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Revenue forecasts by region, vertical, and enterprise size are included in this analysis, as well as growth drivers, significant trends, and insights for chief information security officers (CISOs).
FREMONT, CA: Increasing cyber-threats, combined with a cybersecurity professional scarcity in Europe, are driving firms to resort to managed and professional security services (MSS/PSS) providers. According to Frost & Sullivan's recent study, European Managed & Professional Security Services Market, the dynamic threat landscape necessitates security vendors looking for efficiencies and investing in new technologies incorporating automation, such as breach and attack simulation (BAS) platforms. Despite its fragmentation, the European MSS/PSS market is expected to grow from $8.50 billion in 2021 to $10.92 billion by 2024. Revenue forecasts by region, vertical, and enterprise size are included in this analysis, as well as growth drivers, significant 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," stated 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 stated, "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."
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