Gartner Highlights MSSP Opportunity As Security Market Set To Hit $86.4B In 2017

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As the security market continues its rocketing growth, Gartner said managed security service providers (MSSPs) are one of the key benefactors riding that opportunity to new heights.

In a recent report, Gartner said it now predicts the worldwide information security market will reach $86.4 billion by the end of 2017, up 7 percent year-over-year. That growth will continue in 2018, the report said, with the market hitting $93 billion.

"Rising awareness among CEOs and boards of directors about the business impact of security incidents and an evolving regulatory landscape have led to continued spending on security products and services," Sid Deshpande, principal research analyst at Gartner, said in a statement.

[Related: Gartner: 10 Biggest Cybersecurity Consulting Companies By Revenue]

Gartner said there is a particular opportunity around security services, saying that area is the fastest growing segment of the security market. The research firm said those services include IT outsourcing, consulting, and implementation services.

Gartner also said there is a growing opportunity around managed security services as companies look to develop a more mature security program and look to outsource more of those capabilities. Gartner said 40 percent of all managed security services contracts will be bundled with other security services and IT outsourcing projects by 2020.

Partners said they are also seeing that same opportunity. Ted Clouser, executive vice president of Little Rock, Ark.-based PC Assistance, said he is "absolutely" seeing more opportunity around managed security services than ever before. He said his company fully embraced the MSSP model about a year and a half ago and it is "beginning to really take off."

"I firmly believe that the entire industry is going to move that direction," Clouser said. Clouser said his own business' growth is in line with Gartner's predictions for the market overall.

Clouser said he is seeing the opportunity for managed security services across all technology areas of security. He said his business usually starts with a vulnerability assessment of a client then builds a custom security strategy for technology and services improvement from there.

Clouser said clients are paying attention to security more than ever before, with recent events like WannaCry and NotPetya driving awareness to new heights.

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