According to report “Managed Security Service Market by Services, Deployment Type (Hosted or Cloud, Hybrid Cloud, and On-Premises), Organization Size (SMES and Enterprises), Vertical, and Region – Global Forecast to 2021″, The managed security service market size is estimated to grow from USD 17.02 Billion in 2016 to USD 33.68 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 14.6% during the forecast period.
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The major forces driving this market are theft to intellectual property, proliferation of mobile devices, and increase in the mobile workforce. With an increase in the adoption rates of managed security services among Small and Medium Enterprises (SMEs), the managed security service market is expected to gain the major traction during the forecast period.
“Rapid adoption of managed security service due to a strong and well-established economy makes North America the largest market in terms of global share”
The North American region consists of developed economies that have a deep-rooted infrastructure, thus favoring the huge demand in managed security servicemarket. The managed security servicemarket is expected to rise significantly due to the increasing demand for mobile workforce and proliferation of mobile devices driven by the emergence of digital technologies.
“The BFSI vertical for managed security service is expected to hold the largest market size during the forecast period”
The Banking, Financial Services, and Insurance (BFSI) vertical, has witnessed rapid changes in consumer behavior, where consumers are using bank applications across various platform making the vertical highly susceptible to attacks. Robust security has been the highest priority for the BFSI vertical. Cyber-attacks on the BFSI vertical has been witnessed continually since the past years. For instance, in July 2014, cyberattack on JPMorgan Chase compromised the accounts of 76 million households and seven million small businesses. Furthermore, in the same year, the European Central Bank (ECB) has had its website hacked, with sensitive personal information including email addresses and contact data being stolen.
“The SME segment for managed security service is expected to grow at the highest CAGR during the forecast period”
The SMEs segment is expected to grow at the highest CAGR in the managed security service market during the forecast period. Budgetary constraints coupled with need of advanced security solutions are the major factor responsible for SMEs to grow at the highest CAGR during the forecast period . Hence, security issues might be more problematic for SMEs than large enterprises. Threats such as viruses, malware, and phishing attacks might plague SMEs.
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The major vendors in the managed security service market include IBM Corporation (U.S.), Hewlett Packard Enterprise Company (U.S.), Verizon Communications, Inc. (U.S.), AT&T, Inc. (U.S.), Symantec Corporation (U.S.), Fortinet, Inc. (U.S.), Solutionary, Inc. (U.S.), SecureWorks, Inc. (U.S.), CSC (U.S.), CenturyLink, Inc. (U.S.), Trustwave Holdings, Inc. (U.S.), and Rapid7, Inc. (U.S.).
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