The Global Managed Security Service Market was estimated USD 17.31 billion in 2016 and expected to reach USD 34.69 billion by the end of 2021, with a CAGR of 14.9% from 2016 to 2021.
High investment is needed to deploy specialist infrastructure that can offer superior quality enterprise security solutions. Managed security services offers systematic approach to manage organization’s security needs through a new business models that can enable greater flexibility and ensure higher affordability within. Managed security service providers’ offer these carrier grade network security services through fixed monthly payment plans. The managed security services market is majorly driven by increasing need for comprehensive, cost-efficient, flexible and transparent security solution that can help to enhance threat management, and ensure policy compliance. Furthermore, growing popularity of BYOD and CYOD at workplace is also fuelling the positive market growth. Increasing adoption of managed security services across large and small enterprises is result of increasing need to implement security strategy that can not only facilitate organization’s information security but also provides satisfactory assurance for regulatory compliance requirement. However, trust issues related to third party vendors hinders the market growth.
Cloud is considered as most preferred option for deployment of managed security solutions. Cloud based deployment offers highest level of flexibility and scalability to the existing network infrastructure. On other hand, hybrid deployment is expected to reflect highest CAGR over the forecast period. This is attributed to ability of hybrid deployment to offer best of both, cloud and on premise deployment of security solutions.
The report segments the global managed security service market by deployment type, by service, byvertical, and region. The deployment types include cloud andon-premises. The service includes distributed denial of service (DDOS), log monitoring, managed firewall, managed intrusion detection/prevention system (IDS/IPS), managed security information and event management (SIEM), vulnerability management, and among others (identity access management (IAM), web application security).The verticals include BFSI, consumer goods and retail, education, energy and power, government, healthcare, telecom and IT, and among others.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. Currently, North America leads the global managed security service market followed by Europe and Asia-Pacific.The managed security service market in Asia-Pacific is projected to reflect highest CAGR over the forecast period. The attractiveness of the managed security service market in the Asia-Pacific region is result of increasing adoption of BYOD and CYOD at workplace and growing need to protect organization from targeted cyber-attacks that too in most economical way.
The companies covered in the report include International Business Machines Corporation, Hewlett Packard Enterprise, Verizon Communications, AT&T, Symantec Corporation, CenturyLink, Computer Sciences Corporations, Solutionary, and among others.