Managed Security Service Provider Market Estimated to Experience a Hike in Growth by 2026 IBM, Hewlett Packard Enterprise Company, Verizon Communications, Symantec Corporation, Fortinet, Solutionary, SecureWorks, Computer Services Corporation, CenturyLink

Managed security service refers to network security services, which offers remote monitoring, management of IT security functions, intrusion detection, scanning & anti-viral services, and among others. Managed Security Services (MSS) are provided by the managed security service providers (MSSP), which aid client organizations including small and medium sized enterprises (SMEs) and large enterprises such as IBM Corporation, Integralis Inc., and AT&T, in management of security of their networks.

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Increasing number of cyber threats has led to adoption of managed security services by enterprises in various sectors such as BFSI, IT and
telecommunication, and government, which is expected to aid in the market growth of managed security service providers. Managed security service providers are majorly focusing on balancing device management, incident response, risk, and compliance functions. Additionally, companies are providing customized services including language support and data sovereignty. Moreover, the providers are adopting network behavioral analysis and predictive analysis to detect threats and events likely to place in the future systems and networks.

Consumers are increasing focusing on using bank applications through several platforms. Therefore, this makes the services highly susceptible to attacks. Demand for security is high, in order to avoid data breach. Moreover, cyber-attacks in the banking sector are also increasing. For instance, in 2014, the cyber-attack on the European Central Bank (ECB), which included breaching of sensitive personal information such as email addresses and the contact data. Therefore, data security and protection of sensitive information are the major factors driving growth of the BFSI industry.

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The key vendors that offer managed security services across the globe are IBM Corporation, Hewlett Packard Enterprise Company, Verizon Communications, Inc., AT&T, Inc., Symantec Corporation, Fortinet, Inc., Solutionary, Inc., SecureWorks, Inc., Computer Services Corporation, CenturyLink, Inc., Trustwave Holdings, Inc., and Rapid7, Inc.

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This release was published on openPR.