Thailand Managed Security Services Market to Surpass USD394.84 Million until 2026
The increasing demand for cybersecurity to act as a catalyst for the sophisticated form of security services such as managed security services in Thailand, driving the growth of Thailand managed security services market until 2026.
According to TechSci report on, “Thailand Managed Security Services Market, By Security Type (Network Security, Endpoint Security, Application Security, Cloud Security, Others), By Deployment Mode (On-Premise, Cloud), By Organization Size (Large Enterprise, SMEs), By End User Industry (BFSI, IT & Telecommunication, Energy & Utilities, Healthcare, Manufacturing, Government & Defense, Others), By Region, Competition, Forecast & Opportunities, 2016-2026”, Thailand Managed Security Services Market was valued at USD233.36 million in 2020 and is projected to grow at CAGR of around 9% during the forecast period predominantly due to increasing demand for cybersecurity and Advancement of Technology.
Thailand Managed Security Services Market is segmented on the basis of security type, deployment mode, organization size, end user industry, and region. Based on security type, the market can be categorized into network security, endpoint security, application security, cloud security. Among them, the application security segment dominated the market with share of 31.40% in 2020 and is expected to continue its dominance during the forecast period as well. This growth can be attributed to increased demand of the product and government policies. The government initiatives in Thailand are also likely to impact the Thailand managed security services market until 2026F.
The Thailand managed security services market is anticipated to demonstrate healthy growth during the forecast period owing to increasing demand for cybersecurity, advancement of technology in the country and supportive government initiatives. Additionally, rapid increase in the need for managed detection and response capabilities is driving the demand for managed security systems in Thailand. The increasingly sophisticated forms of cyber crimes are expected to drive the managed security services market in Thailand in the forecast period.
The level of expertise required to tackle cyber defence is increasing. The in-house teams are finding it difficult to tackle new challenges and therefore security services are being outsourced in order to focus on core competencies. The companies find it more suitable to outsource complex solutions to managed security service providers who are already protecting hundreds or thousands of clients from all types of cyber attacks.
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Based on deployment mode, the cloud segment has dominated the market with share of 57.08% in 2020. The cloud mode is gaining traction and is expected to dominate the managed security services market in Thailand by 2026 as it requires less investment compared to on-premises services. Managed Security Services Providers (MSSPs) monitor and manage the security solutions, systems, and processes of a company via cloud. Additionally, increasing data and information is being stored in cloud that demands advanced cloud security. Therefore, organizations are outsourcing the tedious but sensitive workload of cybersecurity to dedicated and expert organizations via cloud. MSSPs mainly prefer to deliver AI-based security services including virus and spam blocking, intrusion detection, firewalls and virtual private network (VPN) management through cloud. They also handle matters such as system changes, modifications and upgrades.
Based on organization size, the Thailand managed security services market is segmented into large enterprises and Small & Medium Enterprises (SMEs). Here, large enterprises hold a dominant share in the market. Enterprises need to utilize managed security services for data integrity, privacy and to maintain sustainability in their business.
BFSI is dominating the end-user segment in the Thailand Managed Security Service Market, accounting for a share of 19.97% in 2020. This is due to the critical and sensitive nature of data and information stored and operated in the BFSI sector. Moreover, to safeguard its crucial assets, the banking and financial industry needs a robust security system that is backed by continuous monitoring. With an increase in the sophistication of cybercrimes, many credit unions at different levels have come under many phishing attacks in recent years. Also, cyber crimes with the intent of financial gains track and target the BFSI organizations. Additionally, IT & communication sector is also a major target end-user of the managed Security Services Market. The expertise of professionals backed by artificial intelligence to build a robust security foundation is attracting many IT & telecom companies towards managed security service providers.
Seagate Technology (Thailand) Ltd., Vicon Indutries, Inc., BCDVideo, Dahua Technology (Thailand) Co., Ltd., Teledyne FLIR LLC, IDIS. Ltd., HID Global Corporation, Fujitsu (Thailand) Co.,LTD., Hangzhou Hikvision Digital Technology Co., Ltd., I-secure co. ltd, Datapro Computer Systems Co.LTD., CAT Cyfence and others operating in Thailand Managed Security Services Market. These market players are focusing more on strategic partnerships to expand their reach and maintain their competitive position in the market.
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“The increasing demand for cybersecurity will act as a catalyst for the sophisticated form of security services such as managed security services in Thailand. The pandemic has prompted large Thai organizations to shift to a remote working model which has increased the risk of cyber-attacks and security incidents. Therefore, to step up their preventive measures and increase cybersecurity capabilities at the highest level they have invested huge amounts in ensuring cybersecurity. In 2020, despite tight budgets due to the pandemic, investment in IT and cybersecurity systems continuously increased in Thailand due to the accelerated digital transformations and changes in cyber-attack patterns.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Thailand Managed Security Services Market, By Security Type (Network Security, Endpoint Security, Application Security, Cloud Security, Others), By Deployment Mode (On-Premise, Cloud), By Organization Size (Large Enterprise, SMEs), By End User Industry (BFSI, IT & Telecommunication, Energy & Utilities, Healthcare, Manufacturing, Government & Defense, Others), By Region, Competition, Forecast & Opportunities, 2016-2026” has evaluated the future growth potential of Thailand managed security services market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Thailand managed security services market.
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