Global Cyber Security Services Market Is Projected To Register 15.6% CAGR During The Forecast Period 2017-2026, To Bring In US$ 63,524.5 Million Revenue
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The global managed cyber security services market is expected to witness a robust growth attributed to growing incidences of malware threats in the cyber space. Increasing demand for vulnerability and threat management is expected to boost demand for the managed cyber security services among the large enterprises. Moreover, surge in demand for scanning and testing to detect malware is further expected to contribute towards growth of the global managed cyber security services market significantly. Adoption of the managed cyber security services is expected to remain high among hotel chains, distributed organizations, restaurant groups and franchises.
The report reveals an in-depth insight on the crucial aspects of the global managed cyber security services market on the growth patterns, important segments, competitive landscape and factors fuelling growth of the global market.
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Global Managed Cyber Security Services Market: Dynamics
Growth of the global managed cyber security services market is mainly bound by various macro-economic and micro-economic factors. The report reveals that the global managed cyber security services market is expected to gain momentum attributed to growing need to protect confidential data from malware attacks. Increasing incidences of malware attacks in various business organizations will continue to fuel adoption of the managed cyber security services and solutions. In addition, surge in instances of employees and insiders of the business organization attempting to leak confidential and sensitive data has led business organizations to adopt the managed cyber security services and solutions significantly. Growing instances of data breaches and malware attacks in various organizations has led the companies offering cyber security solutions and services to focus on developing enhanced perimeter defense and threat detection solutions.
Malware attacks and data breaches can lead to significant losses for the company along with its confidential information stored. Growing need to for cyber security solution and services has led to surge in demand for the critical business service monitoring that are offered to the clients. Moreover, organizations are also increasingly focusing on offering cloud security management, user activity management, security monitoring and VID, and desktop monitoring services to various business and government organizations globally. Increasing data breaches can further lead to identity theft in order to make expensive purchases, commit fraud, apply for loans and withdraw money. Bound to these factors, demand for the managed cyber security services and solutions is expected to increase significantly.
Growing incidences of data braches and malware attacks in various financial and banking institutions will continue to impact growth of the global managed cyber security services market positively. Information and crucial data regarding the security details of the financial institutions could lead to significant losses for the banking institutions. Further, loss of important details of the end users and banking credentials will impact the loyalty and trust of the customers investing in the plans offered by the financial institutions. Bound to these factors, demand for the managed cyber security services and solutions is expected to increase in the global market.
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Global Managed Cyber Security Services Market: Segmentation
In the next section, the global managed cyber security services market is segmented in terms of application, end users, and region. On the basis of application, the global market is segmented as identity and access management, risk & compliance management, vulnerability management, managed security devices management and other applications. Based on end users, the global market is segmented as BFSI, discreet manufacturing, healthcare, government agencies, telecommunication, energy & utility and other end users. By region, the global market is segmented as North America, Latin America, Europe, Japan, APEJ and MEA.
Global Managed Cyber Security Services Market: Competition
Key players in the global managed cyber security services market are Tata Consultancy Services, Symantec, Secureworks, CNS Group, IBM Corporation, Proficio, Accenture, Optiv, Assuria and Honeywell.