SpendEdge, a global procurement market intelligence firm, has announced the release of their Global Cybersecurity Services Category – Procurement Market Intelligence Report.
The advent and the widespread application of IoT have made the organizational infrastructure more vulnerable to cyber attacks. This is compelling buyers to augment their spend in the cybersecurity industry. Increasing venture capital investments done in this industry and boost in the marketing and advertising activities related to cybersecurity is supplementing the category growth as well as normalize in the price competition in the cyber security industry. Despite the normalizing price competition, the lack of cybersecurity experts will deter the service providers from striking harmony in their category pricing strategy. Download the Free Sample of the cybersecurity services market intelligence report here!
Stringent regulations that mandate private user data protection, increasing adoption of cloud-based security solutions and the emerging cybersecurity start-ups are some of the factors that are promoting the category growth in the US. APAC will register a fast category spend growth because of the improving accessibility to cloud-based solutions, rising adoption of IoT devices, favorable regulations, and rapid category adoption by the BFSI and healthcare sectors. However, compared to the other regions, the growth of the cybersecurity industry in MEA will decline 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.
This market intelligence report offers a detailed overview of the key cost drivers and category management insights that can aid in devising a sustainable procurement strategy for cybersecurity services. This procurement research report also highlights the current supply market developments to help the buyers choose the appropriate vendors who can promise a steady supply assurance. Not what you are looking for? Request for free customization.
Organizations must develop their customized cybersecurity standards that are in line with their unique goals and strategies, says SpendEdge procurement expert Sumit Yadav. These customized standards will help buyers track whether the service providers are offering services that meet their expectations, thereby justifying their procurement spend, added Sumit.
This cybersecurity services market intelligence report has highlighted the following factors to play a key role in influencing category spend. They include:
- Tactical levers offer higher cost-saving opportunities than strategic levers
- Lack of cybersecurity experts will be a crucial factor driving service providers’ cost
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SpendEdges procurement market intelligence reports for the information technology category offer information on critical cost drivers and category pricing strategies to help the buyers achieve significant cost-savings. The supply market forecasts provide information on supplier performance benchmarking criteria to help buyers reduce spend and establish better SLAs. Additionally, SpendEdges reports offer category management insights and procurement best practices for the category.
Report scope snapshot: Cybersecurity services
- Market favorability index for suppliers
- Competitiveness index for suppliers
- Threat of new entrants
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Category management enablers
- Procurement organization
- Category enablers
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- Category hierarchy
- Category scope
- Category map
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