Managed security service providers have proven to be successful solutions for organizations, the protection of corporate internet assets, password files.
PORTLAND, PORTLAND, OR, UNITED STATE, November 15, 2023 /EINPresswire.com/ — An increase in cybercrime activities, cost-effectiveness, the trend of mobile devices at workplaces, 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 surge in demand for customized services are expected to offer remunerative opportunities for expansion of the market during the forecast period.
Managed security services market size was valued at $22.45 billion in 2020, and is projected to reach $77.01 billion by 2030, growing at a CAGR of 12.8% from 2021 to 2030.
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➢ 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.
The report offers detailed segmentation of the global managed security services market based on deployment mode, enterprise size, application, industry verticals, and region.
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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.
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.
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The report presents in-depth insights into each of the leading Managed Security Services Market end user verticals along with annual forecasts to 2030. The report provides revenue forecast with sales, and sales growth rate of the global Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
Key Market Players:
➢ AT&T Intellectual Property
➢ BT Group
➢ Check Point Software Technologies Ltd.
➢ Cisco System Inc.
➢ DXC Technology Company
➢ Fortinet Inc.
➢ Hewlett Packard Enterprise Development LP
➢ IBM Corporation
➢ SecureWorks Inc.
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