Albany, New York (PRWEB) December 25, 2013
According to a new market report, "Managed Security Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 - 2019," published by Transparency Market Research, the market was valued at USD 9,249.7 million in 2012 and is expected to reach USD 24,127.1 million by 2019 at a CAGR of 15.4% from 2013 - 2019. The market growth is driven by increased demand for applications such as 'network security' and 'confidentiality' services. Cloud-based managed security service is seen as an emerging market and is expected to drive market growth in the near future.
Browse the full report with complete TOC at http://www.transparencymarketresearch.com/managed-security-services-market.html.
Industry verticals such as banking and finance services and insurance (BFSI), government and utilities, and telecom and IT, are seen as key demand drivers during the forecast period. Collectively, these segments accounted for 59.2% of the marker share in 2012. Due to fast growing demand from companies under the BFSI sector, this sector is expected to have highest market share throughout the forecast period. This is largely due to increase in incidences of frauds, payment defaults, and stringent regulations regarding GRC (governance, risk, and compliance). This in turn has pushed companies to adopt specialized solutions from managed security services providers, so as they can ensure the confidentiality and security of customer records and information.
Different applications of managed security services are network security, access control, compliance, confidentiality, and 'risk and vulnerability management'. Among these applications, network security, confidentiality, and compliance services are emerging as leading segments. These segments accounted for approximately 67.4% of market revenue share in 2012.
Related Report : Network Security Market
Managed security services are currently delivered through CPE (consumer premise equipment) based, cloud based, and hybrid (combination of CPE and cloud) models. Among all, cloud based services delivery model held largest share owing to the various benefits such as ease of installation and maintenance and lower cost. Scope for upgrade as per requirements and ease of switching the vendor are some of the factors supporting demand for cloud based managed security services.
North America is expected to remain largest market for managed security services due to the shift in existing corporate governance policies and compliance requirements for retail, financial services, energy, and healthcare market. Moreover, under current economical scenario, many businesses in North America are relocating in order to expand geographically or to reduce operations cost (as compared to operations in city centers). However, Asia Pacific region with its fast growing BFSI, IT and telecom, and pharmaceutical industry, is forecast to record fastest growth for managed security services, with demand primarily contributed by SMBs (small and medium businesses).
The global managed security services market is driven be growing demand from SMBs (small and medium businesses) and large enterprises too, which are looking for risk transfer and cost reduction on business support activities. Amidst growing preference for e-commerce and digital data generation, businesses are pushed to safeguard their intellectual assets, of which data security is a key concern. Thus, depending on regional regulations and extent of network security, the global market is witnessing varying growth patterns worldwide. These variations exist in terms of applications desired and delivery model preferred. This report is thereby produced to give a detailed overview of the ongoing trends in the market. It includes review of market dynamics with focus on market drivers, growth challenges (restraints), and opportunities. The value chain analysis and Porter’s five forces analysis included in the report further help in assessing the market situation and competitiveness. Market attractiveness analysis highlights key industry segments and their comparative attractiveness against other segments.
Apart from the detailed sub-segment analysis as illustrated below, this report also provides company profiles of the key market players. The competitive profiling of these players includes company and financial overview, business strategies adopted by them, and their recent developments which can help in assessing competition in the market. Some of the major companies included in this report include International Business Machines Corporation (IBM), AT&T Inc., Trustwave Holdings, Inc., Dell SecureWorks, Inc., Fujitsu Ltd., Symantec Corporation, Hewlett-Packard Company (HP), and EMC Corporation, among others.