Managed Cyber Security Services Market
Managed Cyber Security Services Market (Applications- Identity & Access Management, Risk & Compliance Management, Vulnerability Management, Managed Security Device Management, Other Applications; End-User- BFSI, Discrete Manufacturing, Healthcare, Government Agencies, Telecommunication, Energy & Utility, Other End Users) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2026
Press Release :
A latest report published by Transparency Market Research (TMR) projects that the global managed cyber security services market will remain positive over the next couple of years. Between 2016 and 2026, the market is expected to surge at over 15% CAGR. In recent years, the adoption of managed services has tremendous owing to their cutting-edge features and functionalities that facilitate high quality service delivery to users. This has been a major factor in driving the demand for managed cyber security solutions. Also, managed cyber security solutions can help in lowering the IT Budget, provide high levels of responsiveness, and ensure faster troubleshooting. The adoption of managed security services is expected to remain high in the forthcoming years.
It is observed that the altering aspects of business structures is also compelling corporation across the globe to strengthen and secure their existing IT infrastructure. Increasing demand for advanced security services in sector such as BFSI, telecommunication and Information technology is driving the demand for managed cyber security. Factors as such are expected to support the growth of the global market for managed cyber security during the forecast period. Managed cyber security solution offer a high-level security for confidential and sensitive information of company and hence will remain of significance for organizations worldwide. Moreover, cyber security services provision further growth of a corporation by securing their technological capabilities and enhancing their operational efficiency. The global market for managed cyber security is expected to be influenced by rising incidences of cybercrimes that target enterprise networks in the near future. In addition, stringent regulatory norms and data security laws are forcing organizations to integrated cyber security tools in their network infrastructure.
North America to lead the Global market for Managed Cyber Security Services Over 2026
Among regions, North America is expected to dominate the global managed cyber security services market in 2017, and the trend is likely to continue throughout the forecast period. North America managed cyber security services market is set to grow at a CAGR of 18.5% between 2017 and 2026. Meanwhile, regions such as Asia Pacific excluding Japan (APEJ) and Europe are also expected to present growth opportunities for service providers during the assessment period.
Identity & Access Management- a Leading Application Segment
On the basis of application, the identity & access management will remain highly attractive in 2017 and beyond. This segment currently for more than one-third revenue share of the market and is estimated to surpass a valuation of US$ 26,700 Mn by 2026-end, expanding at a CAGR of 16%. The segment is set to increase by US$ 4,029.7 Mn annually over the course of the forecast period.
Discrete Manufacturing to Emerge as the Largest End-User of Managed Cyber Security Services
On the basis of end use, the discrete manufacturing segment is expected to retain its leading position over 2026. Currently, the segment accounts for close to one-fourth market share and is projected to increase at a CAGR of 15.9% during the assessment period.
Leading market participants profiled in TMR’s report include Tata Consultancy Services, Secureworks, Symantec, CNS Group, Proficio, IBM Corporation, Optiv, Accenture, Honeywell and Assuria. A majority of these companies are incessantly innovating to optimism their cybersecurity services to requirements and offer end-to-end security. These companies are concentrating on developing solutions that can help organizations out-smart attackers every single day.
Global Managed Cyber Security Services Market: Overview
The global managed cyber security services market is expected to witness a robust growth attributed to growing incidences of malware threats in the cyber space. Increasing demand for vulnerability and threat management is expected to boost demand for the managed cyber security services among the large enterprises. Moreover, surge in demand for scanning and testing to detect malware is further expected to contribute towards growth of the global managed cyber security services market significantly. Adoption of the managed cyber security services is expected to remain high among hotel chains, distributed organizations, restaurant groups and franchises.
The report reveals an in-depth insight on the crucial aspects of the global managed cyber security services market on the growth patterns, important segments, competitive landscape and factors fuelling growth of the global market.
Global Managed Cyber Security Services Market: Dynamics
Growth of the global managed cyber security services market is mainly bound by various macro-economic and micro-economic factors. The report reveals that the global managed cyber security services market is expected to gain momentum attributed to growing need to protect confidential data from malware attacks. Increasing incidences of malware attacks in various business organizations will continue to fuel adoption of the managed cyber security services and solutions. In addition, surge in instances of employees and insiders of the business organization attempting to leak confidential and sensitive data has led business organizations to adopt the managed cyber security services and solutions significantly. Growing instances of data breaches and malware attacks in various organizations has led the companies offering cyber security solutions and services to focus on developing enhanced perimeter defense and threat detection solutions.
Malware attacks and data breaches can lead to significant losses for the company along with its confidential information stored. Growing need to for cyber security solution and services has led to surge in demand for the critical business service monitoring that are offered to the clients. Moreover, organizations are also increasingly focusing on offering cloud security management, user activity management, security monitoring and VID, and desktop monitoring services to various business and government organizations globally. Increasing data breaches can further lead to identity theft in order to make expensive purchases, commit fraud, apply for loans and withdraw money. Bound to these factors, demand for the managed cyber security services and solutions is expected to increase significantly.
Growing incidences of data braches and malware attacks in various financial and banking institutions will continue to impact growth of the global managed cyber security services market positively. Information and crucial data regarding the security details of the financial institutions could lead to significant losses for the banking institutions. Further, loss of important details of the end users and banking credentials will impact the loyalty and trust of the customers investing in the plans offered by the financial institutions. Bound to these factors, demand for the managed cyber security services and solutions is expected to increase in the global market.
Global Managed Cyber Security Services Market: Segmentation
In the next section, the global managed cyber security services market is segmented in terms of application, end users, and region. On the basis of application, the global market is segmented as identity and access management, risk & compliance management, vulnerability management, managed security devices management and other applications. Based on end users, the global market is segmented as BFSI, discreet manufacturing, healthcare, government agencies, telecommunication, energy & utility and other end users. By region, the global market is segmented as North America, Latin America, Europe, Japan, APEJ and MEA.
Global Managed Cyber Security Services Market: Competition
Key players in the global managed cyber security services market are Tata Consultancy Services, Symantec, Secureworks, CNS Group, IBM Corporation, Proficio, Accenture, Optiv, Assuria and Honeywell.