Rise in advanced persistent threats, evolving compliance requirements, shortage of in-house and deep security expertise, and cloud based services boosting MSS demand in Saudi Arabia
According to recently published report by TechSci Research "Saudi Arabia Managed Security Services Market Forecast & Opportunities, 2020", managed security services market in Saudi Arabia is projected to reach USD3.5 billion by 2020. Market growth is largely attributed to rise in number of deals registered by vendors. Owing to the spate of security threats prevailing in the kingdom of Saudi Arabia, a number of MSS projects are underway in the country, to improve the security incident response infrastructure of enterprises.
Further, cloud based MSS offers cost effective, all in one solutions allowing clients to focus on their core business. Aside from benefits (such as encryptions) of deploying cloud based security services, increased adoption of cloud computing is also creating opportunities for future expansion. In addition, Managed Security Service Providers (MSSPs) are expanding their product offerings in response to increasing incidences of cyber-crime and augmenting information security spending of enterprises. As a result, Saudi Arabia IT security spending is projected to increase with substantial contribution from the security services segment.
Organizations in the country prefer to utilize hands on experience of MSS providers in security services. Government entities and BFSI organizations in the kingdom are the key contributors to the growth of MSS market in the kingdom. The government sector accounts for a major share in the overall MSS market in Saudi Arabia. Banking, financial services and insurance have witnessed a surge in their IT spending over the last few years. Banks are expanding their presence by taking up new projects and by optimizing their infrastructure. Future market growth is expected to be led by oil & gas, IT & telecom, health, media and manufacturing sectors in the country.
"Security segments such as cloud security services, centralized security services, distributed denial-of-service (DDoS), managed fraud prevention services are amongst the leading contributors to MSS market in Saudi Arabia. As compared to other developed IT security service markets, Saudi Arabia MSS market is not as mature. Lack of availability of in-house and deep security expertise, and complexity of network security products are driving organisations to partner with managed security service providers." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Saudi Arabia Managed Security Services Market Forecast & Opportunities,2020", has evaluated the future growth potential of MSS market in Saudi Arabia. The report provides statistics and information on market structure, size and segmental analysis of the market. In addition, the report also includes market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and deep insights to decision makers willing to invest in the market. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities prevailing in Saudi Arabia MSS market.
