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Global Managed Security Services Market: Cloud-Based Services to Push Market Growth at 15.4% CAGR during 2013-2019

Managed security services or MSS are designed to manage an organization’s security needs. The services are conducted in-house or outsourced to a service provider. Managed security services monitor the intrusion detection systems and firewalls, perform security audits, oversee patch management, and respond to network emergencies.

The growing demand for IT management from large as well as small enterprises has led to the growth of the global managed security services market. It is estimated that the global managed security services market will grow healthily at a CAGR of 15.4% during the period between 2013 and 2019. The overall market was worth US$9,249.7 million in 2012 and is expected to reach a valuation of US$24,127.1 million by the end of 2019.

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Demand for Outsourced Managed Security Services Helping Growth of Service Providers

The positive growth in digital information in the recent years has increased the need for securing the data. Growing incidence of cyber attacks has led various enterprises to safeguard their networks through managed security services. With policies such as BYOD (Bring Your Own Device) adopted by organizations to increase work efficiency, managed security services have gained more relevance. Stringent data protection laws and compliance standards have also boosted the overall managed security services market. Organizations usually outsource the management of security services, as it is a cost-effective approach.

However, enterprises are sometimes reluctant to share confidential information with the third-party vendors who manage their security services. This may hamper the growth of the global managed security services market. In large enterprises, the need for managed security services also varies owing to the presence of multiple customers and business divisions. The overall market has a huge opportunity to grow with the growing preference for managed security service providers (MSSPs) with scalable big data analytics.

Cloud-based Services Gaining Wide Acceptance in Global Managed Security Services Market

In terms of application, the global managed security services market has been categorized into access control management, network security management, compliance management, business continuity management, confidentiality management, and risk assessment. Network security, confidentiality, and compliance services are the leading application segments in the market and collectively accounted for a 67.4% share in the market in 2012.

On the basis of delivery models, the global managed security services market has been divided into cloud-based, consumer premise equipment based, and hybrid services. Due to its cost-effectiveness and ease of installation, the cloud-based services delivery model has gained wide acceptance and dominates the market.

The global managed security services market finds applications across a number of verticals such as government, BFSI, telecom and IT, retail, healthcare, manufacturing, and others. Increased adoption of cloud-based services in the BFSI vertical is expected to boost the market in the near future.

North America Leading Global Managed Security Services Market

Globally, North America has been the leading region in the managed security services market. This can be attributed to the favorable policies of corporate governance and security regulations across various sectors. With the recent cyber attacks on the U.S. government’s Office of Personnel Management (OPM), the demand for enhanced network security services has increased. Asia Pacific is expected to contribute significantly towards the growth of the overall market in the near future.

Key Players in Global Managed Security Services Market

Some of the key players in the global managed security services market are Fujitsu Ltd., IBM Corporation, Symantec Corporation, EMC Corporation, and Hewlett-Packard Company.

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