Managed Security Services Market Highlights:
Managed security services (MSSs) are network of services with a methodical approach in managing the security needs and requirements of an organization. The security needs are typically outsourced to a service provider or is handled by an in-house team. The managed security services aid in providing positive monitoring services of the customer’s security environment. In addition to monitoring the security chain, the system also helps in providing security against email viruses, DDOS attacks, firewalls, and provides intrusion detection and prevention service. It is reported that the shortage of in-house and deep security knowledge and expertise drives the demand among organizations to partner with various managed security service providers (MSSPs).
The current scenario is rather vulnerable for the security of organizations. Budget constraints, tech skills being at a premium, and imperatives for businesses like web applications, social media, mobility, and big data can cause major risk and inefficiencies if they’re not managed properly. In order to avoid such challenges, managed security services are used.
There are a number of benefits associated with managed security services. This includes cost effectiveness, deep and broad security protection, continuous security monitoring, and others. These benefits also act as a major factor in driving the Managed Security Services Market. As per the latest report conducted by the team of Market Research Future (MRFR), the global managed security services market is projected to experience a growth of USD 34 billion by 2022 at a CAGR of 12% between the period of 2016 and 2022.
Over the years, it has been noticed that there is a rising demand for advanced threat protection systems. This is because of the prevailing cyber-threats that are looming behind the security walls of an organization, ready and waiting to strike. This has influenced a positive demand for managed security services, thereby causing the growth of the market. However, it is worth noting that managed security services also have various drawbacks under its umbrella like regulatory non-compliance. Managed security providers are typically unaware of business culture or industry along with the internal enterprise staff. This is why trusting a third-party to manage its intellectual property and information and data can become a questionable choice. These factors can pose to be a major constraint to the global managed security services market during the forecast period.
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The global managed security services market includes a number of prominent players, including Dell SecureWorks (U.S.), Symantec Corporation (U.S.), IBM (U.S.), AT&T (U.S.), Fortinet (U.S.), Solutionary Inc. (U.S.), HP Enterprises (U.S.), Verizon Communications (U.S.), Trustwave (U.S.), CenturyLink (U.S.), CSC (U.S.), Rapid 7 (U.S.), BT Group (UK), and others.
March 6th, 2019, Verizon, a leading American telecommunications company, announced an addition to its MSS portfolio. The company will see the addition of BlackBerry Cylance’s AI-powered antivirus security solution.
Feb 26th, 2019, in its 2019 list of 500 top Managed Service Provider, CRN ranked Security On-Demand in its Security 100 category. The list aims to recognize some of the pioneering managed service providers in North America and Security On-Demand stands in the upper echelon of the list.
The global managed security services market segmentation is classified in terms of service type, deployment, end-user, and organization size.
- By service type, the market includes unified threat management, SIEM and firewall management, IPS and IDS, endpoint security, and DDOS.
- By deployment, the market comprises on-premise, cloud, and hybrid deployment types.
- By organization size, the market divides into small and medium businesses and large businesses.
- By end-user, the market segments include aerospace and defense, manufacturing, BFSI, IT/ITES, healthcare, retail manufacturing, government, and others.
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The geographical analysis of the global managed security services market covers regions like Asia pacific, Europe, North America, and the Rest of the World.
The study conducted by MRFR identifies the North American market region to be the dominant player in the global regional landscape. This is due to the presence of various developed nations in this region, such as Canada and United States and also because of the high adoption of managed security services in handing the evolving rules and regulations in the business world. Europe holds the second-largest market in terms of share and is calculated to have a positive and steady market growth. The Asia Pacific region has also showed positive signs of growth and is reported to have an inclining period of growth in the forthcoming years.
- Industrial users
- Enterprise users
- Technology investors
- System Integrators
- Defense and Security Agencies
- Government Organizations
- Research/Consultancy firms
Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Network Solution
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
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List of Tables
Table 1 Managed Security Services Market, By Service Type
Table 2 Managed Security Services Market, By Organization Size
Table 3 Managed Security Services Market, By Deployment
List of Figures
Figure 1 Research Network Solution
Figure 2 Managed Security Services Market: By Service Type (%)
Figure 3 Managed Security Services Market: By Organization Size (%)
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