A new Frost & Sullivan report has found increased use of managed security services in Europe, the Middle East and Africa will help increase the market’s revenue to hit $5.5 billion within five years due to targeted cyber threats in the enterprise market.
The “Analysis of the EMEA Managed Security Services” report states the MSS market earned $2.62 billion in revenues in 2012 as companies relied on MSS offerings to meet security requirements, Frost & Sullivan said Wednesday.
“In addition to the lack of in-house expertise and the growing complexity of threats, the need to comply with industry standards and regulatory requirements has incentivised organisations to outsource at least a part of their security operations,” said Mario Fernandez, senior industry analyst for information and communication technologies at Frost & Sullivan.
MSS use is also identified in the analysis as a method to help enterprises deal with information technology budget cuts.
The enterprise segments in Germany and the U.K. are among the leaders in market value, while Benelux, Austria, Switzerland and Scandinavia are said to have high adoption rates of MSS.