A recent report published by Infinium Global Research on managed security services market provides an in-depth analysis of segments and sub-segments in the global as well as regional managed security services market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional managed security services market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global managed security services market. According to the report, the global managed security services market is projected to grow at a CAGR of 14.1% over the forecast period of 2020-2026.
Managed security services market size is expected to garner around USD 24 billion by 2019, registering a CAGR of 14.1% during the forecast period 2020-2026. Managed security services are network services with an organized approach to manage an organization’s security needs which are normally outsourced to a service provider or in-house. Furthermore, the managed security services deliver positive monitoring of the customer’s security environment and also provide security against DDOS attacks, email viruses, firewalls, and intrusion detection and prevention services. It also offers services like continuous monitoring and handling of intrusion detection systems and firewalls and enables security checks and controls as well as responding to emergencies. Moreover, increased complexities in network infrastructure are proving to be major limitations in data security management. In such a situation, the outsourcing of security tasks to managed security service providers has appeared as a lucrative option for organizations.
The numerous benefits of managed security services such as cost-effectiveness, deep & broad security protection, continuous security monitors, and others are anticipated to boost the managed security services market during the forecast period. Furthermore, an increasing number of cyber activities and strict government rules & regulations also drive the market growth. The rising BYOD (Bring your own device) trend among organizations is expected to propel the growth of the managed security services market. In addition, the increasing demand for advanced threat protection due to increasing cyber-attacks is projected to drive the market over the forecast period. However, there are certain restraints faced that can hinder the market growth. A dearth of trust issues on third-party applications to share sensitive data is likely to act as a market restraint during the forecast period.
In addition, the current concern over the spread of novel coronavirus is also expected to have a moderate impact on the managed security services market. Implementation of remote working policy, owing to lockdown is putting unexpected stress on remote networking technologies and causing operational technology (OT) security risk anxieties over the vulnerable home network security. Moreover, as digital infrastructure becomes a critical factor of business strategic considerations, network security will become a competitive differentiator for businesses and overhaul their remote working strategies. These elements may surge the growth of the managed security services in the global market during the COVID-19 epidemic.
Among the geographies, the managed security services market is segmented into North America, Europe, Asia Pacific, and RoW. The North American region dominates the global managed security services market owing to the extensive developments in the IT sector that have attracted several organizations to operate in the region. The explosion of these developments has led to the evolution of severe and sophisticated cyber threats. This safety concern has augmented the deployment of security services in the region. Furthermore, the global managed security services market in the Asia Pacific region is projected to witness the fastest growth owing to the increased IT security spending in countries such as India and China. One of the major factors boosting the growth of the industry includes the progression towards stricter cyber enforcement.
The report on the global managed security services market covers segments such as technology, enterprise size, application, and end user. On the basis of technology, the sub-markets include cloud-based, and on-premise. On the basis of enterprise size, the sub-markets include SMEs, and large enterprises. On the basis of application, the sub-markets include managed IPS and IDS, distributed denial of services (DDoS), unified threat management (UTM), secured information & event management (SIEM), firewall management, endpoint security, and others. On the basis of end user, the sub-markets include BFSI, healthcare, retail, telecom & it, and others.
The report provides profiles of the companies in the market such as International Business Machines Corporation (IBM), Hewlett Packard, AT&T Inc., Computer Science Corporation (CSC), Symantec Corporation, Dell Secure Works Inc., Cisco Systems Inc., Fortinet Inc., Check Point Software Technologies Ltd, and BT Group.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of managed security services market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.