Global Managed Security Services MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $66.5 billion by 2025 from $18.7 billion in 2017; growing at a CAGR of 17.2% from 2017 to 2025. By geography, Asia-Pacific, and RoW are expected to grow at a CAGR of 19.5% and 19.1%, respectively, during the forecast period. Managed security services are widely used in various end users including manufacturing, banking financial services and insurance, healthcare, retail, IT & telecom, and other verticals. Providers of these services offer remote monitoring & managing IT security functions so as to expertly protect the delicate data of the organization.
Managed Security Services Market (By Deployment Mode: Hosted or Cloud Based Managed Security Services, and On-Premise Or Customer Premise Equipment (CPE); By Application: (IPS) and (IDS), Distributed Denial Of Services (DDoS), Unified Threat Management, Secured Information and Event Management (SIEM), Firewall Management, Endpoint Security, and Other Applications; By Organization Size: Small and Medium Sized Businesses, and Large Businesses; By Verticals: Banking Financial Services and Insurance, Healthcare, Manufacturing, Retail, Telecom & IT, and Other Verticals; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025
Increasing trend of mobile devices at officesto drive the growth of the global market
The factors supporting growth of the global managed security services market are increasing trend of mobile devices at offices, strict government regulations, and mounting electronic data. However, reluctance to share sensitive data may act as a restraint for the growth of the market. Moreover, high acceptance of cloud services among SMEs would provide several growth opportunities for the market in the future years.
Deployment mode, application, organization size, verticals, and geography are the major segments considered in the global managed security services market. By deployment mode, the market is bifurcated into hosted or cloud based managed security services, and on-premise or customer premise equipment (CPE). By application, the market is categorized into (IPS) and (IDS), distributed denial of services (DDoS), unified threat management, secured information and event management (SIEM), firewall management, endpoint security, and other applications. Organization size includes small and medium sized businesses, and large businesses. Verticals comprises banking financial services and insurance, healthcare, manufacturing, retail, telecom & IT, and other verticals.
By geography, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America covers the U.S., Canada, and Mexico. UK, Russia, Germany, France, Italy, and Rest of Europe are analyzed under the European market. India, China, Japan, South Korea, and Rest of Asia-Pacific are included under the Asia-Pacific Market While RoW is bifurcated into South America, Middle East, and Africa.
On-premiseaccounted for the largest market share in thedeployment mode segment
On-premise or customer premise equipment (CPE) accounted for the largest market share in 2017. The growth is attributed to high preference to on-premise or customer premise equipment (CPE) by many verticals dealing with critical data like aerospace and defense, BFSI, and government.
(IPS) and (IDS)accounted for the largest market share in theapplication segment
(IPS) and (IDS) segment accounted for the largest market share in 2017, in the applicationsegment. (IPS) and (IDS) application has capability to secure network from many malicious practices as well as constant security monitoring. The use of (IPS) and (IDS) application in North America is high due to widespread acceptance of this application in the region. This drives the growth of the (IPS) and (IDS) segment.
Large businesses accounted for the largest market share in theorganization size segment
Large businesses segment accounted for the leading market share in 2017, in the organization size segment. Large businesses are giving importance to improved services with specific necessities and objectives affected by cybersecurity resources for advanced protection. Large businesses having branch offices at remote locations, outsource services to these locations. This boost the need for the secure IT infrastructure among large businesses, which act as a driver for the growth of the large businesses segment.
North Americadominated the global market with highest market share over the forecast period
North America dominated the global market with largest market share of 47.3% in 2017 and expected to continue its dominance during the forecasted period. The presence of many leading software and IT companies, who are offering managed security services in the North America is a key driver for the growth of this market.
The major players operating in the market are IBM Corporation, Symantec Corporation, Check Point Software Technologies Ltd., Hewlett-Packard Company, Cisco Systems, Inc., AT&T Inc., DXC Technology Company, Fortinet Inc., SecureWorks, Inc., and BT Group plc., among others.