The study indicates the current scenario as, budgets are tight, skills are at a premium and business imperatives like mobility, social media, web applications and big data can pose risks as well as inefficiencies if they’re not properly managed. To overcome these challenges the managed security services are used. Managed security services major benefits are, cost effectiveness, continuous security monitoring, deep and broad security protection and others.
These benefits also drive the managed security market. Recently there has been a rise in demand for advanced threat protection due to increasing cyber-attacks are the key market drivers for managed security services market. Besides, the managed security services also has a few drawbacks as regulatory non-compliance, managed security service providers typically do not understand the business culture or industry as well as internal enterprise staff, enterprise has to trust a third party to manage their intellectual property and client data and others. These factors results as the restraining factors for the growth of managed security services market.
Managed security services are network services with a systematic approach to manage organization’s security needs which are generally outsourced to a service provider or in house. The managed security services provide positive monitoring of the customer’s security environment and also provides security against DDOS attacks, email viruses, firewalls and intrusion detection and prevention service. The study indicates that the increasing complexity and focused targeting of attacks boosts demand for organizations to follow a managed security service provider thus growing the market for the managed security service. Apart from it the study also indicates that shortage of in-house and deep security expertise and talent drives demand for organizations to partner with a managed security service provider.
The Managed Security Services Market is growing rapidly over 12% of CAGR and is expected to reach at USD 34 Billion by the end of forecast period.
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Major Key Players:
• IBM (U.S.)
• Verizon Communications (U.S.)
• Century Link (U.S.)
• AT&T (U.S.)
• Symantec Corporation (U.S.)
• HP Enterprises (U.S.)
• Fortinet (U.S.) Solutionary Inc. (U.S.)
• Dell SecureWorks (U.S.)
• CSC (U.S.)
• Trustwave (U.S.)
• Rapid 7 (U.S.)
• BT Group (UK)
Managed Security Services Market Segmentation:
The Managed security services market has been segmented on the basis of service type, organization size, deployment and end-user. Looking through the service type segment it’s been observed that end point security segment would dominate the Managed security services market. The study reveals that managed security services market is dominated by BFSI sector. However, considering the deployment segment, the hybrid managed security services shows a significant growth and is expected to show a sudden hike by the forecast period. The study indicates that the small and medium businesses would grow significantly in the managed service market by the forecast period.
Recently, it has been observed that many companies are many organizations are expanding geographically to provide managed security services. As per the recent news, Cisco has opened a Cyber Range Lab in India to offer managed security services.
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On 18th September 2018, SolarWinds MSP, a leader in delivering comprehensive IT service management solutions to IT solution providers and managed security service providers, has launched SolarWinds Threat Monitoring Service Program.
On 20th August 2018, Bell Techlogix, a leading IT managed services and solutions company, has launched its first in a series Managed security service solution.
The regional analysis of Managed Security Services Market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. The study indicates that North America region would dominate the Managed security services market by the forecast period owing to the presence of developed countries like United States, Canada and also due high adoption of managed security solutions to handle the ever changing rules and regulations.
The study indicates that Europe would have the second biggest market share in the managed security services market and would have steady and positive growth in the market. The study reveals that Asia-Pacific region would show a positive growth in managed security services market by the forecast period.
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• Industrial users
• Enterprise users
• Technology investors
• System Integrators
• Defense and Security Agencies
• Government Organizations
• Research/Consultancy firms
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