Managed Security Services Market Expected to expand at a steady CAGR of 17.6% by 2027
Managed security services is a programmatic approach to manage security requirements of an organization by outsourcing its security service to the third party vendors called as managed security service providers. Such type of services provide skilled resources, advanced security solutions, network infrastructure and are cost effective as well as adhere to regulatory requirements and compliance.
These services also provides 24X7 support and monitoring.
Managed security services compresses various types such as anti-viral services, on-site consulting, vulnerability management, virtual private network, penetration testing, round the clock monitoring, DDoS attacks, intrusion detection system , threat management, firewall management, security information and event management, security audits and compliance monitoring, end point security and product resale, and perimeter management of the network of the client.
Managed security services have wide uses in different end use industries like healthcare, banking and financial institutes, government, retail, energy and utilities, telecommunication and information technology, industrial manufacturing.
According to a report published by Persistence Market Research, the global managed security services market is anticipated to increase at staggering double-digit CAGR throughout the forecast period (2016-2026).
Rising requirement for improved threat protection on the back of increase in the frequency of cyber security attacks is fueling the growth of the market of managed security service providers. Additionally, it helps an organization to reduce their cost by outsourcing their security needs to managed security service providers, so as to attain economies of scales.
Cyber intelligence is the ability to respond rapidly to the real time incidents. This demands understanding the security event log data, filtering of the appropriate threat feeds, insecure data and recommending the right means to handle the data.
Most of the companies failed to support such type of functions.
To overcome this need, companies need to be partner with skilled security service provider, who will help to avoid risk, providing the skilled staff and supporting the network capabilities to constantly monitor and analyze. Market players that are investing in in-house network infrastructure facilities with the current technology need significant time to bring it in the action.
This leads to the outsourcing of security services to professional service providers.There is always a risk associated with the sensitive information of the company that has been outsourced to the professional security service providers as the information could be leaked. Such factors are the key restraints that are limiting the growth of the market.
The market has been segmented based on service type, application type, deployment type and organization.
Based on the service type the market consists segments such as DDoS, SIEM, IPS/IDS, Firewell Management, Threat Management, and End Point Security. Among these, the endpoint security segment is anticipated to grow at staggering double-digit CAGR throughout the forecast period.
The increasing trend of ‘bring your own device’ which is related to the company’s policy stating that employees can bring their own devices and mobile phone at workplace has propelled demand for this segment.
The SIEM segment was valued more than US$ 4,200 Mn in the year 2016 is projected to witness expansion at 19.2% CAGR throughout the assessment period. The expansion of the segment is attributed to the development in data analyst that help in decreasing response time as well as the time required to detect any irregularities in the network devices.
In terms of value, the market in North America is estimated to expand at 7X throughout the forecast period, registering estimated CAGR of double-digit. The market had secured nearly US$ 5,490 Mn by 2016-end and is estimated to reach US$ 35,218 Bn by the end of 2026.
The United States as the headquarters of leading managed security service companies is anticipated to remain lucrative region for managed security services market during the forecast period.
Several players in the market that are contributing to the growth of the global managed security services market on large scale are profiled in the report such as Trustwave Holdings, Inc., IBM Corporation, Fortinet, Inc., Cisco Systems, Inc., Intel Corporation, Computer Science Corporation, AT&T Inc., Accenture PLC, Checkpoint Software Technologies Limited, Symantec Corporation
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