Managed Security Services Market 2021: Expeditious Growth Expected In Coming Years

Managed Security Services Industry

The driving factor is rising adoption of cloud technology, IoT devices, and the growing demand for robust and cost-effective security services among enterprises

PORTLAND, PORTLAND, OR , UNITED STATES, October 26, 2021 /EINPresswire.com/ — The need for analyzing the generated security threats in a network is boosting the adoption of these solutions among enterprises. The rise in the demand for tablet and mobile security solutions is further propelling the growth of endpoint threat detection.

The global managed security services market is expected to garner $40.97 billion by 2022, registering a CAGR of 16.6% during the period 2016-2022.

The managed security services market focuses on various applications which include managed IPS/IDS, DDoS, UTM, firewall management, endpoint security, and others. IPS/IDS constitute the highest market share as they provide protection to any sized network. The combined package of IDS and IPS solutions provides the features of both solutions in a single package. Nonetheless, Endpoint security application is witnessing growth with the rise in the application of mobile devices to access the corporate network.

North America currently constitutes the highest market share in the managed security services market during the forecast period. However, the Asia-Pacific region would witness the highest CAGR of 20.3% during the forecast period. Growth in security awareness and emphasis to maintain the brand image would contribute to the increasing demand for managed security services from various industry verticals.

Generally, managed security services are delivered in two basic modelson-premise or customers premise equipment and cloud-based managed security service model. The on-premise or customers premise equipment constitute the highest market share and is preferred in cases when organization/companies are concerned about the security of sensitive information overcloud.

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Based on organization size, the report covers businesses under two main groups such as large businesses and small- & medium-sized businesses. Financial loss incurred due to data theft and network damage affects both large businesses as well as small- & medium-sized businesses. Thus, small- & medium-sized businesses also have a significant share in revenue generation.

Major industry players such as – IBM Corp., HP, Dell SecureWorks, Cisco Systems Inc., Symantec, AT&T, BT Group, Verizon, and others.

Lastly, this report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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