GROWING VOLUMES OF DATA ON ACCOUNT OF INCREASED IOT ADOPTION AND INCREASED MOBILE DEVICE USAGE AMONG CORPORATE EMPLOYEES HAVE MAINLY FUELED THE DEMAND OF MANAGED SECURITY SERVICES ACROSS THE WORLD.
by Kevin Stewart, Research Manager, Research Cosmos
Managed security services market has witnessed an up thrust with the advent of new innovations and increased cyber attacks inside the Information Technology (IT) industry. As the name itself indicates, managed security services are the protection provided to any company’s network or the information system within the organization or by some trusted third-party providers. Some of their work includes incident responses, intrusion detection and alerts, firewall monitoring, security audits, system upgrades, vulnerability assessments, and so on.
The global managed security services market is predicted to have a net worth of USD 17 Billion in 2016 and is estimated to cross USD 35 Billion by 2022, with market size growing at an annual rate greater than 14% in between the years. The recent market study also discloses that around 82% of IT professionals are interested in using or already using the facilities of managed security services.
The increase in cybercriminal activities, complex cloud infrastructures, and continuous log monitoring and auditing have become a great challenge for IT industries to depend solely on their internal security processes. This, in turn, led to the proliferation of managed security services from external providers directly impacting the growth of its market share. The market analysis also confirms that the shortage of in-house skilled professionals, advanced cyber threats, and affordable third-party services had risen the significant demand for managed security services.
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 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 the future as per the market forecast.
Intrusion preventions systems (IPS) and intrusion detection systems (IDS) of the managed security services applications have gained 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.
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 the managed security services market. The increased focus on information security, more investments in technology, growing security service providers, and strong financial status is some of the major factors owing to the market growth in North America. The United States of America is the strongest contributor to the 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.
Major market vendors:
Cybersecurity has raised the bar for growing managed security services providers and potential to unlock great fortunes. However, there are some key market contributors that hold the international markets for a long time now. The top players among those are IBM Corporation, Symantec Corporation, SecureWorks Inc, Cisco Systems, AT&T, HP, CSC, BT Group, Fortinet Inc., Verizon Communications, Solutionary, Inc., Rapid 7 Inc., and Trustwave Holdings, Inc.
A sample of the report is at https://www.researchcosmos.com/request/1804057967
About the Author
Kevin Stewart, currently working as a Research Manager is having a considerable amount of experience in the IT industry. Kevin is having a strong analytical and strategic mind and good at providing compelling insights for business development. He is well-versed in the research process which includes reviewing the collected data, authoring reports and making business-oriented recommendations to clients. He also holds firm knowledge at predictions and identifying the trends that can impact the market and business growth. Kevin can be reached online at email@example.com and at https://www.researchcosmos.com