Key findings: Cybersecurity services
This procurement market intelligence report offers insights into the critical cost drivers that are influencing the pricing structure of the global cyber security industry. An analysis of the best cybersecurity companies, specific procurement strategies, and the current market landscape are also offered in this report.
The nature of investment done on the cybersecurity industry will play the most critical role in not only opening business avenues for the service providers but also direct the global pricing structure of the industry. Along with a steep rise in the venture capital investments in the cybersecurity industry, the best cybersecurity companies are investing more in marketing and advertising activities. Such activities are creating growth opportunities for service providers while easing the price competition in the cyber security industry. This is accounting for an accelerating category spend momentum. Favorable regulations across the major economies will also supplement the overall category growth. Despite the normalizing price competition, the lack of cybersecurity experts will deter the service providers from striking harmony in their category pricing strategy.
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Our reports from the information technology category offer buyers with actionable data on the current and future supply market scenario. Coverage of the US market, including category spend analysis, pricing outlook, procurement strategies, supplier cost structure, etc., is also offered in this market intelligence report on cybersecurity services. Additional information includes an analysis of the cost and volume drivers, top suppliers, and category management strategies.
Insights offered in this cybersecurity services procurement research report will help the buyers understand:
- Global and regional spend potential for the period of 2018-2023
- Pricing models and the factors influencing them
- Procurement strategies to achieve cost-savings
- Ease of market entry
Analyze the global category spend for cybersecurity services
While the proliferation of IoT has ushered in promises of growth, it’s mode of operation has made the industrial infrastructure more susceptible to a wide range of cyber attacks such as botnets, identity theft, phishing, and DoS. This is compelling the industries to upgrade their response strategy of deploying firewall and endpoint solutions to launching full-scale solutions to implement predictive cybersecurity. This is exerting a major impetus to the category spend growth rate. Stringent regulations regarding the protection of private user data are compelling SMEs to leverage cybersecurity services, which is consequently accelerating the category growth.
Access the complete year-over-year spend growth rate and category spend details by downloading a free sample copy.
This cybersecurity services procurement research report offers coverage of:
- Regional spend opportunity for suppliers
- Global and regional spend segmentation
- Cost drivers impacting pricing
Optimize category spend for cybersecurity services
Different business undertakings command their own set of unique security standards which is why it is recommended that organizations develop their customized cybersecurity standards that are in line with their unique goals and strategies. This will allow both the internal employees as well as external partners in an organization to reach a common ground of expectation when it comes to the cybersecurity goals. These customized cybersecurity standards will also help buyers track whether the service providers are offering services that meet their expectations, thereby justifying their procurement spend.
This market intelligence report on cybersecurity services also offers coverage of:
- Total cost of ownership
- Supply chain margins and outlook for input costs
- Overview and comparison of pricing models
Assess category spend for the US region
Factors like the prevalence of stringent regulations for private user data protection, growing adoption of cloud-based security solutions by the SMEs, and the proliferating cybersecurity start-ups are favoring the spend momentum for the cybersecurity industry in the US. BFSI, aerospace and defense, healthcare, and IT are some of the significant end-user industries, among which the BFSI sector will account for a higher cybersecurity services adoption rate in the US.
Additional information offered in this cybersecurity services procurement research report will help buyers analyze:
- Supplier cost structure in the US
- Margins of suppliers and category cost drivers
- Category spend potential in the US
Build strategies for effective supplier selection
With the growing complexities of the industry’s technological infrastructure, it is essential to seek service from the best cybersecurity companies that can provide end-to-end solutions which are predictive in nature. Cybersecurity solutions offered by them are expected to address all the information security domains that help to manage the threats.
This cybersecurity services procurement research report identifies the major costs incurred by suppliers and provides additional information on:
- Supplier ecosystem
- Buyer and supplier KPIs
- Incumbent supplier evaluation metrics
Devise effective category management strategies for cybersecurity services
IT expenditure constitutes a significant portion of a company’s annual budget which tends to increase on a yearly basis. With a view to reducing the same, procurement strategies must focus on buying cybersecurity services that are scalable. On that note, category managers are advised to migrate their security infrastructure from on-premise solutions to cloud cybersecurity services that offer the required scalability. Such services effectively reduce IT expenses along with ensuring better excellent performance with heavy workloads, which enables easy monitoring and debugging.
Key insights offered in this market intelligence report on cybersecurity services will help the buyers identify:
- Critical KPIs for buyers and suppliers
- Category management objectives and risk management strategies
- Sustainability practices
Determine the spend dynamics for key geographies
Improving accessibility to cloud-based solutions, rising adoption of IoT devices, favorable regulations, and rapid adoption by the BFSI and healthcare sectors are driving the growth of the cybersecurity industry in APAC. Increasing instances of cybersecurity attacks and the imposition of stringent government regulations such as GDPR will compel buyers in Europe to leverage cybersecurity services on a greater scale. However, compared to the other regions, the growth of the cybersecurity industry in MEA will take a backseat because of the failure of the SMEs to implement the basic protection strategies such as network filtering. This is deterring them from utilizing the scopes of cybersecurity services.
Key geographies analyzed in this cybersecurity services procurement research report include the following:
- North America
- South America
Information on the best cyber security companies and major risks faced while procuring cybersecurity services are offered in this market intelligence report. Download a free sample to access the report’s complete scope of coverage.
Key Features of Report
Procurement Best Practices
Cost Saving Opportunities
Supplier Capability Matrix
Cybersecurity Services - Category Spend Analysis
According to SpendEdge analysts, increasing demand from sectors such as banking, finance, manufacturing, and healthcare as they deal with sensitive data that needs to be secured from cyber criminals is one of the key growth contributors of the cybersecurity services industry.
Cybersecurity Services – Procurement Best Practices
Buyers must engage with suppliers who can help them category management and planning activities via conferences or events. This can be achieved by involving them in management and planning activities as their involvement in planning activities will ensure that they understand the business requirements better and develop innovative solutions to meet the buyer’s demands.
Cybersecurity Services - Procurement Challenges
Based on the analysis in this report, focusing less on internal security is one of the major procurement pain points experienced by the buyers. SpendEdge’s procurement specialists predict that the buyers must engage with the suppliers that help build and implement internal security measures.