Managed Security Services Market to Exhibit 15.40% CAGR during 2013-2019 due to Growing Demand for Cloud-based Services

According to a recent market research report published by Transparency Market Research, the global managed security services market is estimated to expand strongly at a CAGR of 15.40% during the period between 2013 and 2019. The report, titled “Managed Security Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 - 2019,” projects the global managed security services market to be worth US$24,127.1 mn by the end of 2019.

Managed security services refer to network security services that are outsourced to perform various functions such as round-the-clock monitoring, and management of intrusion detection systems and firewalls. Due to the growing frequency of cyber attacks, most of the organizations are deploying add-on solutions to their existing network security solutions.

The report states that the rising amount of digital information and the need to secure it has boosted the growth of the global managed security services market. The growing trend of BYOD (Bring Your Own Device), increasing demand for IT management across small and medium enterprises, and the growing demand for incident response plans have further augmented the growth of the market. Outsourcing has emerged as a cost-effective approach for IT management and stringent government data protection laws and compliance standards have further fuelled the demand for managed security services. However, the reluctance to share confidential information will be one of the biggest challenges for the market growth. The overall market has a huge opportunity to grow with the rising preference for managed security services with scalable big data analytics.

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According to mode of delivery, the global managed security services market has been broadly categorized into hosted or cloud-based services, customer premises equipment (CPE) - based services, and hybrid services. Hybrid services are an integration of CPE-based and cloud-based services. Due to ease of installation and low-maintenance cost, the cloud-based services lead the overall market. During the forecast period, this delivery segment is expected to continue its dominance over the market.

In terms of applications, the report categorizes the global managed security services market into business continuity, network security, access control, confidentiality, compliance, and risk assessment. The compliance, network security, and confidentiality services were among the top application segments and collectively held 67.4% of the market in 2012.

On the basis of end users, the report segments the global managed security services market into manufacturing; government and utilities; banking, financial services, and insurance; retail; telecom & IT; healthcare; and others including research and development, hospitality, and education. In 2012, the BFSI, government and utilities, and telecom & IT sectors collectively accounted for 59.2% of the overall market.

The report studies the global managed security services market across four key regions: Europe, North America, Asia Pacific, and Rest of the World. North America is the leading region in the market and is expected to continue its dominance during the forecast period. Europe is the second largest region in the market. However, during the forecast period, Asia Pacific is estimated to register the fastest growth in the market.

Describing the competitive landscape, the report profiles some of the key players in the global managed security services market such as AT&T Inc. International Business Machines Corporation (IBM), Dell SecureWorks Inc., Hewlett-Packard Company (HP), Trustwave Holdings Inc., Symantec Corporation, Fujitsu Ltd., and EMC Corporation. The report further provides insightful information about the key players including their company overview, recent developments, business strategy, and financial overview.

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This release was published on openPR.