Global Managed Security Services Market is Expected to Grow USD 24,127.1 Million by 2019: Transparency Market Research

ALBANY, New York, October 6, 2014 /PRNewswire/ --

According to the report the Global Managed Security Services Market is expected to grow from USD 9,249.7 Million In 2012 To USD 24,127.1 Million By 2019 by growing at an estimated CAGR of 15.4% during 2013 - 2019, the forecast period of the report.

Some of the major driving factors of the industry identified by this report include the rising adoption and increasing penetration of these services in industries such as government and utilities, telecom and IT, and the banking, finance and insurance services (BFSI). These market segments collectively accounted for nearly 59.2% share of revenues in 2012.

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Rising demand for applications such as confidentiality services and network security services are some other major driving factors of this industry, states the report. In the near future, opportunities that could have a significant effect on the overall managed security services market include emergence of cloud-based managed security services and the rising adoption of such services in the BFSI section.

The report focuses on three segments- the products, the applications and geography of the market.  

Product-wise, the global market of managed security services is segmented as consumer premise equipment (CPE) based, cloud-based and hybrid (integration of CPE and cloud based) services. Amongst these, the segment of cloud-based services delivery models are the leading share holders of the overall market owing to their ease of installation and low-cost maintenance. These models also impart the benefits such as ease of switching the vendor and upgrade of the services as per requirements.

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Application-wise, the major segments that drive the market includes access control, confidentiality, compliance, risk and vulnerability management and network security. Amongst these, the applications such as confidentiality, compliance services and network security are the leading segments. Collectively, these segments held market shares worth nearly 67.4% in 2012.

Geography-wise, the region of North America is the currently the lead revenue generator due to a recent shift in policies of corporate governance and security regulations in the retail, financial, healthcare, and energy sectors. Many businesses in North America are also on the verge of relocation to appear on the wider global scale, adoption from these expanding workplaces would further lead to the growth of the global managed security services market. The region of Asia pacific also appears to drive sales owing to the emergence of industries such as pharmaceutical and healthcare, IT and telecom, and BFSI.

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