Published: Dec, 2017
Ongoing advancements in various technologies are resulting in the new threats to cyber security. Hence, increasing number of companies are hiring managed cyber security services. Moreover, managed service providers are focusing on tackling increasing complexity in IT network. Cyber security service providers are also focusing on developing security infrastructure to work closely with private, public and hybrid clouds, along with software applications and mobile devices.
Increasing adoption of cloud computing, data analytics, etc., by small and mid-sized businesses, is also leading to the significant growth of managed cyber security services. Lack of capital resources, increasing complexity in network infrastructure and a dearth of skilled IT professionals are some of the factors, resulting in the outsourcing of security tasks by companies to the specialized third party service providers. Companies are also looking for unified cyber solutions with advanced threat protection capability and real-time security intelligence. Increasing enterprise mobility, adoption of Internet of Things (IoT) and the rise in Bring Your Own Device (BYOD) trend is driving the need for managed cyber security solutions as well as information security solutions.
However, handling of sensitive and critical information of the company by the outsourced cyber security service provider can lead to the risk of important information or confidential documents getting leaked. This is one of the factors hampering the growth of the global market for managed cyber security services.
Some of the key companies operating in the global market for managed cyber security services are Tata Consultancy Services, CNS Group, Symantec, Secureworks, IBM Corporation, Assuria, Proficio, Accenture, Optiv, and Honeywell.
Global Market for Managed Cyber Security Services to Witness Strong Growth between 2017 and 2026
The latest report compiled by Transparency Market Research (TMR), expects the global cyber security services market to experience strong growth. The market is projected to register 15.6% CAGR during the forecast period 2017-2026. It is also estimated to bring in US$ 63,524.5 million revenue by the end of 2026.
The global market for managed cyber security services is segmented on the basis of end-user, application, and region. Based on the end-user, the market is segmented into discrete manufacturing, government agencies, BFSI, healthcare, energy & utility, telecommunication, and others. Among these, discrete manufacturing is expected to emerge as one of the largest users of the managed cyber security services between 2017 and 2026.
By application, the market is segmented into risk & compliance management, identity & access management, managed security device management, vulnerability management, and other applications. Managed cyber security services are likely to find the largest application in Identity & access management during the forecast period 2017-2026.
North America to Remain Dominant in the Global Market for Managed Cyber Security Services
North America is likely to dominate the global managed cyber security services market between the forecast period 2017 and 2026. North America is one of the leading cyber security revenue contributors followed by Europe. Also, the U.S. being the headquarters of various leading companies operating in the managed cyber security services, North America is likely to be the largest market for managed cyber security services. Growth in cybercrimes targeting both small as well as big companies, the establishment of stringent data security laws and regulatory compliance, and rise in the adoption of cloud-based services is also leading to the market growth in the region.
Meanwhile, Asia Pacific Excluding Japan (APEJ) is also expected to witness growth in the managed cyber security services. Owing to the increased risk of cybercrimes, increasing awareness about the need of cyber security services are some of the factors resulting in the growth of the market in the region. Moreover, increasing focus on the development of IT infrastructure and the rise in the public and private cloud deployments in India and China are also driving the managed cyber security services market in APEJ.
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