Albany, NY -- (SBWire) -- 10/08/2018 --Transparency Market Research (TMR) has published a research report on the global managed security services market, forecasting that the market will expand at a CAGR of 15.40% during the period from 2013 to 2019 and reach a value of US$24,127.1 mn by the end of the forecast period.The market study, titled "Managed Security Services Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 – 2019", states that the worldwide managed security services market stood at US$9,249.7 mn in 2012.
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According to the report, the rising awareness regarding the benefits these services offer has fueled the demand for managed security services in the global arena. Additionally, the emergence of cloud-based managed security services is likely to boost the global market significantly over the forecast period. However, the reluctance among consumers to share confidential information is projected to limit the growth of this market in the coming years.Based on the modes of delivery, the worldwide market for managed security services is classified into the markets for consumer premise equipment (CPE)-based services, cloud-based services, and hybrid services, which is an integration of cloud-based and CPE-based services.
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Among these, the market for cloud-based services leads the global market on account of the ease of installation and low maintenance cost. The report further states that this market segment is expected to retain its position in the global managed security services market during the forecast period.The banking & financial services and insurance (BFSI), healthcare, manufacturing, government & utilities, retail, telecom & IT, education, R&D, and hospitality sectors are the key end users. The report also cites that network security, business continuity, access control, confidentiality, compliance, and risk assessment are the major application areas of managed security services.
Managed Security Services Market -Low Maintenance Costs in Cloud-Based Security Management Driving Growth in Market