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Managed Security Services Market Growth, Future Prospects & Competitive Analysis, 2018 - 2026

Overview:

Security has become one of the broader disciplines that affect business organizations if not ensured or strengthened. Managed security services landscape is evolving with providers offering multiple security services for safeguarding the IT infrastructure of organizations across several sectors. Managed security service providers offer round-the-clock monitoring and security management for an organization from off-site or in-house location. This allows and helps organizations to continue businesses with minimal intrusions while lowering the burden of performing security chores manually. Managed security service providers ensure that the IT infrastructure of an enterprise is always kept up-to-date with- timely audits, maintenance, and alerts of security issues. Moreover, continuous evolution of advanced threats has caused great amount of operational pressure on organizations, driving them to adopt managed security services for better security threat management.

Growing incidences of cyber threats and the absence of experienced security professionals has become a prime concern for many organizations. To rely solely on their in-house security processes has become a challenge for organizations due to increasing sophistication of cyber-attacks. Therefore, several organizations are migrating towards managed security service providers from their existing in-house security services. Furthermore, stringent government regulations and data security laws are influencing organizations to outsource security tools  due to lack of in-house expertise and need for the security management after the usual operating hours. Moreover, evolution of advanced technologies such as augmented and virtual reality and Internet of Things (IoT) has resulted in the emergence of new threats.  All these factors are collectively driving businesses to turn their way to managed security services that offers expertise and dedicated security personnel.

Managed security services have gained lot of traction among businesses across several sectors. BFSI, healthcare, IT & telecom are the major sectors where cyber-attacks have become more complex. These verticals have greatly increased their spending on the network security, which in turn has augmented the market growth. On the other hand, increased complexities associated with network infrastructure, and reluctance to share sensitive data are some of the major factors restraining the growth of the managed security services market.

The global managed security services market is segmented on the following bases:

  • Delivery Model
    • CPE-based
    • Cloud-based
  • Application  
    • Distributed Denial of Services (DDoS)
    • Endpoint Security
    • Firewall Management
    • Managed IPS and IDS
    • Secured Information and Event Management (SIEM)
    • Unified Threat Management (UTM)
  • End-use Vertical
    • Banking, Financial Services and Insurance (BFSI)
    • Government and Defense
    • Healthcare
    • IT & Telecom
    • Industrial Manufacturing
    • Education
    • Others
  • Geography
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Rest of Europe
    • Asia Pacific
      • Japan
      • China
      • India
      • Rest of Asia Pacific
    • Rest of World
      • Middle East & Africa
      • Latin America

Key players identified for managed security services market include but are not limited to:

Accenture PLC, AT&T Inc., Check Point Software Technologies Ltd., Cisco Systems, Inc., DXC Technology Company, Fortinet, Inc., International Business Machines Corporation, Oracle Corporation, SecureWorks, Inc., Symantec Corporation, Verizon Communications, Inc. and Trustwave Holdings, Inc. among others.

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