Financial services will remain the largest contributor to the European MSS/PSS market until 2024, finds Frost & Sullivan
Increasing cyber-threats coupled with a shortage of cybersecurity professionals in Europe is compelling organizations to turn toward managed and professional security services (MSS/PSS) companies. Frost & Sullivan’s recent analysis, European Managed & Professional Security Services Market, reveals that the dynamic threat landscape requires security vendors to look for efficiencies and invest in new technologies incorporating automation such as breach and attack simulation (BAS) platforms. Despite being fragmented, the European MSS/PSS market is estimated to reach $10.92 billion by 2024 from $8.50 billion in 2021. This study includes revenue forecast by region, vertical, and enterprise size, growth drivers, key trends, and insights for chief information security officers (CISOs).
“Financial services is the largest contributor to the European MSS/PSS market, accounting for 26.4% of total market revenue in 2020, and will remain the largest revenue contributor till 2024,” said Piotr Kopczynski, Security Research Analyst at Frost & Sullivan. “The manufacturing sector, the second-largest contributor to the market, has witnessed a significant increase in the MSS/PSS penetration rates over the past three years as a result of increasingly high-profile attacks that halted production and negatively impacted revenues for affected organizations.”
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Kopczynski added: “Additionally, increasing security incidents and the continuing shortage of cybersecurity professionals will drive demand for better artificial intelligence (AI)-enabled security technologies that can improve communication between customers and MSS security operations centers (SOCs). Further, vendors that do not adapt their portfolios to incorporate automation in the SOC or fail to address competition from cloud solutions vendors baking security into their offerings will have difficulty growing.”
Organizations’ move to mitigate the dynamically changing threat landscape presents lucrative growth prospects for market participants, such as:
- Expansion into the Operational Technology (OT) Market: Managed security service provider (MSSP) vendors should expand their service portfolio through partnerships with OT security vendors that are helping secure OT networks.
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- Breach and Attack Simulation Technology: MSSPs need to invest in market education initiatives to increase awareness about BAS technology and its advantages over traditional cyber risk assessment solutions, such as human-based penetration testing, red team exercises, and vulnerability management tools.
- Well-designed Zero-trust Environments: Security initiatives are increasingly focused on zero-trust framework environments; thus, PSS firms need to strengthen their offerings to put zero-trust experts at the forefront of every engagement.
European Managed & Professional Security Services Market is the latest addition to Frost & Sullivan’s Security research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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