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Managed Security Services Market worth 35.53 Billion USD by 2020
The report "Managed Security Services Market by Service Type, Organization Size (Small and Medium Enterprises, Large Enterprises), Deployment (Cloud Deployment and in-Premises Deployment), Vertical, and Region - Global Forecast to 2020", is estimated to grow from USD 17.79 Billion in 2015 to USD 35.53 Billion by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 14.8% from 2015 to 2020. MSS provides a balanced approach for maintaining compliance and ensure proactive security stance to an organization’s information and other security needs. Rise in cybercrimes and threats, rising need of meeting compliance and data protection laws, security staffing and budgeting constraints on the organizations, and increasing adoption of cloud services are expected to remain the major drivers behind the increased traction of the MSS market.
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The Banking, Financial Services, and Insurance (BFSI) sector is expected to grow with the highest CAGR during the forecast period
The operating environment of the BFSI industry has changed significantly in terms of technological advancements and workflow processes. There has been continuous technological revolution in banks and financial institutions in the form of ATMs, core banking, e-banking, and mobile banking. The BFSI industry is facing unique challenges of increasing information security threats, and growing compliance requirements. These challenges are the major driving factors for the MSS market in the BFSI industry. MSS helps BFSI sector with service security solutions and technologies such as firewalls, Intrusion Detection Systems (IDSs), Virtual Private Networks (VPNs), and vulnerability assessment tools managed and monitored by skilled security professionals. Hence, bank’s other financial institutions are investing at a good rate in security services to maintain their competence.
The North American region is expected to lead the MSS market
North America is expected to have the largest market size in the MSS market mainly due to high spending on IT security with increase in advancements in technologies, such as cloud computing, big data, mobility services, and growing apps store across the U.S. and Canada. This growth is further fostered by growing demand of MSS across small and medium enterprises in the region. North America is expected to have the largest market share; however, Asia-Pacific is likely to grow with the highest CAGR from 2015 to 2020.
The major vendors in the digital signature market include AT&T, Inc. (U.S.), Dell SecureWorks, Inc. (U.S.), IBM Corporation (U.S.), Symantec Corporation (U.S.), Verizon Communications Inc. (U.S.), Computer Sciences Corporations (CSC) (U.S.), CenturyLink, Inc. (U.S.), Hewlett-Packard (HP) Company (U.S.), Solutionary, Inc. (U.S.), and Trustwave Holdings, Inc. (U.S.). A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, and recent developments associated with the digital signature market.
The report defines and segments the global MSS market on the basis of service type, organization size, deployment models, verticals, and regions along with providing an in-depth analysis and market size estimations. Moreover the report covers detailed information regarding the major factors influencing the growth of the MSS market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products & services, key strategies, and recent developments associated with the market.
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