Managed Security Services Global Market Sees Growth Rate Of 19% Through 2022
21 Sep, 2022
The global managed security services market size is expected to grow from $22.18 billion in 2021 to $26.46 billion in 2022 at a compound annual growth rate (CAGR) of 19.3%. The global managed security service market size is expected to grow to $48.22 billion in 2026 at a CAGR of 16.2%.
What is the Global Managed Security Services Market?
The managed security services market consists of sales of managed security services by entities (organization, sole traders, and partnership) that provides services such as continuous monitoring and handling of interference detection systems and firewalls, allows security checks and audits, and emergency response. Managed security services are the services provided by third-party vendors as a proactive security measure, which is simple according to the need and ever-evolving security view of an organization.
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What drives the Global Managed Security Services Market?
The rising instances of security breaches are expected to propel the growth of managed security services market going forward. Security breach refers to any incident that results in unauthorized access to computer data, applications, networks, or devices. Managed security services monitor and manage security systems and devices, as a result rising instances of security breaches will increase the demand for managed security services market. For instance, in December 2021, according to the Identity Theft Resource Center (ITRC), a US-based non-profit organization, data breaches increased by 17% 2021, with 12.91 thousand breaches compared to 11.08 thousand in 2020. Therefore, the increase in security breaches helps to increase the market demand for managed security services.
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Global Managed Security Services Market Segments
The global managed security services market is segmented:
By Type: Network Security, Terminal Security, Application Security, Cloud Security
By Deployment Type: On-Premise, Cloud
By Organization Size: Large Enterprises, Small and Medium-Sized Enterprises (SMEs)
By Application: Intrusion Detection and Prevention, Threat Prevention, Distributed Denial of Services, Firewall Management, End-Point Security, Risk Assessment
By End-User: BFSI, Government and Defense, Retail, Manufacturing, Healthcare and Life Sciences, IT and Telecom, Others
By Geography: The regions covered in the managed security services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global managed security services market.
Managed Security Services Global Market Report 2022 provides market size and growth forecasts for the global managed security services market, global managed security services market share, managed security services market segments and geographies, managed security services market competitive landscape including leading competitors’ revenues, profiles and market shares. The managed security services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Managed Security Services Industry Players include Business Machines Corporation, Cisco Systems Inc., Nippon Telegraph and Telephone Corporation, Secureworks Inc., BT Managed Security Solutions, Check Point Software Technologies Ltd., Wipro Limited, Accenture plc, Symantec, DXC Technology Company, Lumen Tech Inc., Nuspire, BAE Systems, Fujitsu, and Intel Corporation. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.