Managed Security Services Market: North America Market Expected to Expand 7X in Terms of Value by 2026 End

Managed Security Services is a systematic approach to manage the security needs of an organization by outsourcing its security services to third party vendors known as managed security service providers. These services are cost effective, provide skilled resources, network infrastructure, advanced security solutions and tools with adherence to compliance and regulatory requirements and 24 x 7 support and monitoring.

Managed Security Services have applications in various end use industries such as banking and financial institutions, healthcare, retail, telecommunication and information technology, government, energy and utilities, industrial manufacturing and others.

The global managed security services market is expected to expand at a CAGR of 17.6% during the forecast period 2016 to 2026.

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An increasing need for advanced threat protection on the backdrop of the rise in the frequency of cyber security attacks is driving the market of managed security service providers. Moreover, it is cost effective for the organization to outsource their security needs to the managed security service providers, thereby attaining economies of scale.

Cyber intelligence is the ability to respond rapidly to the real time incidents. This demands filtering of the appropriate thread feeds, understanding the security event log data, rejecting the inappropriate and insecure data and recommending the right means to handle the data.

Managed security service providers find it difficult to scale their business as the core infrastructural elements i.e. the security tools and platforms don’t provide the level of scalability in the market. These services are not run based on the pre-packaged security technologies. Lack of backend tool integration further exaggerate the scalability limitation of the managed security service application.

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There is also a risk associated with handling of the critical and sensitive information of the company by outsourced security services professionals as there is always a risk of critical information getting leaked. These factors act as restraints to the global managed security services market.

The overall managed security services market is estimated at US$ 19.98 Bn by 2016 and is expected to be valued at US$ 100.88 Bn by 2026, projecting a CAGR of 17.6% over the forecast period 2016 to 2026. The market is further segmented on the basis of deployment type, service type, and organization and application type.

On the basis of service type, the market is segmented into IPS/IDS, DDoS, Threat Management, Firewall Management, End Point Security and SIEM. The end point security segment is expected to expand at a significantly high CAGR of 20.2% over the forecast period.

The SIEM segment is estimated to be valued at US$ 4,202 million by 2016 and is expected to expand at a CAGR of 19.2% during the forecast period.

The North America Managed Security Services market is expected to expand 7X in terms of value over the forecast period, with projected CAGR of 18.8% during the forecast period. The market is estimated to be valued at US$ 5,487 Mn by 2016 and is expected to be valued at 35.218 Bn by 2026.

Some of the key market players in the global managed security services market are IBM Corporation, Symantec Corporation, Fortinet, Inc., Computer Science Corporation, Accenture PLC, AT&T Inc., Intel Corporation, Cisco Systems, Inc., Checkpoint Software Technologies Limited, Trustwave Holdings, Inc.

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