Global Market Research Company US Singapore Managed Security Services Market Forecas | Page 8

Industry Brief
Rising Cyberattacks and High-Profile Security Breaches to Drive Singapore Managed Security
Services Market
According to TechSci Research report, “Singapore Managed Security Services Market By Service Type, By Deployment
Type, By End User Sector, Competition Forecast & Opportunities, 2013-2023”, the managed security services market
in Singapore is forecast to reach $ 602 million by 2023. Surge in the number of cyber attacks and large-scale DDoS
attacks such as WannaCry are among the key factors expected to fuel the market in the coming years. As Singapore is
one of the IT hubs of Asia-Pacific, growing need to protect sensitive data is anticipated to drive the managed security
services market during the forecast period.
On the basis of services, Singapore managed security services market has been segmented into Managed Endpoint
Security, Managed Firewall Security, Managed Intrusion Prevention & Detection Systems (IPS/IDS), Managed Secured
Information & Event Management and Others. Of these service categories, endpoint security is expected to emerge as
the fastest growing segment over the next five years, backed by growing number of smart devices used by enterprises
and government bodies. Since on-premise based managed security services offer superior data protection services
compared to cloud, it is the most preferred deployment mode in the country.
“As the inhouse teams across various enterprises are finding it difficult to tackle new challenges associated with
cybersecurity, security services are being outsourced in order to focus on core competencies and safeguard sensitive
data. As a result, managed security services market in Singapore is registering strong growth. Moreover, rise in
awareness regarding cyberattacks and the need to protect valuable data is anticipated to boost the demand for
cybersecurity, and consequently, drive MSS market in the country in the foreseeable future.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management consulting firm.
© TechSci Research
8