Deep Analysis of Impact of COVID-19 on “Managed Security Services Market 2019-2024” Growth Worldwide….

The global managed security services market is 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.

Amidst the COVID-19 crisis, the network security industry is poised for sustainable growth despite the foreseeable economic turbulence. Implementation of remote working policy, due to lockdown is putting unanticipated stress on remote networking technologies and causing operational technology (OT) security risk concerns over the vulnerable home network security. Furthermore, as digital infrastructure becomes a critical aspect of business strategic considerations, network security will become a competitive differentiator for businesses and overhaul their remote working strategies. We are incessantly monitoring the market dynamics and regulations while continuously assessing the impact of Covid-19 with the aim of providing you with actionable market insights. The report will account for Covid19 as a key market contributor.

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.

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Further key findings from the report suggest:

·         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.

·         The North America managed security services industry is anticipated to remain the largest over the forecast period. The continuous increase in computer hacking is leading to greater adoption of these services in the region.

·         Asia Pacific is expected to be the fastest-growing region, growing at a CAGR of over 19% from 2016 to 2024. Owing to the rising number of complex cyber threats, companies in the region are outsourcing network infrastructure security.

·         Key players in the managed security services market include Dell SecureWorks Inc., IBM Corporation, Symantec Corporation and Verizon Communications Inc. Companies are focusing on providing fully integrated security solutions to develop technologies in the security space.

The global managed security services market size was valued at USD 17.65 billion in 2015. Increasing regulatory compliances such as Cybersecurity Act of 2015, The Payment Card Industry Data Security Standard and the HIPP Act of 1996 is enabling organizations to propel the adoption of managed security services. Elements of digital business such as cloud computing, mobile computing, BYOD and Internet of Things (IoT) are gaining popularity and are expected to increase its application over the forecast period, opening new exploitable vulnerabilities for cyber-crimes.

Collaborating with technology providers and joint R&D programs has become a necessity for service providers to maintain their market presence. The challenges for security sector are increasing, due to continuous advancements in the IT industry. Authorities need joint R&D programs and collaborations to identify new skills and expertise that can devise strong managed services measures with rapidly changing IT platforms.

Managed endpoint threat detection is expected to grow at a CAGR of over 16.5% from 2016 to 2024 due to the increasing BYOD trend as organizations are expanding branches at remote locations. This is enabling organizations to deploy endpoint threat detection solutions to secure their endpoints from cyber threats. The rise in the demand for tablet and mobile security solutions is further propelling the growth of endpoint threat detection.

Managed SIEM is expected to reach USD 2.28 billion in 2015 due to the need for regulatory compliance reporting requirements among organizations. The need for analyzing the generated security threats in a network is boosting the adoption of these solutions among enterprises.

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Grand View Research has segmented the managed security services market on the basis of type, deployment, organization, application:

Managed Security Services Type Outlook (Revenue, USD Million, 2014 – 2024)

·         Unified threat management

·         DDoS

·         Managed SIEM

·         Managed endpoint threat protection

·         Managed two-factor authentication

·         Compliance management

·         Vulnerability management

·         Others

Managed Security Services Deployment Outlook (Revenue, USD Million, 2014 – 2024)

·         Cloud-based

·         On-premise

Managed Security Services Organization Outlook (Revenue, USD Million, 2014 – 2024)

·         Small and medium enterprises

·         Large enterprises

Managed Security Services Application Outlook (Revenue, USD Million, 2014 – 2024)

·         BFSI

·         Government/Defense

·         Healthcare

·         Manufacturing

·         Telecom & IT

·         Retail

·         Others

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. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.