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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