India Managed Security Services Market, Forecast to 2021
The MSS market in India grew by 24.1% on a year-on-year (YoY) basis. In 2016, the MSS segment continued to witness growth in the Indian market, owing to the increasing demand of cybersecurity solutions. This was being driven by the government’s drive for digitization through its Digital India campaign. Furthermore, the National Payments Corporation of India (NPCI) aims to touch every Indian with electronic products by 2020. Sectors such as banking and finance, manufacturing, aviation, healthcare, and retail are increasingly adopting digital practices. This is leading to the uptake of MSS solutions, with most companies offering innovative solutions in this space. The Indian banking and financial services sector is witnessing an increase in investments in digital payments infrastructure. More investments are coming into new concepts such as Artificial Intelligence (AI), blockchain, and bitcoin, as banks focus on digital transformation.
In addition to market growth analysis, the study highlights the driving forces of the managed security services (MSS) market. The shortage of cyber security professionals with strong expertise was the top factor driving enterprises to engage with MSSPs to help them cope with new security challenges. The evolution of advanced threats continued to cause greater operational pressure on companies, driving them to look at MSSPs to reduce the pressure and better security threat management. The introduction and amendment of cyber security laws and regulations are urging companies to focus more on regulatory compliance. The shift from CapEx to OpEx continued to take place across the APAC region, prompting companies to outsource parts of their security practices to focus more on the revenue-generating operations.
Market trends have been analyzed for the period 2015 to 2021, with 2016 as the base year. Hosted security services (HSS) and customer-premises equipment (CPE)-based management and monitoring services are the key service segments in this study. Vertical segmentation includes the government, banking, financial services, and insurance (BFSI), service provider, manufacturing, education, and other sectors including pharmaceuticals, retail, logistics, oil and gas, energy, mining, agriculture, Information Technology (IT)/IT-enabled services (ITeS), eGaming, eCommerce, and business process outsourcing (BPO).
Companies mentioned in the Indian MSS market’s vendor analysis include NTT, IBM Security, Orange Business Services, Quann, BT, Tata Communications, and Tech Mahindra.
Key Issues Addressed
Is the MSS market growing? How long will it continue to grow, and at what rate?
Are the existing competitors structured well to meet customer needs?
What were the key services that were adopted the most by customers in the region in 2016?
How was the competitive landscape in India?
Will MSSPs be replaced by the new trends, such as in-sourcing and cloud-based security services?
How will the market be shaped in the next 5 years?
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