Managed Security Services Market Expected Significant Growth Of $60.94 Billion Due To Increase In IT Security Spending By 2024: Grand View Research Inc.

Managed Security Services Market Expected Significant Growth Of $60.94 Billion Due To Increase In IT Security Spending By 2024: Grand View Research Inc.

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According to report published by Grand View Research,The proliferation of advanced threats is expected to increase the adoption of managed security services over the forecast period. rowing usage of cloud storage systems among organizations is driving the Managed Security Services Market growth.

According to a report,“Managed Security Services Market Size, Share & Trend Analysis Report By Type (Unified Threat Management, DDoS, Managed SIEM, Managed Endpoint Threat Protection), By Deployment, By Organization, By Application, And Segment Forecasts To 2024”,published by Grand View Research, Inc., The global managed security services market is expected to reach USD 60.94 billion by 2024, The proliferation of advanced threats is expected to increase the adoption of managed security services over the forecast period. Growing usage of cloud storage systems among organizations is driving the demand for cloud-based security services. Moreover, regulatory compliances in several countries to protect loss of information are enabling enterprises to deploy security services. For instance, in 2014, Russia announced the adoption of new regulations for the collection and storage of information only on the Russian territory effective from September 2016. 

Key Takeaways from the report:

  • The managed endpoint threat protection is expected to remain the largest segment owing to the growing BYOD trends among organizations and the need to mitigate the growing malware threats

  • Cloud-based managed security services are expected to be the fastest growing segment owing to the rising number of remote workforce. Moreover, organizations are shifting from on-premise to cloud-based services to reduce the expenditure in managing these services.

  • Telecom & IT is expected to grow at a CAGR of over 16.5% owing to the increasing need to protect and maintain customer privacy. Compliance with regulatory and legal requirements is critical for telecom operators to sustain their operations.

  • The North America managed security services industry is anticipated to remain the largest over the forecast period. The continuous increase in computer hacking is leading to greater adoption of these services in the region.

  • Asia Pacific is expected to be the fastest-growing region, growing at a CAGR of over 19% from 2016 to 2024. Owing to the rising number of complex cyber threats, companies in the region are outsourcing network infrastructure security.

  • Key players in the managed security services market include Dell SecureWorks Inc., IBM Corporation, Symantec Corporation and Verizon Communications Inc. Companies are focusing on providing fully integrated security solutions to develop technologies in the security space.

Global managed security services market by region, 2014 – 2024 (USD Million)

Global managed security services market by region, 2014 - 2024 (USD Million)

 

Browse More Reports in Paints, Network Security Industry:

  • Internet of Things (IoT) Security MarketIncreased use of connected IoT technologies has left organization network and devices vulnerable to security breaches, thereby driving awareness regarding cyber-attacks among consumers as well as businesses. Thus, addressing security challenges within the IoT space is anticipated to stoke the growth of the Internet of Things (IoT) Security Market over the forecast period.
  • Cyber Security MarketThe global cyber security market size was valued at USD 78.26 billion in 2015 and is presumed to witness significant growth over the forecast period. Cybersecurity is becoming a strategic imperative for organization owing to increased focus on preventing information in the wake of high profile data thefts and breaches.

Managed security services are expected to grow at a robust pace owing to the fast emerging BYOD trend, increasing cybercrime activities and growing concerns for malicious malware attacks. Owing to the increasing consumer privacy regulations such as Personal Protection Act and Consumer Protection Regulations, various sectors such as BFSI and telecom are increasingly adopting these services. 

Grand View Research has segmented the managed security services market on the basis of type, deployment, organization, application and region:

Managed Security Services Type Outlook (Revenue, USD Million, 2014 – 2024)

  • Unified threat management

  • DDoS

  • Managed SIEM

  • Managed endpoint threat protection

  • Managed two-factor authentication

  • Compliance management

  • Vulnerability management

  • Others

Managed Security Services Deployment Outlook (Revenue, USD Million, 2014 – 2024)

  • Cloud-based

  • On-premise

Managed Security Services Organization Outlook (Revenue, USD Million, 2014 – 2024)

  • Small and medium enterprises

  • Large enterprises

Managed Security Services Application Outlook (Revenue, USD Million, 2014 – 2024)

  • BFSI

  • Government/Defense

  • Healthcare

  • Manufacturing

  • Telecom & IT

  • Retail

  • Others

Managed Security Services Regional Outlook (Revenue, USD Million, 2014 – 2024)

  • North America

    • U.S.
    • Canada

  • Europe

    • Germany

    • UK

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • MEA

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

For more information: www.grandviewresearch.com

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