Report Overview

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

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Thailand Managed Security Services Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing Cyber Threats
         2. Growing Adoption of Cloud Computing
      2. Restrains
         1. High Cost of Managed Security Services
         2. Lack of Awareness about Managed Security Services
      3. Opportunities
         1. Growth of the Internet of Things (IoT)
         2. Growing Demand For Managed Security Services In Small And Medium–Sized Enterprises (SMEs)
      4. Challenges
         1. Increasing Sophistication of Cyberattacks
         2. Lack of Standardization In Managed Security Services
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Thailand Managed Security Services Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Security Type
         1. Network Security
         2. Endpoint Security
         3. Application Security
         4. Cloud Security
         5. Others
      2. By Deployment Mode
         1. On–Premises
         2. Cloud
      3. By Organization Size
         1. Large Enterprises
         2. SMEs
      4. By End Users
         1. BFSI
         2. IT & Telecommunication
         3. Energy & Utilities
         4. Healthcare
         5. Manufacturing
         6. Defense
         7. Others
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Thailand Managed Security Services Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid–19 on Thailand Managed Security Services Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. True IDC
   2. CAT Telecom
   3. Advanced Info Service (AIS)
   4. True Digital Security
   5. KBTG
   6. Jasmine International
   7. Sify Technologies
   8. TOT Public Company Limited
   9. Cybersecurity Thailand
   10. Symantec
   11. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
   4.  Breakdown of Primary Research Respondents, By Region
   5.  Assumptions & Limitations

*Financial information of non–listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in–depth secondary research for the final deliverable.

List of Figures

Figure 1       Thailand Managed Security Services Segmentation

Figure 2       Thailand Managed Security Services Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Thailand Managed Security Services Market Size, By Value (USD Million), 2019–2029 

Figure 5       Thailand Managed Security Services Market Share, By Security Type, By Value, 2019–2029 

Figure 6       Thailand Managed Security Services Market Share, By Deployment Mode, By Value, 2019–2029

Figure 7       Thailand Managed Security Services Market Share, By Organization Size, By Value, 2019–2029

Figure 8       Thailand Managed Security Services Market Share, By End Users, By Value, 2019–2029 

List of Tables

Table 1        Thailand Managed Security Services Market Size, By Value (USD Million), 2019–2029

Table 2        Thailand Managed Security Services Market Size, By Security Type, By Value, 2019–2029

Table 3        Thailand Managed Security Services Market Size, By Deployment Mode, By Value, 2019–2029

Table 4        Thailand Managed Security Services Market Share, By Organization Size, By Value, 2019–2029

Table 5         Thailand Managed Security Services Market Size, By End Users, By Value, 2019–2029

Table 6        True IDC Company Overview

Table 7        True IDC Financial Overview

Table 8        CAT Telecom Company Overview

Table 9        CAT Telecom Financial Overview

Table 10      Advanced Info Service (AIS) Company Overview

Table 11      Advanced Info Service (AIS) Financial Overview

Table 12      True Digital Security Company Overview

Table 13      True Digital Security Financial Overview

Table 14      KBTG Company Overview

Table 15      KBTG Financial Overview

Table 16      Jasmine International Company Overview

Table 17      Jasmine International Financial Overview

Table 18      Sify Technologies Company Overview

Table 19      Sify Technologies Financial Overview

Table 20      TOT Public Company Limited Company Overview

Table 21      TOT Public Company Limited Financial Overview

Table 22      Cybersecurity Thailand Company Overview

Table 23      Cybersecurity Thailand Financial Overview

Table 24      Symantec Company Overview

Table 25      Symantec Financial Overview

Table 26      Other Prominent Players Company Overview

Table 27      Other Prominent Players Financial Overview