Security has become one of the broader disciplines that affect business organizations if it is not ensured or strengthened. The 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 an off-site or in-house location. This enables and assists organizations to continue operating with minimal intrusions while reducing 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, the continuous evolution of advanced threats has caused a great deal 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 have become a prime concerns for many organizations. Because of the increasing sophistication of cyber-attacks, organizations are finding it difficult to rely solely on their in-house security processes. 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 a lack of in-house expertise and the need for security management after the usual operating hours. Moreover, the evolution of advanced technologies such as augmented and virtual reality and the Internet of Things (IoT) has resulted in the emergence of new threats. All these factors are collectively driving businesses to turn to managed security services that offer expertise and dedicated security personnel.
Managed security services have gained a lot of traction among businesses across several sectors. BFSI, healthcare, IT, and telecom are the major sectors where cyber-attacks have become more complex. These verticals have greatly increased their spending on network security, which in turn has augmented market growth. On the other hand, increased complexities associated with network infrastructure and a 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 classified as follows:
- Distributed Denial of Service (DDoS)
- Endpoint Security
- Firewall Management
- Managed IPS and IDS
- Secured Information and Event Management (SIEM)
- Unified Threat Management (UTM)
- Banking, Financial Services, and Insurance (BFSI)
- Government and Defense
- IT & Telecom
- Industrial Manufacturing
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
Key players identified for the 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., Trustwave Holdings, Inc., among others.