Global Managed Security Services Market Expected to Register a CAGR of 17.6% Between 2016 and 2026, Owing to Increasing Vulnerabilities of Advanced Cyber Attacks and Threats
New York, NY -- (SBWIRE) -- 11/26/2016 -- Persistence Market Research delivers in depth research on the global managed security services market in its latest report titled, "Managed Security Services Market: Global Industry Analysis and Forecast, 2016–2026". According to the report, the global managed security services market is estimated to be valued at US$ 19.98 Bn by 2016 end and is expected to increase to US$ 100.88 Bn by 2026.
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Managed Security Services is the systematic approach to manage the security needs of the organization by outsourcing its security services to third party vendors known as managed security service providers. These services are cost effective, provide skilled resources, network infrastructure, advanced security solutions and tools with adherence to compliance and regulatory requirements and 24 x 7 support and monitoring.
Managed security services consists of different types such as on-site consulting, perimeter management of the network of the client, vulnerability management, penetration testing, security audits and compliance monitoring, round the clock monitoring, intrusion detection system ,firewall management, threat management, DDoS attacks, security information and event management, end point security and product resale, virtual private network, and anti-viral services.
Managed Security Services has applications in various end use industries such as banking and financial institutions, healthcare, retail, telecommunication and information technology, government, energy and utilities, industrial manufacturing and others.
The report analyses the global managed security services market in terms of value (US$ Mn) by deployment type, service type, application type, organization and region; and provides insightful information regarding the value chain, market trends, competitive landscape, market dynamics and market estimation and forecast.
Factors such as increasing cybercrime activities, cost effectiveness, delivering timely and speedy action against advanced threats, skilled workforce, 24 x 7 monitoring and support, continuous change in compliance standards and regulations and growing trend of BYOD and mobile devices at workplace are some of the drivers which are expected to grow global managed security services market during the forecast period.
However, barriers to entry in the form of scalability, automation and professional expertise act as major restraints in the global managed security services market. Moreover, there is always a huge amount of risk associated with outsourcing the critical and sensitive security information of any organization to the service providers. This also acts as a hindrance to the growth of the global managed security services market.
The global managed security services market is segmented on the basis of deployment type, service type, application type, organization and region. By software type, the market is segmented into cloud-based software and web-based software. On the basis of application type, the market is segmented into BFSI, retail, healthcare, telecommunications and others. By service type, the market is segmented into IPS/IDS, DDoS, threat management, firewall management, end point security and SIEM. The market is also segmented on the basis of the organization which includes large enterprises and small and medium enterprises. Key regions covered in the report are North America, Western Europe, and Asia Pacific excluding Japan, Eastern Europe, Middle East & Africa, Latin America and Japan.
Demand for cloud-based deployment is expected to grow over the web-based deployment during the forecast period. The cloud-based deployment market is expected to register a significantly high CAGR of 20.1% over the forecast period. The growth is attributed to the flexibility, scalability and easy deployment of the cloud-based platforms.
Managed Security Services is gaining traction in terms of service types in endpoint security, SIEM and threat management segment. The growing trend of "Bring Your Own device" which refer to the policy of permitting employee owned devices and mobile devices in the workplace is driving the major growth of the segment during the forecast period. Moreover, digital and social innovation, cloud platforms, mobile solutions and Internet of Things are expected to expand the segment with a high CAGR during the forecast period.
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In terms of organization, small & medium enterprise segment is expected to grow at a high CAGR of 19.2% due to increasing focus towards the compliance and security regulations in these enterprises.
On the basis of regions, North America is anticipated to be the most attractive region in terms of value share by 2026. The region is estimated to account for 31.4% value share in 2016 and is anticipated to continue the dominance in value share over 2016–2026.The markets in North America and Western Europe are anticipated to contribute majorly to the global managed security services market. The market in North America is estimated to be valued at US$ 6,270 Mn by 2016 and is expected to expand at the CAGR of 18.8% during the forecast period. The market in the Western Europe is expected to be valued at US$ 20.613 Bn by 2026. North America and Western Europe are the quicker adopters of managed security services. Their society are more connected and possess high risk from advanced cyber-attacks such as advanced persistent threats and zero day attacks.
Key market participants covered in the report include IBM Corporation, Symantec Corporation, Fortinet, Inc., Computer Science Corporation, Accenture PLC, AT&T Inc., Intel Corporation, Cisco Systems, Inc. Checkpoint Software Technologies Limited, and Trustwave Holdings, Inc.
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