IT/OT Convergence, XDR, and Expansion to LATAM to Generate Market Growth
Cyberattacks and data breaches increasingly appear in the news. The recent compromises of SolarWinds, Colonial Pipeline, and JBS did not only draw the attention of cybersecurity professionals but raised concerns among policymakers and the business community. The common thread in these attacks is a high degree of sophistication. Most organizations are increasingly unable to deal with modern security challenges by relying solely on in-house resources.
Managing a cybersecurity program or individual security controls requires the expertise of dedicated professionals. Organizations recognize the importance of mitigating cyber risk but lack the knowledge and resources to accomplish this goal. Managed and professional security services providers enable organizations to "outsource" some or all cybersecurity tasks. The market for managed and professional security services in the Americas will continue to exhibit steady growth, averaging at 11.3% year-over-year throughout the forecast period. Although the market is mature, the interest in cybersecurity services remains high against the backdrop of high-profile breaches.
The market demand will shift from legacy managed security services, such as managed firewalls, to the new generation of solutions like MDR/XDR and SOC-as-a-service. The analyst predicts that the transition will happen faster in North America than elsewhere in the world. The demand for advisory services will increase because of the expertise needed to embrace innovative cybersecurity frameworks and offerings, such as Secure Access Service Edge (SASE) and Zero Trust. Compliance with emerging regulatory standards aimed at increasing the resilience of Critical National Infrastructure (CNI) will be another factor that drives market growth.
