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Managed Security Services Market By deployment type (On premises and on cloud); By organization(Small and medium enterprise and large enterprise); By application (BFSI, Retail & E-commerce, Government, Healthcare, IT & Telecom, Construction and Others); and Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030.
Managed Security Services Market to surpass USD 89 Billion by 2030, which is valued at 26.6 billion in 2021 at a compound annual growth rate of 14.40%.
Managed Security Services sector (MSS) includes remote control and management of IT protection functions by provider third-party service providers, to efficiently secure confidential data from organizations. With the growth of companies in the scale and scope of social media, cloud infrastructure, Big Data, and multiple computing devices, the role of information security becomes increasingly complex. Growing numbers of cybercrime security attacks and malicious activity have generated concern among organizations. Furthermore, the increased complexity of network infrastructure has been shown to hinder the management of data protection. In this scenario, it has been a lucrative option for organizations to outsource security tasks to managed security service providers.
Managed Security Services Market is expected to project a CAGR of 14.40% during the forecast period, 2021-2030
The main market drivers are expected to fuel the growth due to the growing number of security breaches and attacks posing a threat to large and small organizational structures. For overall safety posture and technology advancing in the cloud and IoT, appropriate steps have been taken in advance to improve future uses around the vertical.
The On-premises segment is anticipated to register the volume share.
Global Managed Security Services Market is segmented by deployment mode: Cloud and On-premises. Security investments in the cloud sector increase and service providers focus on delivering cloud-based services instead of On-Premises services.
Small & medium enterprises accounted to register a CAGR of 17.5%.
Global Managed Security Services Market is segmented by Organization: Small and medium enterprises and large enterprises. In small and medium-sized enterprises the market for managed security services is on the increase because of the insufficient IT resources to deal with complex threats. This helps businesses to outsource safety activities to managed security providers. The adoption of managed security services is boosted by increasing awareness of security threats and increased security expenditures among these institutions. To attract more organizations towards the use of these products, service providers also offer flexible pricing models.
BFSI is expected to dominate the market with a growing CAGR
Global Managed Security Services Market is segmented by application into BFSI, Government, Healthcare, Retail, Telecom, Utilities, and Manufacturing. The ineffective physical and logical monitoring of customer data systems and the inadequate reporting and controls of security-related incidents are one of the major reasons for data loss in this industry. Regional stability, terrorism, physical hazards, networks, and current challenges resulting from cyber-sabotage and secret sources are constantly visualized within the BFSI industry. In the financial sector, the growing regulation stimulates industry growth in that area.
The growing demand for MSMEs
The increase in the world market in managed security services is a major factor in rising the incidence of cybersecurity attacks. In addition, the growth of mobile device use, increased demand from small and medium-sized companies for managed security services, and cost-effectiveness would drive the growth of the global managed security services market during the forecast period.
Lack of scalability
The lack of integration of context resources, the risk of leakage of sensitive information, and security technologies and platforms struggle in providing the global managed security services market with levels of scalability. Furthermore, the global management market for security services is expected to grow slowly in the forecast period due to complex IT infrastructure and chances of failure during implementation.
Several companies have been attracted to the area by the comprehensive developments in the IT field. The spread of these technologies has contributed to the emergence of serious and advanced cyber threats. This concern for protection has stepped up the deployment of regional security services. Increasing spending by sports professionals and working people on nutritional items are expected to promote the use of milk powder as functional ingredients in Germany, France, the UK, and Russia to boost muscle strength.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Managed Security Services Market size was estimated at USD 26.6 billion in 2021 and is expected to reach USD 89 Billion by 2030,
IBM (US), NTT Data (Japan), DXC Technology (US), Atos (France), Verizon (US), Cipher Security (US), Optiv Security (US), Infosys (India), Cognizant (US), Wipro (India) and other prominent players.
The On-premises segment and Small & medium enterprises are anticipated to hold the Managed Security Services Market
Drivers The growing demand for MSMEs
Global Managed Security Services sector (MSS) includes remote control and management of IT protection functions by provider third-party service providers, to efficiently secure confidential data from organizations.
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