SAN FRANCISCO, July 13, 2016 /PRNewswire/ -- The global managed security services marketis expected to reach USD 60.94 billion by 2024, according to a new report by Grand View Research, Inc. The proliferation of advanced threats is expected to increase the adoption of managed security services over the forecast period.
Growing usage of cloud storage systems among organizations is driving the demand for cloud-based security services. Moreover, regulatory compliances in several countries to protect loss of information are enabling enterprises to deploy security services. For instance, in 2014, Russia announced the adoption of new regulations for the collection and storage of information only on the Russian territory effective from September 2016.
Managed security services are expected to grow at a robust pace owing to the fast emerging BYOD trend, increasing cybercrime activities and growing concerns for malicious malware attacks. Owing to the increasing consumer privacy regulations such as Personal Protection Act and Consumer Protection Regulations, various sectors such as BFSI and telecom are increasingly adopting these services.
The managed endpoint threat protection is expected to remain the largest segment owing to the growing BYOD trends among organizations and the need to mitigate the growing malware threats
Cloud-based managed security services are expected to be the fastest growing segment owing to the rising number of remote workforce. Moreover, organizations are shifting from on-premise to cloud-based services to reduce the expenditure in managing these services.
Telecom & IT is expected to grow at a CAGR of over 16.5% owing to the increasing need to protect and maintain customer privacy. Compliance with regulatory and legal requirements is critical for telecom operators to sustain their operations.
Type Outlook (Revenue, USD Million, 2014 – 2024)
Unified threat management
Managed endpoint threat protection
Managed two-factor authentication
Deployment Outlook (Revenue, USD Million, 2014 – 2024)
Organization Outlook (Revenue, USD Million, 2014 – 2024)
Small and medium enterprises
Application Outlook (Revenue, USD Million, 2014 – 2024)
Telecom & IT
Regional Outlook (Revenue, USD Million, 2014 – 2024)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.