Managed Security Services Market worth US$ 77.05 billion by 2030 with a CAGR of 8.7 %
Managed Security Services Market accounted for US$ 32.4 billion in 2020 and is estimated to be US$ 77.05 billion by 2030 and is anticipated to register a CAGR of 8.7%. Global managed security services market is driven by rising frequency of cyber security attacks. Additionally, cost effectiveness, continuous security monitoring, and deep & broad security protection are other major benefits propelling growth of the global managed security services market. Furthermore, increase in use of mobile devices, increasing demand of managed security services from small and medium enterprises are expected to fuel growth of the global market over the forecast period. The affordable, reliable, and effective security solutions form managed security service providers help the customer/client organizations protect their sensitive information which in turn boosts growth of the global market. Nevertheless, outsourcing of security task to managed security service providers has emerged as a lucrative option for the growth of the global market.
The report "Global Managed Security Services Market, By Application (Payments, Clearing and settlement, Digital identity, and Documentation), By End-User (Banking Sector, Insurance Sector, Financial Institutes, Government and Public Sector, Retail and Ecommerce Sector, and Automotive Sector), and Region - Global Forecast to 2030"
Key Highlights:
· On July 2019, IBM Corporation and Red Hat has announced that they have closed the transaction under which IBM acquired all of the issued and outstanding common shares of Red Hat for US$190.00 per share in cash, representing a total equity value of approximately US$34 Bn. The acquisition redefines the cloud market for business.
· On July 2019, AT&T Wireless has announced that it will add automatic fraud blocking and suspected spam-call alerts to millions of AT&T consumer lines at no charge. New AT&T mobility consumer lines will have anti-robocall service. Millions of existing AT&T customers will have it automatically added to their accounts over the coming months.
Key Market Insights from the report:
The global managed security services market accounted for US$ 32.4 billion in 2020 and is estimated to be US$ 77.05 billion by 2030 and is anticipated to register a CAGR of 8.7%. The market report has been segmented on the basis of industry type, deployment type, application, and region.
· By industry-type, the global managed security services market is segmented BFSI (Banking, Financial Services and Insurance), healthcare, retail, manufacturing, telecom & IT, and others.
· By deployment type, the global managed security services market is categorized into on–premises, cloud–based, and hybrid. On-premise deployment type segment constitute the highest market share and is preferred in cases when organization/companies are concerned about security of sensitive information over cloud.
· By application, the global managed security services market is categorized into IPS and IDS, distribution denial of services (DDoS), unified threat management, secured information and event management (SIEM), firewall management, endpoint security, and others. IPS and IDS application segment constitute the highest market share as they provide protection to any sized networks.
· By region, North America region is expected to dominate the global market over the forecast period. This is due to presence of developed countries like United States, Canada and also due to high adoption of managed security solutions to handle the ever changing rules and regulations. Europe accounts to be second largest market share in the global managed security services market and would have steady and positive growth in the global market over the forecast period. Asia-Pacific region is expected to show a positive growth in the global managed security services market over the forecast period.
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The prominent player operating in the global managed security services market includes IBM Corp., Verizon Communications, Inc., CenturyLink, Inc., AT&T Wireless, Symantec Corporation, HP Enterprises Company, Fortinet, inc., Solutionary, Inc., SecureWorks Corp., and CSC, Inc.
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