India short of cybersecurity skill
The Indian Managed Security Services (MSS) market is expected to witness a healthy CAGR of 30.9% by 2022, according to a report by ResearchAndMarkets on 14 June 2019.
But India continues to face a shortage of skilled cybersecurity professionals which often causes firms to outsource their security needs, warns the report “Indian Managed Security Services Market, Forecast to 2022”.
Nevertheless, the MSS market will witness growth due to the demand for advanced, real-time, automated security solutions.
With increasing focus on advanced security areas, such as identity and access management, threat intelligence, and cloud security, the demand for MSS solutions is expected to increase, said the report
Comparatively, the MSS market recorded a growth of 27.9% on a Y-o-Y basis in 2017 in the uptake of services because of the increased digitization and the expanding landscape of advanced threats.
The Indian Government continues to focus on the move toward ‘Digital India’ and emphasized on the rising need to make the digital platforms cyber safe.
Internet penetration in India is on the upswing, and there is a constant need to keep digital government records safe.
As MSSPs are now being engaged to manage security needs, the industry is offering on-premises, remote, and hybrid deployment models. It is also introducing advanced solutions, based on artificial intelligence (AI) and blockchain, for faster threat detection and remediation.
Uptake of cyber security solutions by SMBs remained limited, with a slow adoption of MSSP services. SMBs continue to face challenges due to the constantly changing technology landscape, lack of skilled cybersecurity professionals, and limited budget to invest in advanced solutions.
In 2017, CPE-based MMS services remained the largest contributor with a market share of approximately 70%.
Large enterprises continued to dominate the MSS market with a share of 90.3%, while the remaining came from SMBs. However, SMBs recorded a growth rate higher than large enterprises.
Some of the key participants in the market were Tata Communications, Tech Mahindra, Wipro, DXC Technology, BT, and IBM. The top three market participants occupied a market share of more than 35%.
There are also several small cybersecurity companies in the Indian market which receive active financial support from the Indian Government.
Demand mainly came from verticals, such as BFSI, government, and others (pharmaceuticals, retail, logistics, oil and gas, and energy). fiinews.com
