Enterprises are steadily embracing the technological changes that are bring brought with each newly added business operation; the digital transformation projects are keeping pace with changing consumer demands across the business. As the business leverage the digital transformation technologies such as cloud, data analytics, and IoT that offer end to end solution for the businesses, the need of cybersecurity is ever-increasing and crucial as the regulations and privacy policies on the data and protecting the proprietary IP. However, enterprises lack the in-house expertise to adequately manage cybersecurity while dealing with different advanced and increasing landscape for the data, with all the fewer resources. The Lacks of resources that are trained with regulations are pushed to meet regulatory compliance increasing the adoption of Managed Security Services (MSS) solutions.
Businesses that had been using the traditional security monitoring technology find that it is no longer sufficient that is devised with limited capabilities. Managed Security Services Providers have to introduce various solutions that enable to have advanced detection, faster incident response, global threat intelligence, and deep threat analytics. The shift in the enterprise focus is moving from device management to threat management growing the market from US$1.97 billion in 2017 towards US$4.34 billion in 2022 at a Compound Annual Growth Rate (CAGR) of 17.1 percent.
The rising technology shift initiated by the Managed Security Service Providers (MSSPs) with investment in anti-distributed denial of service (DDoS) along with advanced malware analysis to completely deliver the cloud-based security services. The demand for security solutions that are positioned to prevent the attacks and shift the demand from point to integrated solutions using comprehensive security and protects multiple vulnerability. The need for an advanced security solution for data and devices is making the businesses have various security solutions, but managing each of them separately can be cumbersome so an advanced analytics solution can completely change the business security.