Global Managed Security Service Market: Snapshot
Network security services outsourced to third-party service providers are defined as managed security services. A managed security services provider (MSSP) basically is a company that can offer relevant security services to interested businesses. In short, a managed security service provider monitors and manages security of all devices and systems belonging to a company or a business. These systems may be vulnerable to attacks by phishing scams, virus attacks, hackers, and other type of harmful activities. Network security services mainly include virtual private network, managing firewalls, anti-viral scanning, intrusion detection, and several other actions.
Due to a great need of these services, a distinctly managed security service market exists, wherein manufacturing businesses offer quality security services through their operation centers. These services might be provided from an office, or also from residential areas. The service provided could differ in its duration, which could range from a few days to multiple weeks and months. Potential clients usually opt for long-term services as these are mainly available for the best price.
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A dire need for network-based protection again undesirable activities has been primarily driving the global managed security service market. Thus, effectiveness and convenience are two factors positively contributing to the market’s growth. From a long-term perspective, availing network security services can reduce costs needed to be borne for facilitating IT operations, thereby propelling the global managed security service market’s growth. An increase in the use of cloud based services, which can be effectively linked with network security processes is also proving to be beneficial to the market.
Global Managed Security Service Market: Overview
Network security services when outsourced to a third-party service provider is known as managed security services (MSS). A company providing such a service is referred to as a managed security services provider (MSSP). A managed security service provider monitors and manages security of devices and systems. Some of the popular services provided by them include intrusion detection, managed firewall, virtual private network, vulnerability scanning, and anti-viral services.
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Managed security service providers leverage high-availability security operation centers, either from their own in-house facilities or from other data center providers, to bring round-the-clock services. This helps to bring down the number of operational security personnel needed to hire, train and maintain proper security.
Global Managed Security Service Market: Key Trends
Two of the unique perceived benefits of managed security service is the convenience and effectiveness in providing high level of security. This has resulted in their uptake among end users and will continue doing so in the near future as well, thereby stoking growth in the global market. Further, its ability in bringing down the expenditure on IT and enabling quick resolution of problems is also slated work in favor of its market’s growth.
Other factors stoking the market is the soaring uptake of public cloud and the shared responsibility model for security in the cloud. Besides, major dearth of skilled cyber security professionals along with the changing contours of cyber security is also pushing demand in the global managed security service market.
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Global Managed Security Service Market: Market Potential
Among the different end users, the banking, financial services and insurance (BFSI) segment is seeing a rapid change in consumers behaviors which has resulted in massive usage of mobile applications and other online platforms. This has resulted in increased susceptibility to cyber-attacks. In December 2016, for example, the Russian central bank along with other private banks lost US$3 mn in cyber-attacks.
Such incidents have necessitated robust security which in turn has driven up demand in the managed security service market. Other end use sectors driving the market are government, healthcare, retail, telecommunication and information technology, energy and utilities, and industrial manufacturing, among others.
At the forefront of driving growth are the market is small and medium businesses that are increasingly ramping up their current business models and infrastructure to stay competitive. In the process they are increasingly taking to managed security services that helps them optimize business processes and enhance operational efficiency within their budgets.
Global Managed Security Service Market: Regional Outlook
From a geographical perspective, currently North America is a key market. One reason why the market has seen good growth is the presence of many organizations – large, medium, and small – in the economically advanced nations of the U.S. and Canada. In the near future, the market for managed security service is predicted to grow fast on account of rising demand for mobile workforce and proliferating mobile devices and digital technologies.
Moving forward, however, the market is slated to lose some of its sheen because of the powerful emergence of the Asia Pacific market on the back of swift uptake of cloud-based managed security services by enterprises of different sizes.
Global Managed Security Service Market: Competitive Analysis
The global managed security services market is characterized by stiff competition owing to the presence of a copious number of small and large vendors. In order to bolster their positions further, established players are trying to acquire niche vendors. This would enable them to expand their product portfolio and up market shares. Some of the prominent vendors profiled in the report are IBM Corporation, Hewlett Packard Enterprise Company, Verizon Communications, Inc., AT&T, Inc., Symantec Corporation, and Rapid7, Inc.