Page 15 - Cyber Defense eMagazine - March 2018

Contemporary trends in the market:

Mobile devices market rise had tremendously influenced the need for security services.
The migration of workforce to cloud and the use of big data analytics has also impacted
the market size lately. The introduction of technology in almost all the fields have also
been a great concern and propels the need for managed security services.

Of all the verticals that use the managed security services, the Banking, Financial
Services, and Insurance (BFSI) segment bags the major portion of market revenue. The
strict regulations to protect the customers' confidential data and transactional
information had kept the emphasis on banking and financial institutions to use
trustworthy security services. The continuous cyber-attacks for theft and increased
concerns of customers are also driving the managed security services market growth.

Compared to large-scale businesses, Small and Medium Enterprises (SMEs) are
observed to gain more interest in using the managed security services. The requirement

for advanced security at an affordable cost is the prime factor influencing the market
growth in SMEs. Also, SMEs are the easy targets in many cyber-attacks due to their
insufficient infrastructure and it helps the SMEs to lead the market revenue for managed
security services in future as per the market forecast.

Intrusion preventions systems (IPS) and intrusion detection systems (IDS) of the
managed security services applications have gained a wide fame dominating the global
market share. The continuous monitoring for any unwanted intrusions and their
management has garnered the demand for IPS/IDS services.

Geographical presence:

The prevalence of cyber-crimes across distinct parts of the globe has raised the
demand for managed security services. With respect to the regions, North America
holds the major chunk of managed security services market. The increased focus on
information security, more investments in technology, growing security service

providers, and strong financial status are some of the major factors owing to the market
growth in North America. The United States of America is the strongest contributor to
market in North America. The frequent occurrence of cyber-attacks has led to the
demand for managed security services in the Asia Pacific and the Middle East in recent
times.

15 Cyber Defense eMagazine – March 2018 Edition
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