An increase in cybercrime activities, cost-effectiveness, the trend of mobile devices at workplaces, the rise in electronic data, and stringent government regulations fuel the growth of the global managed security services market. However, hesitation to share sensitive data restricts the market growth.
Moreover, a rise in awareness about data security, an increase in the importance of e-business, and a surge in demand for customized services are expected to offer remunerative opportunities for the expansion of the market during the forecast period.
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Based on industry verticals, the BFSI segment held the highest market share in 2020, holding nearly two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the manufacturing segment is estimated to register the highest CAGR of 15.3% from 2021 to 2030.
Based on deployment mode, the on-premise segment held the largest market share in 2020, holding around two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. However, the cloud segment is projected to register the highest CAGR of 16.6% from 2021 to 2030.
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Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly two-fifths of the total market share, and is estimated to continue its dominant share by 2030. However, Asia-Pacific is projected to manifest the fastest CAGR of 15.6% during the forecast period.
Leading players of the global managed security services industry analyzed in the research include AT&T Intellectual Property, BT Group, Broadcom, Cisco System Inc., Check Point Software Technologies Ltd., DXC Technology Company, SecureWorks Inc., Fortinet Inc., Hewlett Packard Enterprise Development LP, and IBM Corporation.
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COVID-19 scenario:
- The outbreak of COVID-19 is anticipated to have a positive impact on the growth of managed security services market. This is attributed to the fact that the use of managed security services is expected to enable enterprises to address security issues and facilitate secured information access while remote working during the COVID-19 pandemic.
- In addition, owing to the increase in internet traffic, the threat of cyberattacks grew significantly in numerous enterprises, necessitating the implementation of managed security services. This has fueled the market growth.
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