Extensive adoption of managed security services by different industrial verticals will augment the managed security services market, states Converged Markets
Increased level of cyber attacks across organizations has led to an increase in the adoption rate of managed security services solutions. Industries such as the BFSI, Government & Defense, Manufacturing, Telecom & IT, Energy & Utilities, and Healthcare require managed security solutions to protect large databases from theft, attacks, and data breaches which has contributed to the exponential growth of the managed security services market.
Converged Markets' report, "Managed Security Services Market, By Type (Managed IAM, Managed Firewall, Managed DLP, Managed IDS/IPS, Managed Encryption, Managed SIEM, Managed UTM), Organization Size, Deployment and Vertical - Global Opportunity Analysis & Forecast to 2025," states that the global managed security services market is expected to be valued at USD 73.95 billion by 2025, at a CAGR of 15.2% from 2018 to 2025.
The USA is the Dominant Market for Managed Security Services Due to Large Presence of Key Vendors
The managed security services market has witnessed an exponential growth due to the increase in cyber attacks, lack of security expertise by small & medium enterprises and an increase in the number of government regulations.
The USA witnessed an exponential growth in the market due to the presence of major vendors of top managed security services and is an early adopter of cybersecurity solution and services. The country is technologically driven and many organizations face multiple severe cyber attacks which have made organizations more aware of cybersecurity.
DeploymentSegment to Witness an Exponential Growth Rate
In the managed security services market, On-premises deployment segment is the largest segment due to the increase in demand for protection of IT infrastructure, control data flow, and enhanced security. Globally, the high growth for managed security services is mainly from the Asia-Pacific region, followed by RoW.
However, On Cloud deployment segment is anticipated to witness an exponential growth rate due to increase in the use of smartphones and tablets that contain sensitive data and is rarely protected. Large enterprises are among the major markets for On Cloud deployment segment in Asia-pacific.
Asia-Pacific is expected to exhibit highest CAGR from 2018 to 2015
The Asia-Pacific region has experienced a consistent and large number of cyber attacks in recent years. The ongoing digital transformation, adoption of cloud, high internet penetration, and adoption of smartphones are giving rise to new cyber threats. In addition, newly launched regulations and government initiatives against cyber crimes are expected to drive the growth of the managed security services market.
New Product Developmentis the most dominant strategy used by key players
Key players in the managed security services market are SecureWorks, IBM, BT, AT&T, Verizon, Trustwave, CenturyLink, Wipro, AlertLogic and Symantec. These companies utilize acquisitions, expansions & investments, and new product launches to strengthen their dominance. New product developments are the most dominant strategy used by the key players to expand their product portfolios and geographic reach to account for a wider audience; for instance, SecureWorks launch Red CloakTM technology for Advanced Endpoint Threat Detection.
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