Booz Allen Leads New Frost & Sullivan Security Report
Firm holds largest single market share of Managed and Professional Security Services market in the Americas
Frost & Sullivan, a leading market research and strategy firm, ranked Booz Allen Hamilton as holding the largest single market share in Managed and Professional Security Services in the Americas in its annual report, Managed and Professional Security Services Market in the Americas, Forecast to 2024. Key contributors to Booz Allen’s ongoing leadership in a highly competitive market are its established role as a trusted partner to U.S. federal and defense agencies and its proven ability to deliver intelligence-grade cybersecurity tradecraft at scale to large enterprises. This is the third consecutive year Frost & Sullivan has recognized Booz Allen’s cybersecurity capabilities and leading market position.
According to Frost & Sullivan’s report, revenue in the Americas in the managed and professional security services market reached $10.88 billion in 2019 and is expected to surge to $18.81 billion at a compound annual growth rate of 11.6 percent by 2024. Booz Allen holds the largest single market share of the total Americas market, at 10.7 percent.
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“Organizations in both the public and private sector need a trusted partner to meet today’s evolving and persistent cyber threats,” said Brad Medairy, executive vice president and leader of the firm’s cyber and engineering practice. “Our comprehensive approach that combines advanced technologies, threat-hunting capabilities, and intelligence-grade tradecraft makes us uniquely equipped to help clients prepare for and mitigate even the most daunting cyber challenges.”
As one of the largest cybersecurity providers, Booz Allen’s diverse client portfolio spans nearly every defense and federal agency, as well as Fortune 100 and Global 2000 companies across industries including financial services, health and life sciences, energy, transportation, and manufacturing.
“As we see daily in headlines from around the world, the cyber threats that companies face are becoming more frequent and having more disruptive consequences,” said Bill Phelps, executive vice president and leader of the firm’s Global Commercial business. “We have remained relentlessly focused delivering comprehensive cyber services and solutions to ensure business resiliency in the face of constantly evolving cyber threats.”
“The volume, sophistication, and diversity of cyber threats are an unrelenting problem for companies’ internal information security teams,” Frost & Sullivan wrote in the report. “Outsourcing to manage and secure IT environments has become a cost-effective option for those with outdated or otherwise inadequate cybersecurity practices.”