Managed security service market size is expected to grow from USD 17.02 billion in 2016 to USD 33.68 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 14.6% during the forecast period. Ever-growing need for increased security measures, emergence of Internet of Things (IoT) technologies, adoption of portable software & services, remote management tools, and reduction in IT security expenditure in an enterprise for a sustainable future, have led to adoption of managed security services.
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The organizations are rapidly growing their branches and offices across the world due to increasing globalization. The IT infrastructure is getting dispersed and distributed globally across various office locations.
It is becoming imperative for organizations to have highly secure environment in an organization and to follow continually changing government and industry norms and standards.
1 Attractive Market Opportunities in the Managed Security Service Market
2 Market Snapshot: By Service Type, 2016 vs 2021
3 Market Snapshot: By Deployment Type, 2016–2021
4 Market Snapshot: By Vertical and Region, 2016
5 Lifecycle Analysis By Region, 2016
The ever-growing need for increased security measures, emergence of Internet of Things (IoT) technologies, adoption of portable software & services, remote management tools, and reduction in the IT security expenditure in an enterprise for a sustainable future, have led to the adoption of managed security services.
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The Banking, Financial Services, and Insurance (BFSI) vertical holds the largest market size during the forecast period, owing to its dealings with an enormous amount of confidential data and the substantial impact of the data breaches on the organization's business. BFSI organizations are adopting managed security services in order to protect vital data and to avoid heavy penalties in case of data breaches.
Break-up of profile of the primary participants is as follows:
- By company: Tier 1 – 36 %, Tier 2 – 21%, and Tier 3 – 43%
- By designation: C-level – 83% and Others – 17%
- By region: North America – 70%, Europe – 15%, APAC – 15%
Managed security service ecosystem comprises the major vendors, such as IBM Corporation (U.S.), Hewlett Packard Enterprise Company (U.S.), Verizon Communications, Inc. (U.S.), AT&T Inc. (U.S.), Symantec Corporation (U.S.), Fortinet, Inc. (U.S.), Solutionary Inc. (U.S.), Dell Secure Works (U.S.), CSC (U.S.), Century Link (U.S.), Trustwave (U.S.), Rapid7 (U.S.),and Optiv (U.S.).
Get Managed Security Services Market by Service Type, Organization Size (Small and Medium Enterprises, Large Enterprises), Deployment (Cloud Deployment and in-Premises Deployment), Vertical, and Region - Global Forecast to 2021 at
Asia-Pacific (APAC) includes emerging economies, such as China, Australia, Singapore, and India, which are rapidly adopting managed security services. This is mainly due to the rapidly growing BFSI, IT & telecom, and pharmaceutical industries in the APAC region, with demands majorly from small and medium businesses.
The North American region is expected to be the largest revenue-generating region for managed security service providers in 2016. This is due to the high focus on innovation and technology adoption, especially in the developed economies of North America.
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