According to Bhawna Kohli, Manager Research at AMR, executives across the globe are concerned about data security as this is directly linked to their brand reputation. Increasing rate of cybercrime activities, growing adoption of mobile devices to access corporate network, and rising importance of e-business have led to the development of effective security infrastructure with managed security services.
Managed Security Services Market Report, by Allied Market Research forecast that the global market is likely to reach revenue of $40.97 billion by 2022, growing at a CAGR of 16.6% from 2016 to 2022. North America is expected be the largest market for managed security services during the forecast period owing to the growing awareness about the information security among businesses.
The managed security services market focuses on various applications which include managed IPS/IDS, DDoS, UTM, firewall management, endpoint security, and others. IPS/IDS constitute the highest market share as the they provide protection to any sized networks.
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Generally, managed security services are delivered in two basic models—on-premise or customer’s premise equipment and cloud-based managed security service model. The on-premise or customer’s premise equipment constitute the highest market share and is preferred in cases when organization/companies are concerned about security of sensitive information over cloud.
Based on organization size, the report covers businesses under two main groups such as large businesses and small- & medium-sized businesses. Financial loss incurred due to data theft and network damage affects both large businesses as well as small- & medium-sized businesses.
Thus, small- & medium-sized businesses also have a significant share in revenue generation.
North America currently constitutes the highest market share in the world managed security services market during the forecast period. However, the Asia-Pacific region would witness the highest CAGR of 20.3% during the forecast period.
A growth in security awareness and emphasis to maintain the brand image would contribute to the increasing demand for managed security services from various industry verticals.
Key findings of the Managed Security Services Market Study:
- IPS/DPS market is expected to exhibit a remarkable growth during the forecast period.
- On-premise or Customer Premise Equipment (CPE) deployment mode contribute the highest market share.
- The Asia-Pacific region is expected to exhibit a promising growth owing to increasing rate of adoption in the region.
- Industry participants focus on introducing new products with innovations and to improve their market share
The managed security services market comprises dominant players such as IBM Corp., HP, Dell SecureWorks, Cisco Systems Inc., Symantec, AT&T, BT Group, Verizon, and others. These market players primarily focus on the development of new features, launch of innovative products with exceptional variations, and adoption of R&D and acquisition as their key strategies to establish their position in the market.
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