SAO PAULO, July 24, 2018 /CNW/ -- In response to the rising sophistication and frequency of cyber attacks, managed security service providers (MSSPs) in Latin America are forming strategic security partnerships to improve the quality and reach of their services. These collaborations, along with their use of security operational centers (SOCs) to enhance the service terms in service-level agreements (SLAs), will be vital in driving the $534.2 million MSS market toward $1.07 billion by 2022. Brazil represents 39% of the total market, seconded by Mexico with 21%. The leading MSS in 2017 was security asset management and monitoring with 71.2% of the market, followed by threat intelligence, research, detection, and remediation with 18.1%.
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"Companies, so far, have been conservative in their approach to security services, investing in them only after an attack. However, this behavior is gradually changing and MSSPs are evolving from being mere providers of low-fidelity security alerts to being providers of complete security solutions," said Mauricio Chede, Digital Transformation Industry Analyst at Frost & Sullivan. "MSSPs are also incorporating detection and response technologies such as security information & event management (SIEM), threat or incident detection & response (TDR or IDR), endpoint detection & response (EDR) and user & entity behavior analytics (UEBA) to widen their scope of application."
Frost & Sullivan's recent analysis, Managed Security Services Market in Latin America, Forecast to 2022, examines the current state of MSS in Latin America, its growth rate, and the trends driving its adoption. It segments the market revenue by vertical industries and discusses the types of services being adopted as well as the demand structure.
The relative nascence of the Latin American market points to higher investment and M&A opportunities for entrants and service enrichment opportunities for existing MSSPs. Participants can entrench themselves by tapping the growth opportunities inherent in:
- Developing advanced SOCs to combat the coordinated and targeted attacks of advanced persistent threats (APTs);
- Offering consultative and value-added services to support companies' digital transformation initiatives;
- Delivering instant and effective security to IoT-enabled enterprises;
- Expanding footprint in the developing countries of the region; and
- Establishing teams dedicated to specific verticals and developing strong advisory expertise for them.
"As security challenges and the complexities are only set to escalate, MSSPs need to ensure remediation without interrupting companies' operations," noted Chede. "Investments in R&D, malware labs, and threat intelligence will go a long way in helping MSSPs stay ahead of the competition and provide the best solutions to keep end users safe."
Managed Security Services Market in Latin America, Forecast to 2022 is part of Frost & Sullivan's global IT Services & Applications Growth Partnership Service program.
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SOURCE Frost & Sullivan