Global Managed Security Services Market Analysis 2020 Trends, Industry Growth, Opportunities Forecast to 2024

Managed Security Services Industry

Description

As per the report found on Wise Guy Reports (WGR), the global managed security services market is anticipated to strike a CAGR of 15.3% across the evaluation period. Also, it has been revealed in the report that the market is likely to value at over USD 55 Bn by 3023 up from USD 20.22 Bn in 2016.

The security needs of organizations are increasing, which is expected to catalyze the expansion of the managed security services market over the next couple of years. The ongoing trend of BYOD allows employees to access corporate data from personal devices. It is poised to have a positive impact on the growth pattern of the market in the foreseeable future. However, reluctance in sharing sensitive data and lack of trust in third-party are anticipated to restrict the proliferation of the market through the evaluation period.

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Market Segmentation:

On the basis of deployment model, the global managed security services market has been segmented into cloud, on-premise, and hybrid.

By organization size, the managed security services market is bifurcated into large businesses and small & medium businesses.

On the basis of service, the global manages security services market has been segmented into identity and access management, antivirus/antimalware, managed security information and event management, compliance management, distributed denial of service, vulnerability management, managed intrusion detection/prevention system, unified threat management, managed firewall, and other services.

Based on end-user, the managed security services market has been segmented into banking financial services and insurance, energy and utilities, healthcare and life sciences, education, retail and consumer packaged goods, telecom and IT, government and defense, manufacturing, and other end users. Among these, the banking financial services and insurance segment is poised to retain a significant share of the market through the assessment period. The rising use of banking applications across various platforms is anticipated to drive the expansion of the segment in the forthcoming years.

Regional Analysis:

The regional evaluation of the managed security services market spans across five regions – North America, Asia Pacific (APAC), the Middle East & Africa (MEA), South America, and Europe. Asia Pacific is an important regional segment and is poised to mark a relatively higher CAGR during the review period.  Factors such as security attentiveness, efforts directed towards the preservation of brand image, etc. are projected to lead market growth in the region over the next few years.

Competitive Dashboard:

BT Group, Fortinet Inc, Verizon Communications, Inc., Cisco Systems Inc., Symantec Corporation, Dell Secure Works Inc., Trustwave Holdings, Inc., Computer Science Corporation (CSC), Hewlett Packard, AT&T Inc., International Business Machines Corporation (IBM), Centurylink, Inc., Solutionary, Inc., Secureworks, Inc., and Rapid7 Inc. are few of the leading players of the global managed security services market assessed in this report. The key players are emphasizing on technological innovations for strengthening their market positions. It is anticipated to spur competitiveness in the global market over the next couple of years. Other strategies expected to be witnessed in the managed security services market for growth are mergers & acquisitions, collaborations, research & development, partnerships, product innovations, etc.

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