Managed Security Services Market: Consumer Outlook to 2031 | Verizon Communications, Inc., AT&T, Inc., Symantec Corporation

Managed Security Services Market: Consumer Outlook to 2031 |  Verizon Communications, Inc., AT&T, Inc., Symantec Corporation

Global Managed Security Services Market: Snapshot

Network security services outsourced to third-party service providers are defined as managed security services. A Managed Security Service Provider (MSSP) is basically a company that can offer relevant security services to interested companies. In short, a managed security service provider monitors and manages the security of all the devices and systems that belong to a company or business. These systems may be vulnerable to attacks from phishing scams, virus attacks, hackers, and other harmful activities. Network security services mainly include virtual private networks, firewall management, antivirus scanning, intrusion detection, and various other actions.

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Due to the great need for these services, there is a clearly managed security services market, in which manufacturing companies offer quality security services through their operations centers. These services can be provided from an office, or also from residential areas. The service provided may differ in its duration, which may vary from a few days to several weeks and months. Potential customers often opt for long-term services, as these are mainly available at the best price.

A compelling need for network-based protection against undesirable activity has been primarily driving the global market for managed security services. Therefore, efficiency and comfort are two factors that positively contribute to the growth of the market. From a long-term perspective, having network security services can reduce the costs required to facilitate IT operations, thereby driving the growth of the global managed security services market. An increase in the use of cloud-based services, which can be linked effectively with network security processes, is also proving beneficial to the market.

Global Managed Security Services Market: Overview

Network security services when outsourced to a third-party service provider are known as Managed Security Services (MSS). A company that provides such a service is called a Managed Security Service Provider (MSSP). A managed security service provider monitors and manages the security of devices and systems. Some of the popular services they provide include intrusion detection, managed firewall, virtual private network, vulnerability scanning, and antivirus services.

Managed security service providers take advantage of highly available security operations centers, either from their own in-house facilities or from other data center providers, to provide 24-hour services. This helps reduce the number of operational security personnel needed to hire, train, and maintain adequate security.

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Global Managed Security Services Market: Key Trends

Two of the unique perceived benefits of the managed security service are convenience and effectiveness in providing a high level of security. This has resulted in its acceptance among end users and will continue to do so in the near future as well, thereby fueling growth in the global market. In addition, its ability to reduce IT spending and enable rapid problem resolution is also poised to support the growth of its market.

Other factors fueling the market are the skyrocketing adoption of the public cloud and the shared responsibility model for cloud security. Furthermore, the severe shortage of qualified cyber security professionals coupled with the changing contours of cyber security are also driving the demand in the global market for managed security services.

Global Managed Security Services Market: Market potential

Among the different end users, the banking, financial services and insurance (BFSI) segment is experiencing a rapid change in consumer behavior, which has resulted in a massive use of mobile applications and other online platforms. This has resulted in increased susceptibility to cyber attacks. In December 2016, for example, the Russian central bank along with other private banks lost $3 million in cyberattacks.

Such incidents have required robust security which, in turn, has driven market demand for managed security services. Other end-use sectors driving the market include government, healthcare, retail, telecommunications and information technology, energy and utilities, and industrial manufacturing, among others.

At the forefront of driving growth is the market for small and medium-sized businesses that are increasingly upgrading their current business models and infrastructure to stay competitive. In the process, they are increasingly turning to managed security services that help them streamline business processes and improve operational efficiency within their budgets.

Global Managed Security Services Market: Regional Overview

From a geographical perspective, North America is currently a key market. One of the reasons the market has seen good growth is the presence of many organizations (large, medium and small) in the economically advanced nations of the US and Canada. In the near future, the managed security services market is expected to grow rapidly due to the increasing demand for a mobile workforce and the proliferation of mobile devices and digital technologies.

However, going forward, the market is expected to lose some of its luster due to the powerful rise of the Asia Pacific market due to the rapid adoption of cloud-based managed security services by companies of different sizes.

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Global Managed Security Services Market: Competitive Analysis

The global market for managed security services is characterized by stiff competition due to the presence of a large number of small and large providers. To further strengthen their positions, established players are trying to acquire niche providers. This would allow them to expand their product portfolio and increase their market shares. Some of the prominent vendors featured in the report include IBM Corporation, Hewlett Packard Enterprise Company, Verizon Communications, Inc., AT&T, Inc., Symantec Corporation, and Rapid7, Inc.

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