The managed security services market in Australia and New Zealand is tipped to reach revenues of $1,609.4 million in 2019 as more businesses turn to external security professionals for help, according to Frost & Sullivan.
The report, Analysis of Asia-Pacific Managed Security Services Market 2012, found that the market was worth $591.6 million last year.
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According to Frost & Sullivan ICT industry manager Cathy Huang, many small and medium businesses have a limited IT budget and can’t employ information security experts.
“Large enterprises in A/NZ are [also] keen to leverage the security know-how of security service providers, given the dynamic nature of cyber threats nowadays,” she said in a statement.
Huang added that services such as cloud security, data security, forensics, security analytics and risk assessment are tipped to be in hot demand.
“The popularity of cloud computing and bring your own devices [BYOD] has also increased the appeal of managed security services. As a result, vendors are looking bundle security services into cloud and mobility packages to allay security concerns amongst companies.”