Global managed security services market to reach $29.9 billion by 2020

The global managed security services market is expected to reach $29.9billion by 2020, registering a CAGR of 15.8% during 2014-2020, according to Allied Market Research.

The cloud-based managed security services (MSS) deployment model market would grow faster than the market for remotely monitored customer premises equipment MSS by 2020. SMBs would lead the adoption of cloud-based MSS due to cost constraints. North American region would continue to dominate the global market followed by Europe region in terms of market size by value.

Executives consider incidents of data thefts and cybercrimes as the greatest threats to their organization’s reputation. Lack of capital and skilled IT resources needed to manage the data security are the major hindrances in protecting the information.

Managed security services have emerged as lucrative option for delivering security asset monitoring and management, threat intelligence research, detection and remediation, and risk and compliance management solutions on shared basis to multiple clients. The cost-effectiveness and effective data security have been gaining traction for the managed security market.

Among various data security applications, endpoint security application would grow at the fastest rate, with growing adoption of BYOD policy at workplace. Improvement in production efficiency and enhanced employee satisfaction through utilization of mobile devices for accessing corporate data anytime and anywhere would contribute the growth of BYOD trend. SIEM would be the next popular application.

Growing regulatory compliances regarding protection of citizen’s information globally, would stimulate the organizations to maintain the high data-security level. Banking, Financial Services and Insurance (BFSI) and telecom and IT sectors would be frontrunners in employing managed security services.

Hospitals and physician clinics are also outsourcing security tasks with growing trend of electronic health records for improving patient safety, productivity and save costs. Rising threats to intellectual property would demand the enhanced security infrastructure in manufacturing industry with time.

Managed Security Services Providers (MSSP) including IBM, Dell SecureWorks, HP and Cisco launching advanced and customized security solutions to help the clients in facing sophisticated attacks from organized cyber criminals. Recently, IBM and AT&T have introduced new service including security network infrastructure with advanced threat monitoring and analytics. Delivery of customized solutions as per the organization size and structure would be the crucial factor driving the market.




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