Report Predicts Managed Security Services Market to Reach USD 60.94 billion by 2024
Global Managed Security Services Market is expected to reach USD 60.94 billion by 2024. Managed Security Services (MSS) is termed as a systematic method to manage an administrations security needs. The services may be held outsourced or in house to a service provider that supervises other companies’ information and network system security.
Its functions comprise of responding to emergencies, round-the-clock monitoring and management of intrusion detection systems and firewalls, performing security assessments and security audits, and overseeing patch management and upgrades. The managed security services market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
Growing occurrence of cyber-attacks on IT infrastructure, strict government policy, and rising BYOD trends among organizations are documented as major factors of Managed Security Services Market that are estimated to enhance the growth in the years to come. However, growth in several strict information security regulations by government may restrain overall market in the coming years. Managed Security Services industry is segmented based on type, size, mode, vertical, and region.
Managed Cloud Security, Managed Network Security, Managed Application Security, Managed Application Security, and other types could be explored in Managed Security Services in the forecast period. Others sector includes managed web security and managed database security. Managed network security sector accounted for the significant market share of Managed Security Services and is estimated to lead the overall market in the coming years. Large enterprises and SMEs are the organization sizes that could be explored in Managed Security Services in the forecast period. Cloud and on-premises are the deployment mode that could be explored in Managed Security Services in the forecast period.
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The market may be categorized based on verticals like retail, banking, financial services, and Insurance (BFSI), manufacturing, telecom and IT, energy and utilities, healthcare, and others that could be explored in the forecast period. Others sector comprises automotive, education, and media & entertainment. The BFSI sector accounted for the significant market share of Managed Security Services and is estimated to continue its dominance in the coming years. This may be because of rising use of mobile and web applications for banking payments and transactions. In addition, healthcare sector is estimated to grow at significant CAGR in the coming years.
Globally, North America accounted for the substantial market share of Managed Security Services in terms of revenue and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be presence of key manufacturers offering MSS in this region. Canada and the United States is a major consumer of Managed Security Services in this region. This may be because of enhanced R&D of security solutions and technologies.
Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR in the foremost period. The aspects that may be ascribed to the growth comprise acceptance of advanced for growing cases of cyber-attacks on enterprises. The developing countries like India and China are the major consumers of Managed Security Services in the region.
The key players of Managed Security Services market are Wipro, IBM, NTT Security, SecureWorks, Fujitsu, Symantec, Fortinet, Trustwave, DXC, Verizon, CIPHER, AT&T, CenturyLink, Atos, BT, and BAE Systems. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.
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