Managed security services market to grow at a CAGR of 14% from 2018 to 2025
The global managed security services market has been segmented on the basis of the deployment model, service type, organization size, and application. Under the deployment model, it is further classified as a cloud-based and on-premises model. The service type is classified as IPS/IDS, distributed denial of services, threat management, firewall management, end-point security, and secured information and event management. Organization size is further segmented into small & medium-sized and large enterprises. Application segment consists of BFSI, IT & ITES, healthcare, government & defense, retail, e-commerce, and energy & utilities and manufacturing, and others.
The global managed security services is projected to grow at a sustainable growth rate of over 15%, which is expected to reach USD 48 billion by the end of 2025. The rapidly evolving threats across the system of the verticals have influenced the growth of responsive and smarter managed security services, which has led to the growth of the global managed security services market.
Under the service type segment, end-point security is expected to grow at a rapid rate on the backdrop of increasing trend of BYOPC policy among organizations. Henceforth gaining maximum market share among service type segment and continues to hold its position throughout the forecast period 2025.
On the basis of geography, the Managed Security Services Market is segmented into North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America holds the dominant position in the managed security services market, which is projected to retain its dominance throughout the forecast period. Asia-Pacific is expected to witness the highest growth rate over the forecast period, due to an increase in the adoption of new technologies, which has led to numerous cyber-attack instances in organizations.
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The global managed security services market is segmented on the basis of five major geographic regions such as North America, Europe, Asia-Pacific, Middle East and Africa, and South America. Though North America and Europe are matured markets for managed security services, it will continue to hold maximum market share in terms of generation of revenue throughout the forecast period, 2025. Further, Asia-Pacific is expected to witness the highest CAGR in the managed security services market.
The major managed security services’ manufacturers include IBM, HEWLETT PACKARD, WIPRO, AT & T, Symantec, Accenture, Hitachi Systems Security, Intel Corporation, Cisco Systems, Inc., Fortinet, and Cipher.
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Key industry players such as HP, IBM, and Dell are coming up with new innovative ideas and are gaining traction, and creating lucrative opportunities in the managed security services market across the globe.