Managed Security Services Market Estimated to Record Highest 20.2% CAGR by 2026
The computing world deals with higher risks of interference and security breach that continue to cost millions if not resolved on a priority. And, the booming realm of information & technology urges its participant companies to do so diligently, but not by itself. The success at which in-house security systems are effective is constantly contested by higher adoption of managed security services outsourced to external providers. While is started with providing meagre firewall appliance for internet service providers in the mid to late 90s, the global market for managed security services has been expanding rampantly and is slated to reach US$ 19.98 billion market value in 2016-end.
“Managed Security Services Market by 2026” is a report developed by Research Report Insights (RRI) that emphasis the rapid proliferation of managed security services in the global IT industry. According to the report, the global managed security services market will attain market value of over US$ 100 billion by 2026, expanding at a stellar CAGR of 17.6%.
The replacement of in-house security with managed security services shall not only rev up the progress of IT companies, but also eliminate the risks of exposing their businesses to customer data thefts, resource constraints and targeted malware hacking, among others. Being a systematic and pragmatic approach for managing security of almost every organizations, managed security services are being promoted by several tech giants such as IBM, AT&T, and Dell, among others, who also happen to be participating in the North America’s managed security services market as service providers.
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North America’s managed security services market will venture out on an impressive expansion and register a privileged 18.8% CAGR through the forecast period of 2016 to 2026. By the end of the period, North America’s managed security services market will be valued over US$ 35 billion, according to the report. The US shall account for over 80% of this progress, rendering North America as the sole dominant region in the global market for managed security services.
Product resale, on-site consulting, and managing the perimeters a client company’s network are the top requirements that urge the adoption of managed security services for IT companies. While advanced protection of several forms of cyber breaches and threats remains the driving backdrop for growth of global managed security services market, retaining a humble budget also urges IT firms to outsourcing the management of their security systems. Organized cybercrime is reported to be on an upsurge globally, which has further stimulated the implementation of managed security services for securing the network infrastructure from changing technologies. Lack of skilled professionals in in-house security systems is further propelling the growth in demand for managed security services. But, scarcity of infrastructure elements, platforms, and backend tool integration limits the business expansion for managed security service providers.
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Accenture PLC, Intel Corporation, Checkpoint Software Technologies, Fortinet, Inc., Symantec Corporation, and Cisco Systems, among others, are some of the active market participants for managed security services. The report has fragmented the growth of global managed security services market on the basis of service type, deployment model, the type of client organization, and applications. The end-point security services are slated to endure 20.2% CAGR through 2026, while cloud-based software for deployment will be gaining significant traction throughout the forecast period. Companies associated with managed security services can avail the report developed by Persistence Market Research to obtain a forecast of the global managed security services market till 2026.
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