According to Research and Markets’ "Managed Security Services Market Outlook to 2025: Global Report" report, the global managed security services market is estimated to grow at a CAGR of 14.7% during the forecast period 2017-2025 and accounts for US$18,030.9 Mn in the year 2025.
The rise of cyber threats across industries, digital transformation across industries, and increase in adoption of BYOD are fuelling the growth of managed security services market. Majorly developing economies contribute a significant portion of the market share and are anticipated to demand up-gradation and innovation in existing managed security services in the coming years.
The managed security services landscape is growing and evolving with innovative services to efficiently and proficiently secure enterprise IT infrastructure. Due to the lack of skilled workforce, many organisations are not capable of fully protecting their IT infrastructure. Furthermore, as cyber-attacks continue to grow in frequency, severity and sophistication, it is becoming very challenging for organisations to rely and invest in their in-house security processes.
Hence, many organisations are migrating to third party Managed Security Service Providers (MSSPs). MSSPs offer complete managed security services to organisations, with round the clock monitoring of their IT infrastructure to protect them from potential threats and cyber-attacks.
Present-day security processes demand a balance of device management, event monitoring, and incident response, as well as Governance, Risk, and Compliance functions. The increasing number of cyber-attacks and ever-growing complexity of risk and compliance requirements have led to the demand for third party specialist security service providers.
North America, with some of the biggest software and IT services organisations in the world, contributes the largest market share in the global managed security services market. Meanwhile, the Asia-Pacific (APAC) region, with its large number of emerging countries along with increasing numbers of smart cities and high FDI, is growing with the highest growth rate. The European market stood at the second largest market for managed security services owing to increasing number of cross-border transactions. However, the Middle East & Africa and South America market are still in the nascent stage of the market.
The key players profiled in the report are AT&T Inc., IBM Corporation, Dell SecureWorks Inc., Trustwave Holdings, Verizon Communications, Symantec Corporation, Hewlett Packard Enterprise Development LP, NTT Security, CenturyLink, Inc., and BT Group plc.
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