A latest report published by Transparency Market Research (TMR) projects that the global managed cyber security services market will remain positive over the next couple of years. Between 2016 and 2026, the market is expected to surge at over 15% CAGR. In recent years, the adoption of managed services has tremendous owing to their cutting-edge features and functionalities that facilitate high quality service delivery to users. This has been a major factor in driving the demand for managed cyber security solutions. Also, managed cyber security solutions can help in lowering the IT Budget, provide high levels of responsiveness, and ensure faster troubleshooting. The adoption of managed security services is expected to remain high in the forthcoming years.
It is observed that the altering aspects of business structures is also compelling corporation across the globe to strengthen and secure their existing IT infrastructure. Increasing demand for advanced security services in sector such as BFSI, telecommunication and Information technology is driving the demand for managed cyber security. Factors as such are expected to support the growth of the global market for managed cyber security during the forecast period. Managed cyber security solution offer a high-level security for confidential and sensitive information of company and hence will remain of significance for organizations worldwide.
Moreover, cyber security services provision further growth of a corporation by securing their technological capabilities and enhancing their operational efficiency. The global market for managed cyber security is expected to be influenced by rising incidences of cybercrimes that target enterprise networks in the near future. In addition, stringent regulatory norms and data security laws are forcing organizations to integrated cyber security tools in their network infrastructure.
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North America to lead the Global market for Managed Cyber Security Services Over 2026
Among regions, North America is expected to dominate the global managed cyber security services market in 2017, and the trend is likely to continue throughout the forecast period. North America managed cyber security services market is set to grow at a CAGR of 18.5% between 2017 and 2026. Meanwhile, regions such as Asia Pacific excluding Japan (APEJ) and Europe are also expected to present growth opportunities for service providers during the assessment period.
Identity & Access Management- a Leading Application Segment
On the basis of application, the identity & access management will remain highly attractive in 2017 and beyond. This segment currently for more than one-third revenue share of the market and is estimated to surpass a valuation of US$ 26,700 Mn by 2026-end, expanding at a CAGR of 16%. The segment is set to increase by US$ 4,029.7 Mn annually over the course of the forecast period.
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Discrete Manufacturing to Emerge as the Largest End-User of Managed Cyber Security Services
On the basis of end use, the discrete manufacturing segment is expected to retain its leading position over 2026. Currently, the segment accounts for close to one-fourth market share and is projected to increase at a CAGR of 15.9% during the assessment period.
Leading market participants profiled in TMR’s report include Tata Consultancy Services, Secureworks, Symantec, CNS Group, Proficio, IBM Corporation, Optiv, Accenture, Honeywell and Assuria. A majority of these companies are incessantly innovating to optimism their cybersecurity services to requirements and offer end-to-end security. These companies are concentrating on developing solutions that can help organizations out-smart attackers every single day.