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Press release content from MarketersMEDIA. The AP news staff was not involved in its creation.

Managed Security Services Market 2021, Business Scenario | Key Players – IBM Corp., HP, Dell SecureWorks, Cisco Systems Inc., Symantec

July 8, 2021 GMT

The rising instances of security breaches and increasing number of attacks that pose a threat to large and small organizational systems are anticipated to be the major market drivers.

The global market is expected to garner $40.97 billion by 2022, registering a CAGR of 16.6% during the period 2016-2022. North America is expected to be the largest market for managed security services during the forecast period owing to the growing awareness about information security among businesses.

The managed security services market focuses on various applications which include managed IPS/IDS, DDoS, UTM, firewall management, endpoint security, and others. IPS/IDS constitute the highest market share as the they provide protection to any sized networks. The combined package of IDS and IPS solution provides the features of both solutions in single package. Nonetheless, Endpoint security application is witnessing growth with the rise in application of mobile devices to access corporate network.

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North America currently constitutes the highest market share in theManaged security services market during the forecast period. However, the Asia-Pacific region would witness the highest CAGR of 20.3% during the forecast period. A growth in security awareness and emphasis to maintain the brand image would contribute to the increasing demand for managed security services from various industry verticals.

Generally, managed security services are delivered in two basic modelson-premise or customers premise equipment and cloud-based managed security service model. The on-premise or customers premise equipment constitute the highest market share and is preferred in cases when organization/companies are concerned about security of sensitive information over cloud.

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Based on organization size, the report covers businesses under two main groups such as large businesses and small- & medium-sized businesses. Financial loss incurred due to data theft and network damage affects both large businesses as well as small- & medium-sized businesses. Thus, small- & medium-sized businesses also have a significant share in revenue generation.

Profiling Key Players: IBM Corp., HP, Dell SecureWorks, Cisco Systems Inc., Symantec, AT&T, BT Group, Verizon, and others.

Lastly, this report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.

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Source URL: https://marketersmedia.com/managed-security-services-market-2021-business-scenario-key-players-ibm-corp-hp-dell-secureworks-cisco-systems-inc-symantec/89034539

Source: MarketersMedia

Release ID: 89034539