LONDON, UK, Sept. 13, 2021 (GLOBE NEWSWIRE) -- Brandessence Market Research has published a new report title, Global Managed Security Services Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027. The lead analyst of the report said "Global Managed Security Services Market size is valued at USD 29.74 Billion in 2020 and is expected to reach USD 50.64 Billion by 2027 with a CAGR of 7.9% over the forecast period. An increasing number of cyber security attacks is one of the major factors driving the growth of the Global Managed Security Services Market."
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The global managed security services market (MSS) refers to the remote monitoring and management of IT security functions by third-party service providers to effectively protect the sensitive data of organizations. The task of information security is becoming more complex with the growth of business in terms of size and structure and the use of social media, cloud services, big data, and various computer tools. The growing number of security attacks and malicious practices by organized cybercrime groups have increased the concern among organizations. In addition, increasing complexities in network infrastructure are becoming major barriers to data security management.
In such a situation, managed security service providers have emerged as an attractive option for security work outsourcing organizations. Furthermore, affordable, reliable, and effective security measures from managed security service providers help customer/client organizations to protect their sensitive information and alternatively their business. These services form a large part of the size of the managed security market. There is a growing trend to adopt BYOD in the workplace to improve productivity by allowing employees to access corporate data through personal devices. Lack of capital resources and skilled IT personnel have diverted organizations from in-house security management to outsourcing. In addition, compliance requirements for data security encourage organizations to outsource data security functions.
Since the outbreak of Covid-19, the demand for cloud-based solutions has increased significantly due to the adoption of remote working models by enterprises; however, various industries like retail, manufacturing, BFSI, and others have seen a significant decline in their revenue in 2020. As MSPs serve entrepreneurs working in such industries, they have also seen a slight decline in revenue and growth. Moreover, various end-user sectors are demonstrating their growing demand for express delivery of offerings that are driving cost increases in the managed security services market. For example; express delivery of products such as investigative medical products, clinical supplies, and patient samples is important for buyers in the healthcare sector.
Managed security services market size Gartner: Major players in the global managed security services are IBM, HP, Cisco Systems Inc., Dell SecureWorks, AT&T, Computer Science Corp., Symantec Corp., Fortinet Inc., Check Point Software Technologies Ltd., and BT Group and others.
News: IBM Launches New and Enhanced Services to Help Simplify Security for Hybrid Cloud
On March 24th, 2021; IBM Security announced new and enhanced services designed to help organizations manage their cloud security strategy, policies and controls across hybrid cloud environments. The services bring together cloud-native, IBM and third-party technologies along with IBM expertise to help organizations create a unified security approach across their cloud ecosystems. The expanded suite of IBM Security Services for Cloud is designed to help companies adopt a consistent security strategy across their hybrid cloud environments supported by IBM specialists with expertise to manage native security controls across Amazon Web Services (AWS), Google Cloud, IBM Cloud and Microsoft Azure, amongst others. IBM's services can help companies assess current cloud security posture, as well as build and manage access, policies and technical controls to safeguard new and existing cloud resources. The services leverage AI and automation to help identify and prioritize risks, respond to potential threats across an organization's cloud environments, and connect that data with their broader security operations and on-premises systems.
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Increasing Number of Cyber Security Attacks is One of the Major Factors Driving the Market Growth
The increasing cases of cyber security attacks has led to the growth of the global managed security services market. Internet crime is currently on the rise through hacking. This includes some big and small businesses, as well as banks, hospitals. Data theft, money theft is on the rise. As a result, the demand for managed security services in the market is increasing. According to a report by Carbon Black, 88% of companies in the UK have had violations in the last 12 months. This is lower than Germany (92%), France (94%) and Italy (90%). A small business in the UK is successfully hacked every 19 seconds, according to Hiscox. There are around 65,000 attempts to hack small to medium sized businesses (SMBs) every day in the UK, of which around 4,500 are successful. This is about 1.6 million of the 5.7 million SMBs in the UK each year. Cisco estimates that 53% of SMBs experienced global security breaches in 2018.
Banking, financial services, and insurance enterprises need highly complex IT infrastructure to maintain and manage data from trading instruments to record-keeping, as well as reporting and calculations. Apart from this, there are multiple stringent regulations and compliance that Banking, financial services, and insurance enterprises are supposed to comply with. Enterprises are highly charged for violation of these regulations. Hence, to avoid fines, enterprises require managed services. Financial transactions involve exchanging information with customers or internally; IT services are essential to their success. Hence, banking, financial services, and insurance enterprises need managed security services to help provide services for ultra-low latency trading, market data, hosting, and infrastructure connectivity, and risk management solutions. Data encryption and secure backup are highly demanded by these enterprises, along with a full range of backup and disaster recovery (BDR) solutions to meet federal compliance regulations. managed security services are specialized in BDR for financial services and help these businesses protect sensitive information, mitigate downtime, and promote overall business continuity. Managed network, managed security, and managed IT infrastructure are the most popular managed services across the banking, financial services, and vertical insurance.
However, concerns regarding sharing the sensitive data may hamper the market growth. In spite of that, increasing use of mobile devices, growing demand for managed security services from small and medium enterprises and cost effectiveness may create more opportunities for the further growth of the global managed security services market.
Asia Pacific is Expected to Witness a Lucrative Growth in the Global Managed Security Services Market
Asia Pacific is expected to witness a lucrative growth in the global managed security services market due to the countries like China and Japan and India has the largest small medium large IT and manufacturing base companies and increased cyber-attacks continuously in Asian countries. According to a global survey by cyber security firm Sophos called “The State of Ransomware 2021 report, 68% of Indian organizations surveyed hit by ransomware in the last 12 months. India is one of the most affected countries in terms of ransomware attacks. Furthermore, as per the survey, India tops the list of top 30 countries for ransomware attacks with 68 per cent of Indian organizations surveyed being hit by ransomware in the last 12 months.
Global Managed Security Services Market Segmentation:
By Deployment Mode:
- Hosted or cloud-based MSS
- On-premise or customer-premise equipment (CPE) MSS
- Organization Size
- Small- & medium-sized businesses
- Large businesses
By Application:
- Managed IPS and IDS
- Distributed Denial of Services (DDoS)
- Unified threat management (UTM)
- Secured information & event management (SIEM)
- Firewall management
- Endpoint Security
- Others
By Vertical:
- Banking Financial Services & Insurance (BFSI)
- Healthcare
- Manufacturing
- Retail
- Telecom & IT
- Others
The regions covered in global Managed Security Services market report are North America, Europe, Asia-Pacific, Latin America and Rest of the World. On the basis of country level, the market of global feminine hygiene is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, South East Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
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