According to a new market research report ‘Managed Security Services Market by Type (Managed IAM, Managed Firewall, Managed DLP, Managed IDS/IPS, Managed Encryption, Managed SIEM, Managed UTM), Security Type, Organisation Size, Deployment Mode, Vertical, and Region – Global Forecast to 2023’, published by MarketsandMarkets, the global market size is expected to grow from US$ 24.05 billion in 2018 to US$ 47.65 billion by 2023, at a CAGR of 14.7 per cent during the forecast period.
The demand for managed security services is expected to be driven by stringent government regulations and the increasing instances of cyber attacks on enterprises. Moreover, the growing BYOD trend among organisations and the cost-effectiveness in implementing services are expected to increase the demand for managed security services during the forecast period. The managed IAM segment is expected to hold the largest market share during the forecast period.
Advancements in technologies such as BYOD and enterprise mobility have also intensified the sophistication of attacks on digital devices, such as computers, laptops, and smart phones. A majority of the business and personal transactional activities are performed electronically, wherein deals are performed over emails, and the confidential data is saved on personal address books and hard drives. Hence, the security services of these solutions have become the utmost priority for enterprises to protect their confidential data from any kind of cyber threats.
The Banking, Financial Services, and Insurance (BFSI) vertical is expected to hold the largest market size during the forecast period.
The BFSI vertical is a prime target for cyber crimes and digital frauds. The use of sophisticated cyber-attacking tools and the inability of cyber security solutions to detect attacking elements result in huge financial losses for the BFSI vertical. Moreover, mobile banking has also led to an increase in fraud incidents, wherein attackers have gained access to customer information and data. The Managed Security Services Providers (MSSPs) help the BFSI vertical by offering intelligent gathering mechanism, threat intelligence tools, IDS/IPS, encryption, and data loss prevention tools to mitigate any kind of fraudulent attacks. Hence, this vertical is expected to hold the largest market size in the managed security services market by vertical.
North America is expected to hold the largest market size, whereas Asia Pacific (APAC) is projected to grow at the highest rate during the forecast period.
North America is expected to hold the largest market size during the forecast period, owing to the presence of a large number of players offering managed security services in this region. The APAC region is estimated to be in its initial growth phase; however, it is projected to be the fastest growing region in the global managed security services market, due to the wide adoption of managed security services across verticals, such as government and defense, BFSI, and telecom and IT.
Furthermore, the rapid technological growth in the APAC region makes it vulnerable to threats from cyber criminals. To counter these threat levels, the demand for managed security services is expected to grow at a significant rate.
The major managed security services vendors include IBM (US), SecureWorks (US), Symantec (US), Trustwave (US), Verizon (US), AT&T (US), Atos (France), BAE Systems (UK), BT (UK), CenturyLink (US), DXC (US), Fortinet (US), Fujitsu (Japan), NTT Security (Japan), and Wipro (India).