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Managed Security Market Revenue to touch $56.3 Billion By 2024: ERC report

Managed Security Market Revenue to touch $56.3 Billion By 2024: ERC report

As per a recent report Managed Security Services Market Estimation and forecast 2016-2024 by Esticast Research and Consulting, the global managed security market is expected to touch $56.3 billion by 2024, exhibiting a CAGR of 16.6% during forecast period 2017-2024.

In 2016, the managed security market was valued at $16.6 billion, where the largest market share was held by cloud-based deployment mode.

North America is the market to generate highest revenue, and is predicted to show a CAGR of 15.1% during forecast period.

With the growth of cloud and proliferation of managed services market, there is no need to explain what are managed security services and what do managed security services mean for an organization. The increasing cyberthreats and growth in big data are helping managed security services providers find new markets and increased opportunities.

“Advance technologies such as big data, Hadoop, and IoT, may pose as a threat if they are not properly managed. Growing organizational data and increasing cyber threats impel the managed security market for growth. Further, expeditiously developing IT will also boost the market in coming years. Complex security integration with current infrastructure might restrain the growing market of managed security services. The acquisition is the key strategy adopted by market leaders to help them grow further,” stated ERC.

Cloud Deployment will lead the market during forecast period

It was found that an increasingly large number of organizations are adopting cloud infrastructure, because of the growth in organizational data and increased mobile device adoption. The other factor behind cloud deployment trend was bring-your-own-device (BYOD) practices.

The cloud deployment managed security industry is reported to show a CAGR of 21.3% and is anticipated to hold around 70% of the market share by 2024.

Among the major regions, Asia-Pacific is predicted to show the maximum growth, and grow at a CAGR of 24.8%.

Firewall management will be the fastest growing application segment

In managed security services market, firewall management is the most needed service. North America generates the largest revenue within firewall management industry.

The survey found that firewall management will grow at a CAGR of 23.4%, and will hold over 20% of the market share by 2024.

According to an FBI report, an average of 4000 daily ransomware attacks took place in US in 2016. However, the ERC report suggests that the secured information & event might hold the largest market share by 2024.

North America to hold around 42% of the total market share

North America held the largest market share for managed security services in 2016. It is anticipated to show a CAGR of 15.1%, and hold around 42% of the market share (in terms of revenue) by the end of 2024.

Global Managed Security Market, by Industry Vertical, 2016-2024

By industry vertical, the BFSI (Banking, financial services, and insurance) segment is expected to hold the largest share in managed security services market in terms of revenue. It will exhibit a CAGR of 14.4%, as per the report.

Key Findings from the report

  • Cloud deployment managed security industry is anticipated to hold around 70% of the market share.
  • Firewall management will hold over 20% of the market share.
  • North America to hold around 42% of the total market share.
  • BFSI is the fastest growing segment by industry vertical.

“The market is identified by stiff competition owing to presence of large number of small as well as large vendors. Market leaders are acquiring small and local players to expand their product portfolio and establish strong foothold in the market,”ERC.

AT&T Inc., BT Group, Check Point Software Technologies Ltd., Cisco Systems Inc., Computer Sciences Corporation, Dell Secureworks, Inc., Fortinet Inc., HP Inc., IBM Corporation, and Symantec Corporation, are among the top managed security services providers.

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Image source- Esticast Research and Consulting

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