Report Overview

Growing use of internet of things (IoT) and increasing demand for managed security services by small and medium–sized businesses are expected to boost the growth of Thailand Managed Security Services market during the forecast period between 2023 and 2029.

Thailand Managed Security Services Market - Industry Trends & Forecast Report, 2029

Thailand managed security services market size was estimated at USD 256.82 million in 2022. During the forecast period between 2023 and 2029, the Thailand managed security services market size is projected to grow at a CAGR of 9.30%, reaching a value of USD 478.6 million by 2029. Major growth factors for the Thailand managed security services market include the integration of technology like artificial intelligence (AI) and machine learning (ML) in business operations, combined with a growth in new threats, laws from the government, and the proliferation of consumer data.

Thailand Managed Security Services Market – Overview

Outsourced management and monitoring of security systems and devices is a feature of managed security services. Managed firewalls, intrusion detection systems, virtual private networks, vulnerability scans, and antiviral services are typical managed security service provider services. A managed security service provider (MSSP) is a third party that offers its clients cybersecurity services. Managed services enable continuous network monitoring instead of outsourcing IT only when an issue arises. A managed service provider also takes care of all maintenance.

Thailand Managed Security Services Market

Growth Drivers

Growing Adoption of Cloud Computing

Cloud computing is increasingly gaining traction among businesses in Thailand to improve efficiency and customer service. Many tech giants, such as Google and Tencent, are coming forward to launch their cloud services and establish data centers to support the increasing volumes of data and strengthen the cloud infrastructure in the country. AWS has also revealed its plans to introduce its AWS Local Zone cloud infrastructure in Bangkok. According to the Bangkok Post, Chinese tech giants Tencent and Huawei have also made investments in regional data centers in Thailand.

Restraints

High Cost of Managed Security Services

There are several factors to consider when choosing a managed security service provider (MSSP) to take care of the business's IT needs in general and cyber defense needs in particular. The typical monthly fees range from USD 99 to USD 250 per user, per study, with the latter figure being the most common. Businesses that have more computers, users, and digital assets should anticipate paying significantly more each month. This may limit the adoption of managed security services, particularly among SMEs, which may restrict market growth.

Impact of COVID-19 on the Thailand Managed Security Services Market

The COVID-19 pandemic facilitated the growth of the Thailand managed security services market. According to a survey by PwC, the rise in remote working, digitization of business activities, and transition to online platforms caused a large increase in cyberattacks. It is advised that Thai businesses embrace cutting-edge cybersecurity measures in light of the rising danger of potential cyber threats in order to avoid being the next target of attackers. The need for managed security services is expected to increase among both SMEs and large companies as a result.

Thailand Managed Security Services Market

Segmental Coverage

Thailand Managed Security Services Market – By Security Type

Based on security type, the Thailand managed security services market is divided into network security, endpoint security, application security, cloud security, and other segments. The cloud security segment accounts for the highest market share. With cloud security, businesses can better safeguard their digital assets and lower the risks of human error, decreasing the probability that they may sustain costly losses as a result of preventable breaches. However, network security is also gaining significant traction in the market to enhance protection from malware and other cyberattacks such as distributed denial of service.

Thailand Managed Security Services Market – By Deployment Mode

Based on deployment mode, the Thailand managed security services market is segmented into On–Premises and cloud. The on-premises deployment mode holds a higher share in the Thailand managed security services market owing to its popularity among large organizations. This type of deployment offers customization for large organizations with complex IT requirements. However, cloud deployment is projected to gain a high CAGR during the forecast period owing to its increasing adoption among SMEs due to its lower cost.

Thailand Managed Security Services Market – By Organization Size

Based on organization size, the Thailand managed security services market is split into large enterprises and SMEs segments. The large enterprises segment accounts for a higher market share. Large businesses tend to outsource services more frequently. Another significant factor fueling market expansion is the increase in cyberattacks, which expose huge companies to unanticipated losses in revenue and reputation. However, SMEs are projected to register a higher growth rate during the forecast period owing to the increasing adoption of cloud computing among small organizations.

Thailand Managed Security Services Market – By End User

Based on end user, the Thailand managed security services market is segmented into BFSI, IT & telecommunications, energy & utilities, healthcare, manufacturing, defense, and others. The BFSI sector dominates the Thailand managed security services market owing to the high risk of cyberattacks on banks and other financial institutions. The increasing penetration of Internet banking and online payment platforms has exposed customers and their data to potential ransomware attacks and other cybercrimes. As a result, the financial sector is increasingly investing in cybersecurity, including managed security services, which is anticipated to proliferate market growth during the forecast period.

Competitive Landscape

Major players operating in the Thailand managed security services market include True IDC, CAT Telecom, Advanced Info Service (AIS), True Digital Security, KBTG, Jasmine International, Sify Technologies, TOT Public Company Limited, Cybersecurity Thailand, and Symantec.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In February 2023 – Cyber Elite Co. Ltd announced its collaboration with Zscaler, a US-based IT security company, to provide ‘Managed Cloud Security’ services to organizations.

Scope of the Report

By Security Type

• Network Security

• Endpoint Security

• Application Security

• Cloud Security

• Others

By Deployment Mode

• On–Premises

• Cloud

By Organization Size

• Large Enterprises

• SMEs

By End User

• BFSI

• IT & Telecommunication

• Energy & Utilities

• Healthcare

• Manufacturing

• Defense

• Others