ASEAN Managed Security Services Market, Forecast to 2023

The Association of Southeast Asian Nations (ASEAN) region has been one of the fastest growing digital economies in Asia-Pacific, driven by various government initiatives supporting digitalization. Rapid increase in the use of the Internet and advances in technology have significantly contributed to the growth of a digital economy in the region.


New York, May 19, 2020 (GLOBE NEWSWIRE) -- announces the release of the report "ASEAN Managed Security Services Market, Forecast to 2023" -

However, the accelerating pace of digital transformation has also exposed the region to increased security risks and vulnerabilities.To addresses these challenges, the Thai and Vietnamese governments introduced the Cybersecurity Act in 2019.

Following the introduction of the European Union (EU) General Data Protection Regulation (GDPR) in 2018, many ASEAN countries have started to review their data security policies.Thailand introduced its Personal Data Protection Act in 2019 (which came into effect in May 2019).

Malaysia and the Philippines are rolling out their strategic initiatives to improve cyber resilience. These initiatives significantly drive security investments in the region.Faced with growing pressure to ensure compliance with stringent regulations, enterprises are increasingly looking to partner with industry experts such as managed security service providers (MSSPs) to better manage their security operations while embarking on a digital transformation journey. Looking ahead, there will be a rising need for enterprises to engage MSSPs under a hybrid model. A combination of both hosted security services and customer-premises equipment (CPE)-based management and monitoring services can help improve security operations, providing businesses with greater flexibility and efficiency.In addition to providing a market growth analysis, this study highlights the key drivers in the managed security services market. These include: persistent lack of cybersecurity professionals; proliferation of cyberattacks and a growing threat landscape for enterprises and governments; growing risk and security awareness among end users in the APAC region; and government support for cybersecurity development and adoption.Market trends are analyzed from 2017 to 2023, taking 2018 as the base year. MSS is the key focus area of this study. The vertical segmentation includes government; banking, financial services, and insurance (BFSI); service provider; manufacturing; education; and other sectors (including pharmaceuticals, retail, logistics, oil and gas, energy, mining, agriculture, IT/ITES, eGaming, eCommerce, and BPOs).Companies mentioned in the total MSS market’s competitive landscape include BT, CAT Cyfence, DXC Technology, Ensign, IBM Security, NTT, Orange, Symantec, Tata Communications, TM ONE, Trustwave, and other smaller MSSPs. The countries included in this study are Singapore, Malaysia, Indonesia, Philippines, Thailand, and Vietnam.
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