Market Research Report
Indian Managed Security Services Market, Forecast to 2023
|Published by||Frost & Sullivan||Product code||854011|
|Published||Content info||44 Pages
Delivery time: 1-2 business days
|Indian Managed Security Services Market, Forecast to 2023|
|Published: April 29, 2020||Content info: 44 Pages||
Lack of Skilled Professionals and Compliance Pressure Drive MSS Adoption
The Indian managed security services (MSS) market is witnessing an increase in MSS adoption due to the trend of widespread digitization and increasingly pervasive cyber threats. Following the continuation of the 'Digital India' initiative while remaining cyber-safe, the Indian government introduced the Personal Data Protection Bill in 2019 to better protect the privacy of personal data and regulate its usage. With an increasing number of Internet users and enhanced connectivity, it is imperative to keep data private and government records safe.
With the rapidly rising frequency of cybercrimes in India, organizations are under growing pressure to take preventive action against potential threats. The breaches in India's Nuclear Power Plant show that the measures adopted may not have been adequate and that there is still susceptibility to attack. Thus, keeping cybersecurity measures relevant and up-to-date is of paramount importance.
The uptake of cybersecurity solutions by small and medium-sized businesses (SMBs) has been limited in the Indian market. However, adoption among SMBs recorded stronger growth as compared to that of large enterprises. Moreover, it is becoming increasingly easy for enterprise security departments to receive funding for security projects due to the growing awareness on cybersecurity.
The lack of skilled security professionals remains a problem for India, often leading organizations to resort to security consulting and outsource their security tasks to managed security service providers (MSSPs). The banking, financial services, and insurance (BFSI) vertical continues to pioneer digital adoption, followed by stronger growth in manufacturing and others (including pharmaceuticals, retail, and logistics).
In addition to providing a market growth analysis, this study highlights the key drivers in the managed security services market. These include: persistent lack of cybersecurity professionals; proliferation of cyberattacks and a growing threat landscape for enterprises and governments; growing risk and security awareness among end users in the APAC region; and government support for cybersecurity development and adoption.
Market trends are analyzed from 2017 to 2023, taking 2018 as the base year. MSS is the key focus area of this study. The vertical segmentation includes government, BFSI, service provider, manufacturing, education, and other sectors (including pharmaceuticals, retail, logistics, oil and gas, energy, mining, agriculture, IT/ITES, eGaming, eCommerce, and BPOs).
Companies mentioned in the total MSS market's competitive landscape include: BT, DXC Technology, IBM, HCL Comnet, Microland, NTT, Tata Communications, Tech Mahindra, Trustwave, Wipro, and other smaller MSSPs.