The managed security services market is growing due to cyber threats and regulations, projected to reach $40.97 billion by 2022, with North America leading.
Stringent government regulations in order to increase adoption of managed security services solutions and rising cyber-attacks across enterprises results into financial losses are the factors driving the growth of the managed security services market.
Increasing costs of maintaining security infrastructure as well the growing cost of an average data breach drive the market growth.
The global managed security services market is expected to garner $40.97 billion by 2022, registering a CAGR of 16.6% during the period 2016-2022. North America is expected be the largest market for managed security services during the forecast period owing to the growing awareness about the information security among businesses.
Generally, managed security services are delivered in two basic modelson-premise or customers premise equipment and cloud-based managed security service model. The on-premise or customers premise equipment constitute the highest market share and is preferred in cases when organization/companies are concerned about security of sensitive information over cloud.
Based on organization size, the report covers businesses under two main groups such as large businesses and small- & medium-sized businesses. Financial loss incurred due to data theft and network damage affects both large businesses as well as small- & medium-sized businesses. Thus, small- & medium-sized businesses also have a significant share in revenue generation.
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North America currently constitutes the highest market share in theManaged security services market during the forecast period. However, the Asia-Pacific region would witness the highest CAGR of 20.3% during the forecast period. A growth in security awareness and emphasis to maintain the brand image would contribute to the increasing demand for managed security services from various industry verticals.
Profiling Key Players: IBM Corp., HP, Dell SecureWorks, Cisco Systems Inc., Symantec, AT&T, BT Group, Verizon, and others.
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The article discusses the growth and key players in the managed security services market.
The growth is driven by stringent regulations and rising cyber-attacks.
The Asia-Pacific region is expected to witness the highest CAGR.
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