Managed Security Services Market: Increasing Cyber-Attacks to Boost Demand for Managed Security Services | Key Players – IBM Corp., AT&T Inc., Bell Canada Inc
The global managed security services market witness high degree of competition due to the presence of large number of players present in the market, observes Transparency Market Research. The leading players in the market are investing highly in mergers and acquisitions to expand their geographical reach and strengthen their position in the market. They are also diversifying their product portfolio to provide better offer for their customers. Moreover, as a part of their product portfolio and services expansion, huge number of internet/telecom service providers have started to venture in managed security services To name of the prominent players in the market are Dell SecureWorks Inc., Hewlett-Packard Co., EMC Corp., and IBM Corp. Other players in the market are Verizon Communication Inc., Tata Communications Ltd., Wipro Technology Services Ltd. and Trustwave Holdings Inc.
As per the TMR, the global managed security services market is estimated to attain a valuation of US$24.12 bn by the end of 2019. The market is predicted to rise at a healthy 15.40% CAGR during the forecast period 2013 to 2019.
The application of managed security services are highly seen in network security services and compliance services, and confidentiality segments. All these segments hold maximum share in the global managed security services market. Based on mode of delivery, the demand for clouds based managed security services has grown significantly due to easy installation and low maintenance cost as compared to other modes of delivery. On the geographical front, North America is expected to lead the market over the forecast period. However, Asia Pacific is also predicted to grow at a rapid pace during the forecast tenure due to increased awareness and benefits related to the managed security services in the region.
Increasing Cyber-Attacks to Boost Demand for Managed Security Services
The global managed security services market is projected to rise significantly in the coming years, as it is widely applicable in numerous industries. The rising accumulation of digital information, increasing dependence on data driven tools and applications, and growing trend of being your own devices (BYOD) are also considered as the factors for the market growth. Furthermore, rising number of security breach and cyber-attacks have compelled organizations to employ managed security services. As managed security services helps in monitoring organizations data and provide better protection from various external and internal cyber-attacks and threats, therefore, the demand in this market is increasing largely.
There are different types of managed security services available in the market for different purposes. For example, managed firewall, perimeter management, risk assessment, remote monitoring, and many others. In addition, growing use social media, big data, and cloud-based services have increased difficulty to secure information. Thus, these types of surroundings have created the need for better and secured managed security services.
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Lack of Availability of Skilled IT Staff to Deter Market Growth
Despite the growing awareness and traction for managed security services there are some restraining factors in the market that are likely to restrict market growth in coming years. Lack of availability of skilled IT staff and shortage of capital required are considered some of the major challenges faced by the market. These factors has diverted organizations from getting in-house security management towards outsourcing units. Moreover, the need to comply with tough data security requirements is forcing organizations to outsource data security tasks. Different requirements by customers for security packages and risk related by sharing sensitive data have also imposed huge challenges in front of the market.
The information presented in this review is based on a TMR report, titled “Managed Security Services Market (Mode of Delivery: CPE, Cloud/Hosted and Hybrid; Application: Access Control, Network Security, Business Continuity, Confidentiality, Compliance, Risk Assessment; End User: Government and Utilities, Manufacturing, Retail, Telecom IT, Healthcare, Banking and Financial Services and Insurance, Hospitality and Education) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 – 2019.
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