Managed Security Services Market Revenue Will Reach $56.3 Billion By 2024, Says Esticast Research and Consulting
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As per the report “Managed Security Services Market By Application (IPS & IDS, Distributed denial of services, Unified threat management, Secured information & event, Endpoint security, Firewall management), By Deployment mode, Cloud based, On premise), Estimation & forecast, 2016 – 2024.”The global managed security market was valued at $16.6 billion, and is projected to reach $56.3 billion by 2024, growing at a CAGR of 16.6% from 2017 to 2024.
In 2016, cloud based deployment mode held the largest share in global managed security market. Among major regions, North American managed security market was highest revenue generating market and anticipated to grow at a CAGR of 15.1% for the forecast period.
“Advance technologies such as big data, Hadoop, and IoT, may pose as a threat if they are not properly managed. Growing organizational data and increasing cyber threats impel the managed security market for growth. Further, expeditiously developing IT will also boost the market in coming years. Complex security integration with current infrastructure might restrain the growing market of managed security services. The acquisition is the key strategy adopted by market leaders to help them grow further.”
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Increasing mobile device adoption and growing organizational data enforced organizations to move onto cloud based infrastructure. Increased bring your own device (BYOD) practices further boost the cloud deployment trend. Asia-Pacific is the leading region in terms of growth rate and is anticipated to grow a CAGR of 24.8%. Cloud deployment managed security industry is expected to grow at a CAGR of 21.3% and projected to gain around 70% of the market share by 2024.
Firewall management is anticipated to be the fastest growing application segment
Firewall management is the most demanded service within managed security service market. It is expected to grow at a CAGR of 23.4% and expected to hold around 20% of the market share by the end of 2024. FBI reported average of 4000 ransomware attacks per day in 2016 within U.S. However, Secured information & event is estimated to hold the largest share of the market by 2024. North America is the largest revenue generating segment within firewall management industry.
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North America is anticipated to hold 3/7th of the total market share by 2024
North America was the largest market for managed security in 2016, and is expected to grow at a CAGR of 15.1%. By the end of 2024 it is expected to hold the 3/7th of the total market share in terms of revenue. This is evident from data revealed by Trustwave Global Security report, which reports that North America experiences 49% of the total cyber breaches across the globe.
Banking, financial services, and insurance dominates the market throughout forecast period and estimated to retain largest market share in terms of revenue. BFSI is anticipated to grow at a CAGR of 14.4%.
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Managed Security Market Key Findings
• Cloud deployment is expected to grow at thriving CAGR of 21.3% and expected to attain around 70% of the market share by 2024
• North America is expected to grow at a CAGR of 15.1%
• Firewall management is expected to hold around 20% of the market
• Acquisition is the most popular strategy adopted by market leaders
The market is identified by stiff competition owing to presence of large number of small as well as large vendors. Market leaders are acquiring small and local players to expand their product portfolio and establish strong foothold in the market. For instance, Deloitte LLP acquired Integrity-Paahi Solutions Inc. (IPS), a leading information services security provider based in Vancouver.
Major players of the market are AT&T Inc., BT Group, Check Point Software Technologies Ltd., Cisco Systems Inc., Computer Sciences Corporation, Dell Secureworks, Inc., Fortinet Inc., HP Inc., IBM Corporation, and Symantec Corporation.