LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global cybersecurity services market is expected to grow at a CAGR more than 11% over the next five years due to shift to cloud-based services by organizations.
The research report titled ‘Global Cybersecurity Services: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“It is estimated that the global annual cost of recovering from cyber crimes is approximately USD 6 trillion,” says lead Technavio procurement expert, Angad Singh for category spend intelligence. “To avoid these costs and other associated losses, organizations are spending heavily on upgrading the security of their networks and online systems,” adds Angad.
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Cost saving opportunities in the cybersecurity services market
The adoption of various cost-optimization levers helps buyers of cybersecurity services realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the cybersecurity services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Technologies such as cloud access security brokers and endpoint detection and response software can all minimize cybersecurity costs, sometimes up to 7% of the total category spend.
Micro-segmentation manages data centers with high-level security policies, while deception technology helps secure the network from attackers that are already existing in network.
Optimization of procurement practices saving aspects
Buyers expect suppliers to understand their businesses, the platforms they are working on, and other existing software before installing or updating any security product. This helps buyers avail ideal security solutions that can meet their requirements over longer periods and helps them avoid deployment failures.
Bundling of services saving aspects
Buyers engage with suppliers that have advanced preventive solutions such as proactive cyber defense systems in their portfolios as this can help in preventing cyber attacks. This saving aspect minimizes cybersecurity costs up to 15% of the bundled spend area.
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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