security services market's growth, Frost & Sullivan stated, and these include:
- Demand for Mature Technologies: As EMEA organizations push for technologies to drive cloud migration, enterprise mobility and always-on availability, these organizations may look to MSSPs for support.
- Lack of Expert Security Professionals: Cybersecurity threats are becoming increasingly sophisticated, yet most EMEA organizations lack the security personnel to address these dangers. As such, many EMEA organizations may work with MSSPs to limit the risk of malware and ransomware attacks and data breaches.
- General Data Protection Regulation (GDPR): GDPR takes effect in May and requires European Union (EU) organizations to comply with various data security mandates. Meanwhile, these organizations may work with MSSPs to ensure GDPR compliance.
EMEA organizations want to deploy security solutions to avoid a wide range of problems, Frost & Sullivan Transformation Research Director Adrian Drozd said in a prepared statement. As a result, MSSPs that offer consulting, professional and technical services may outpace the overall EMEA managed security services market, Drozd indicated.
Stay Ahead of the Competition in the EMEA Managed Security Services Market
Frost & Sullivan offered the following recommendations to help MSSPs stay ahead of the competition in the EMEA managed security services market:
- Focus on High-Value Managed Security Services: Offering threat intelligence and research and detection services can help MSSPs capitalize on the rising demand for advanced cybersecurity services.
- Deploy the Right Pricing Strategy: With the right pricing strategy in place, MSSPs can provide managed security services to both enterprises and small and medium-sized businesses (SMBs).
- Follow a Customer-Centric Approach: Monitoring cybersecurity trends can help MSSPs identify which managed security services to offer to match customers' expectations.
- Use Automation and Collaboration Tools: MSSPs can automate many standard operating processes and use collaboration tools to achieve the best-possible results.
Agility also may play an important role in an MSSP's success and longevity in the EMEA managed security services market, Frost & Sullivan noted. If an MSSP constantly searches for ways to improve, it could help EMEA organizations detect and eliminate rapidly evolving cyber threats for years to come.