BANGALORE, India, Nov. 27, 2020 /PRNewswire/ -- The Managed Security Services Market is Segmented by Type ( Network Security, Terminal Security, Application Security, Cloud Security), by Application ( Financial Services, Communications Industry, Public Sector, Media, Retail, Manufacturing, Medical, Other). This report is published on Valuates Reports in the Software & Services Category. It also covers Global & Regional Opportunity Analysis and Industry Forecast to 2025.
The global Managed Security Services market size is projected to reach USD 42,250 Million by 2026, from USD 21,680 Million in 2020, at a CAGR of 11.8% during 2021-2026.
Major factors driving the growth of managed security service market size, growing instances of security breaches and an increasing number of threats that pose a danger to large and small organizational structures are expected to be the key drivers of the industry.
The need to take the requisite steps in advance to ensure overall security posture and technical advances in cloud and IoT has improved potential cases of usage across vertical lines.
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TRENDS INFLUENCING THE MANAGED SECURITY SERVICE MARKET SIZE
Growing instances of security breaches and an increasing number of threats that pose a danger to large and small organizational structures are expected to be the key drivers for the growth of the managed security services market size. The role of information security is becoming more complex with the growth of business in terms of both scale and structure. The growing number of security threats and malicious activities by organized cyber-criminal groups has raised concerns among organizations. In addition, the increased complexity of network infrastructure is proving to be a significant obstacle to data protection management.
Managed Security Services provides industry-leading software, innovations and expertise to help protect the information assets around the clock, often at a fraction of the cost of in-house security resources. This cost-saving feature of MSS is expected to increase the growth of the managed security service market size.
Increased adoption by the BFSI sector is expected to fuel the managed security market size during the forecast period. Regulatory requirements for the safety of sensitive citizens' data require all banks and financial institutions to maintain strict data security. In addition, these organizations are searching for an effective data protection mechanism to preserve their brand image.
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MANAGED SECURITY SERVICE MARKET SHARE ANALYSIS
Based on type, the terminal security segment is expected to hold the largest Managed Security Services market share. As companies expand their branches in remote areas, there are more and more endpoints from which a potential attack can occur. This allows companies to deploy terminal threat detection solutions to protect their endpoints from cyber threats.
Based on the region, North America is expected to hold the largest managed security service market share. This dominance of North America is attributed to the early adoption of new and emerging technologies and the presence of a large number of MSSPs in this region. Following strict information security regulations, the number of managed security service providers in North America is increasing.
Asia Pacific region is expected to witness the highest growth during the forecast period. This region's rapid growth is due to the increased IT security spending in countries such as India and China. Another key factor leading to the development of the industry is the progress towards tighter cybersecurity regulations.
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MANAGED SECURITY SERVICES MARKET SEGMENTATION
Managed Security Services Breakdown Data by Type
- Network Security
- Terminal Security
- Application Security
- Cloud Security
Managed Security Services Breakdown Data by Application
- Financial Services
- Communications Industry
- Public Sector
- Media
- Retail
- Manufacturing
- Medical
- Other
Who are the Major Players in the Managed Security Services Market?
- IBM (US)
- SecureWorks (US)
- Symantec (US)
- Trustwave (US)
- Verizon(US)
- AT&T (US)
- Atos (France)
- BAE Systems (UK)
- BT (UK)
- CenturyLink (US)
- DXC (US)
- Fortinet (US)
- Fujitsu (Japan)
- NTT Security (Japan)
- Wipro (India)
"We can also add the other companies as you want"
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