At 14+% CAGR to 2021, Managed Security Service Market Growth Dominated by APAC

The managed security service market size is expected to grow from USD 17.02billion in 2016 to USD 33.68 billion by 2021, at a CAGR of 14.6% during the forecast period driven by increasing need to protect data from security breaches and to share threat intelligence.

Pune, India – February 13, 2017 /MarketersMedia/ —

The ever-growing need for increased security measures, emergence of Internet of Things (IoT) technologies, adoption of portable software & services, remote management tools, and reduction in the IT security expenditure in an enterprise for a sustainable future, have led to the adoption of managed security services.

The organizations are rapidly growing their branches and offices across the world due to increasing globalization. The IT infrastructure is getting dispersed and distributed globally across various office locations. It is becoming imperative for organizations to have highly secure environment in an organization and to follow continually changing government and industry norms and standards. Thus, the risk and compliance management segment is expected to grow at the highest CAGR during the forecast period, mainly because of the frequently changing rules and regulations, which make compliance with the government and industry standards a continual challenge for organizations.

Complete report on global managed security service market spread across 151 pages, profiling 10 companies and supported with 64 tables and 50 figures is now available at http://www.reportsnreports.com/reports/512827-managed-security-services-market-by-service-type-organization-size-small-and-medium-enterprises-large-enterprises-deployment-cloud-deployment-and-in-premises-deployment-vertical-and-region-global-forecast-to-2020.html .

The Banking, Financial Services, and Insurance (BFSI) vertical holds the largest market size during the forecast period, owing to its dealings with an enormous amount of confidential data and the substantial impact of the data breaches on the organization’s business. BFSI organizations are adopting managed security services in order to protect vital data and to avoid heavy penalties in case of data breaches.

The managed security service ecosystem comprises the major vendors, such as IBM Corporation (U.S.), Hewlett Packard Enterprise Company (U.S.), Verizon Communications, Inc. (U.S.), AT&T Inc. (U.S.), Symantec Corporation (U.S.), Fortinet, Inc. (U.S.), Solutionary Inc. (U.S.), Dell Secure Works (U.S.), CSC (U.S.), Century Link (U.S.), Trustwave (U.S.), Rapid7 (U.S.),and Optiv (U.S.).

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Asia-Pacific (APAC) includes emerging economies, such as China, Australia, Singapore, and India, which are rapidly adopting managed security services. This is mainly due to the rapidly growing BFSI, IT & telecom, and pharmaceutical industries in the APAC region, with demands majorly from small and medium businesses. The North American region is expected to be the largest revenue-generating region for managed security service providers in 2016. This is due to the high focus on innovation and technology adoption, especially in the developed economies of North America.

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Release ID: 169367