Increasing complexities in network infrastructure and the pressure to comply with stringent regulations are some of the major challenges being faced by data security management. Hence, the companies are outsourcing their security task to the third party service providers such as managed security service providers. Moreover, the need for better cyber solutions, implementation of BYOD and mobility strategies, and data disclosure mandates are some of the factors boosting the growth of the global managed security services market.
The rise in public and private cloud deployment and the increasing investment in IT infrastructure development in the APEJ region, especially in China and India are resulting in untapped opportunities for the providers of managed security services. The companies are also providing self-service and customizable access to incident log data for government agencies and large enterprises for incident response. The demand for analytics platforms to process huge volume of data is also increasing, in order to detect advanced threats including insider threats and customized malware. Governments in various countries are also introducing stringent regulations to secure company’s sensitive information is resulting in the increasing number of companies opting for managed security services.
Persistence Market Research (PMR) anticipates the global managed security services market to witness a strong growth during 2017-2026. The report also expects the global market for managed security services to reach US$ 100,878 Million revenue towards 2026 end.
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BFSI to Emerge as the Largest User of Managed Security Services
Stringent regulations on data security and the protection of citizens’ information are driving the banking, finance, and insurance industry to opt for managed security services. BFSI is adopting managed security services on a large scale as these sectors manage sensitive data and any harm to this data can result in the huge loss. Increasing incidence of cyber-attack in recent years is driving the change in BFSI sector and also making it necessary to enhance security measures. BFSI industry is largely focusing on unified threat management, identify and access management, disaster recovery, IPS/IDS software to protect it from a possible threat. Increasing use of smartphones, and growth in BYOD and cloud, especially in the banking sector is driving the demand for managed security services.
Other industries including healthcare, telecommunication, and retail are also moving towards adopting managed security services. The government in U.K. is also planning to introduce new data protection act later in 2018. Other countries are also taking similar steps to ensure data protection, this is likely to drive the demand for managed security services globally.
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Increase in Number of Partnerships in the Global Managed Security Services Market
Vendors in the global market for managed security services are entering into partnerships to expand overseas. Owing to the lack of knowledge on the managed security services, most of the vendors in the developing regions rely on their partners to provide the service. Majority of key companies are increasingly relying on the partnerships. Moreover, with the presence of a majority of small companies or vendors operating in the niche market, the merger & acquisition is also growing. These niche players have superior technologies, which can help large companies to increase their presence in various markets.