The ever-growing list of cyber threats is resulting in the companies in various sectors to opt for managed security services. The two most important factors driving the global managed security services market are cost and complexity. The complexity of threats continues to grow and the shortage of security skill and absence of experienced security professionals are resulting in the outsourcing to the managed security services providers. Evolution of advanced technologies including Internet of Things (IoT), augmented reality and virtual reality is resulting in new threats, thereby, fueling the growth of the global market for managed security services.
Managed security service providers are also working on introducing solutions for new threats such as IoT-based DDoS and ransomware. Managed security service providers are also focusing on balancing device management, incident response, risk, and compliance functions. Customized service is also one of the growing trends in the global managed security services market. Companies are providing services customized to the regional requirements including language support, and data sovereignty.
The market is highly fragmented due to the presence of small players. Hence, large vendors are entering the niche markets by acquiring small vendors in the global market for managed security services. Managed security service providers are also adopting network behavioral analysis and predictive analysis to detect unknown threats and events likely to take place in the future in systems and network.
As per the report by Persistence Market Research (PMR), the global managed security services market is expected to see a robust growth between 2017 and 2026. The global market for managed security services is also estimated to reach more than US$ 100,800 Million revenue by 2026 end.
Managed Security Services to Find Large Application in BFSI Sector
Based on the application, managed security services are likely to find the largest application in the BFSI sector. By the end of 2026, BFSI is estimated to reach close to US$ 36,300 Million revenue.
By the organization type, compared to the small & medium enterprise, large enterprise is expected to emerge as the largest users of managed security services. By the end of 2026, large enterprise is likely to exceed US$ 65,600 Million revenue.
Based on the service type, IPS/IDS is likely to witness the highest growth in the global managed security services market. By the end of the forecast period, IPS/IDS is projected to surpass US$ 25,500 Million in terms of revenue.
On the basis of deployment type, web-based deployment is expected to gain the highest traction in the market during 2017-2026. Web-based deployment is estimated to exceed US$ 66,000 Million revenue by 2026 end.
North America to Rule the Global Market for Managed Security Services During 2017-2026
Presence of the leading managed security services companies in the U.S. is driving the growth of the market in the region. Companies in the region are also focusing on developing new security solutions to fight new cyber-security threats in the market. North America is projected to exceed US$ 35,000 Million revenue by 2026 end. Meanwhile, increasing risk of cybercrime in the developing countries due to low-security strategies and services also presents a huge growth opportunity for managed security service providers.
Key Companies in the Global Managed Security Services Market
IBM Corporation, Fortinet Inc., Symantec Corporation, Accenture PLC, Computer Science Corporation, AT&T Inc., Cisco Systems Inc., Intel Corporation, Trustwave Holdings Inc., and Checkpoint Software Technologies Limited, are some of the companies operating in the global market for managed security services.
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