According to TMR, the global cyber security services Market will witness the high growth During the period from 2017 to 2026, exhibiting a 15.6% CAGR and reach US$63,524.5 mn by the end of 2026. On the basis of geography North America has been leading in the manager cyber security services market and will continue to do so on account of the US being the base for many of the leading companies operating in this market.
Joseph is anticipated to be the second leading regional market for managed cybersecurity services on account of the rising incidences of cyber-crimes which are targeting small as well as big companies, growing adoption of cloud-based services, and the establishment of very stringent data security laws. The need to adhere to regulatory compliances also boost the demand for managed cyber security services.
Asia Pacific Excluding Japan to Emerge as Most Lucrative Regional Market
Asia-pacific excluding Japan is also anticipated to witness tremendous growth in the next few years on account of the Rising awareness about the need for cyber security services as well as increasing incidences of cyber-crimes. The rising employment of private and public cloud in China and India coupled with rapid development of IT infrastructure are also expected to be behind the growth of the Asia-pacific excluding Japan market for managed cyber security services.
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On the basis of end-user, the discrete manufacturing sector will emerge as the key user of managed cyber security services. By application, the identity and access management segment is anticipated to within the market.
Growing Complexity of Network Infrastructure Creating Heightened Need for Cyber Security Services
According to the lead author of this report, the growing adoption of cloud computing and data analytics by organizations and businesses has led to an increase in the demand for managed cybersecurity services. With the growing complexity of network infrastructure, a lack of skilled IT professionals, and insufficient capital have led to the outsourcing of security tasks by most companies.
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Specialized third-party service providers are being picked by businesses and organizations for unified cyber solutions that offer advanced protection from threats as well as real-time security intelligence. Some of the trends today which are aiding the growth of the global manage cyber security services are high use of cloud and the trend of bring your own device.
On the other hand, many companies refrain from outsourcing the task of cybersecurity because it involves the risk of important, crucial, sensitive, and confidential business data being leaked. This is anticipated to be a major blow to the growth of the global managed cyber security services market.