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Isolating information and data from forgery and breaches is vital for any organization to streamline its business. To ensure security, these organizations rely on resource pooling for in-house security and employing full-time experts. This process causes loss of capital and deviation in the core business targets. To prevent such costs and distractions, these companies hire managed security service provider (MSSP) which reflects in the growth prospects emerging in the managed security services market, and the market size was evaluated at $23.68 billion in 2018. As per the IndustryARC analysts, the opportunities in the sector are projected to increase at a remarkable compound annual growth rate (CAGR) of 15.28% through the forecast period of 2019 to 2025, according to the market analysis that is compiled in a recent business intelligence report published by IndustryARC.The report is titled “Managed Security Services Market: By Components; By Technology; By Applications; By Functional area; By Trends & by Geography – Forecast (2019-2025).” The report incorporates an in-depth assessment of market, competitive landscape, financial analysis, trends, and geographical distributions. This report covers managed security services market Size by components and technology, managed security services market share by top 5 companies and also the market share by start-ups during the forecast period.
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Global Managed Security Services Market: Leading Segments
By application, the banking, financial services, and insurance (BFSI) industry are growing as the most rewarding application of the managed security services market. The opportunities in the application are rising at a CAGR of 16.51% through to 2025. With increasing cyber threats in the banking sector, the on par innovative advancement in the technology is energetically resourcing the preventive action in the form of managed security services.
North America grabbed the largest managed security services market share in 2018. The region was responsible to grab 34.56% of the total market share. This hefty share can be supported by the fact that North America homes a large number of companies offering managed security services (MSS). The rigorous adoption of MSS in numerous domains such as military, government, and the private sector is projected to persuade substantial profits in the global managed security services market.
Global Managed Security Services Industry Analysis:
Services oscillating from banking to basic club memberships are victimised for a cyber-breach attack. This upsurge has sustained the public’s consciousness towards potential vulnerabilities in their internet network and has persuaded their awareness towards optimized security practices. According to the World Economic Forum 2 billion data records were conceded in 2017, and the first half of 2018 recorded 4.5 billion of information leaks. 2019 is expected to witness even more data breaches since the malpractices of hackers are plaguing worldwide. With such an influx of increased cyber threats the managed security services market growth is obligatory.
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Global Managed Security Services Market Trends:
The retailer vertical of the end-user industry is one of the most beleaguered section in the global managed security services markets. Retailers possess consumer’s credit and debit card information. Cybercriminals have an ardent desire of credit card’s data and this makes these retailers an easy target to steal such information. To prevent these cybercrimes, numerous MSS firms are coming up with customer premises equipment (CPE) that will ensure the safety of credit card details at the retailers.
Managed security services providers are collaborating with internet service providers (ISP) to explore the option of biometric security solutions to present an added layer of security in numerous internet transactions. Evolving cloud security systems are projected to enhance and optimize the security solutions in the managed security services market.
Global Managed Security Services Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the managed security services market are IBM (US), SecureWorks (US), Symantec (US), Trustwave (US), Verizon (US), AT&T (US), Atos (France), BAE Systems (UK), BT (UK), CenturyLink (US), CIPHER (US), DXC (US), Fortinet (US), Fujitsu (Japan), NTT Security (Japan), and Wipro (India).
Related Reports:
A. Security Screening Market
https://www.industryarc.com/Report/15362/security-screening-market.html
B. Public Safety and Security Market
https://www.industryarc.com/Research/Public-Safety-And-Security-Market-Research-500551
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