Corporate firms across Latin America are increasingly turning to managed security services to manage their online data, with new technologies such as mobility, cloud and Big Data giving birth to new security challenges, according to a new study by Frost and Sullivan.
The managed security services (MSS) market in Latin America earned US$469.6 million in revenue in 2013. The research firm has predicted that the market will reach $771.6 million by 2019 as it is growing at a CAG rate of 8.6%.
MSS providers host and monitor their clients’ networks, responding in case of malicious malware and criminal activities. This leaves their clients free to focus on their core business.
“With trends such as cloud computing, mobility, big data, and Internet of things expanding in the Latin American market, the need for MSS is intensifying,” said Frost & Sullivan ICT Research Analyst Mauricio Chede.
“In this market environment, ‘anywhere’ accessibility on all Internet-connected devices is leading to more data generation as well as the rise of new vulnerabilities and attack points.”
However, many companies in the region are unaware of the dangers and are yet to see the need for MSS, says the research firm. Some companies still rely on anti-spam/anti-virus software, while others are unlikely to use MSS because they do not see a clear return on investment in security and do not allocate an adequate budget for this purpose.
But things are changing, albeit slowly. With security issues becoming increasingly complex and expensive to manage in-house, more companies are seriously considering outsourcing to MSS providers.
The adoption rate, according to Frost and Sullivan, will increase significantly if companies are convinced that MSS providers can help them improve their quality of service. The addition of different value added services, including the use of security operational centers (SOCs) to deal with security issues and enhanced service level agreements will win over more clients, the firm predicts.