Managed Security Services to Reach US$24,127 Mn due to Emergence of Cloud-based Managed Security Services

The global managed security services market, valued at USD 9.24 billion in 2012, is expected to see strong growth at 15.4% CAGR during 2013 to 2019 period. In order to monitor and provide better protection owing to the rising frequency and complexity of cyber attacks and security breaches, organizations are progressively deploying managed security services. The quality of protection can be further improved by outsourcing security operations to managed security service providers that have skilled workforce and core expertise in this field. Rise in digital information generation and need to secure it, increasing trend of bring your own devices (BYOD) are some of the major factors to drive the growth of managed security services market.
Managed security services offer various applications to the enterprises such as network security, access control, compliance, confidentiality, and risk and vulnerability assessment among others.

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Companies under different industry verticals such as banking and financial services, government, telecom and IT use managed security services in order to offload some of the security threats risks and associated costs. The global managed security services market in 2012 was dominated by the BFSI segment, which accounted for 25.2% revenue share. Companies under BFSI sector are progressively engaging managed security service providers to meet their security requirements. This is due to rise in numbers and complexity of threats, compliance and cost pressures, and lack of internal expertise, in which case outsourcing proves to be a economical and viable option. In 2012, cloud based managed security services held largest market share and are expected to continue to dominate the market over other delivery models, namely consumer premises equipment (CPE) based services and hybrid services, during the forecast period.

Geographically, North America is expected to remain the largest market for managed security services followed by Europe. However, Asia Pacific is expected to see fastest growth as the region is expected to adopt these services, especially under BFSI, Healthcare, and government sector, on a major scale during the forecast period. However, challenges such as automation, scalability, and professional and technical expertise of MSSPs (managed security services providers), reluctance to share confidential information by customers, are hindering market growth worldwide.

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Large number of IT companies and telecom/internet service providers started to venture in managed security services market as part of their services and product portfolio expansion. Some of the key participants in this market include AT&T Inc., Bell Canada Inc., Fujitsu Ltd., IBM Corporation, Trustwave Holdings, Inc., Symantec, Dell SecureWorks Inc., Verizon Communication Inc., Tata Communications Ltd., Hewlett-Packard Co., Wipro Technology Services Ltd., Intergalis AG, Wipro Technology Services Ltd., and CenturyLink, Inc., among others. Among these, players such as HP, IBM, Dell SecureWorks, and EMC, are considered to have dominant position in the market.