San Francisco, California, January 09, 2018: A recently added market study by TMR Research, titled, “Managed Security Service Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025,” offers crucial information on the market so as to enable success-hungry companies operating in it take timely, appropriate decisions. It banks upon historical and current figures to understand the trajectory of the market. It also studies the competitive dynamics by taking a thorough look at the companies operating in it and by leveraging popular analytical tools.
Managed security services (MSS) is network security services offloaded to a third party. A company offering such a service is known as managed security services provider (MSSP). MSSPs monitor and manage security of systems and devices. Intrusion detection, vulnerability scanning, managed firewall, virtual private network, and anti-viral services are some of the services provided by them.
Managed security service providers help to bring down costs by reducing the need for operational security personnel and the expense of training them. This is because they provide high-availability security operation centers, either from data center providers or from their own in-house facilities that provide services throughout the day.
USPs of managed security services (MSS) are effectiveness and convenience. This, along with rising availability of cloud, has led to their swift adoption by end users. At present, there is an acute shortage of skilled cyber security professionals who are thoroughly abreast of the changing contours of cyber security. This is another factor proving beneficial for the market.
The banking, financial services and insurance (BFSI) sector is at the forefront of driving demand in the market for managed security service. This is because of the swift digitization of the entire sector which has resulted in the use of mobile applications and various online platforms for transferring money and for transactions. This, in turn, has driven up the chances of cyber-attacks, thus upping the need for managed security services (MSS). Apart from BFSI, other sectors generating demand in the market are healthcare, government, telecommunication, retail, information technology, industrial manufacturing, and energy and utilities.
Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa are some of the key regions in the global market for managed security services (MSS). Of them, North America has emerged as a key region that is home to numerous organizations – large, medium, and small. The U.S. and Canada, particularly, are home to most of these organizations. In the next couple of years, the market for managed security service in North America is expected to rise at an impressive pace on account of the increasing practice of remote working trends, massive sales of smartphones and other mobile devices, and digital technologies.
North America’s dominance, however, will most likely be challenged in the foreseeable future by Asia Pacific because of the soaring adoption of cloud-based managed security services by enterprises of various sizes.
The competition in the global market for managed security services is red hot and going forward, it would intensify further. This is because the market is fragmented on account of the presence of numerous players of different sizes – small and large. In order to thrive in such a cutthroat landscape, well-entrenched players are seen focusing on trying to acquire niche vendor to bolster their product portfolio and further increase market shares. Prominent participants operating in the market for managed security services worldwide that have been profiled in the report are Hewlett Packard Enterprise Company, IBM Corporation, AT&T, Inc., Verizon Communications, Inc., Rapid7, Inc., and Symantec Corporation.
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