Revenues from Managed Security Services Market to top 47.65 Billion USD by 2023

The global Managed Security Services Market size is expected to grow from USD 24.05 Billion in 2018 to USD 47.65 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period.

(EMAILWIRE.COM, June 11, 2019 ) The demand for Managed Security Services is expected to be driven by stringent government regulations and the increasing instances of cyber-attacks on enterprises. Moreover, the growing BYOD trend among organizations and the cost-effectiveness in implementing services are expected to increase the demand for MSS during the forecast period.

Browse 67 market data Tables and 48 Figures spread through 163 Pages and in-depth TOC on "Managed Security Services Market by Type (Managed IAM, Managed Firewall, Managed DLP, Managed IDS/IPS, Managed Encryption, Managed SIEM, Managed UTM), Security Type, Organization Size, Deployment Mode, Vertical, and Region - Global Forecast to 2023"
https://www.marketsandmarkets.com/Market-Reports/managed-security-services-market-5918403.html

The major MSS vendors include:
• IBM (US)
• SecureWorks (US)
• Symantec (US)
• Trustwave (US)
• Verizon (US)
• AT&T (US)
• Atos (France)
• BAE Systems (UK)
• BT (UK)
• CenturyLink (US)
• CIPHER (US)
• DXC (US)
• Fortinet (US)
• Fujitsu (Japan)
• NTT Security (Japan)
• Wipro (India)

North America is expected to hold the largest market size during the forecast period, owing to the presence of a large number of players offering MSS in this region. The APAC region is estimated to be in its initial growth phase; however, it is projected to be the fastest growing region in the global MSS market, due to the wide adoption of MSS across verticals, such as government and defense, BFSI, and telecom and IT. Furthermore, the rapid technological growth in the APAC region makes it vulnerable to threats from cybercriminals. To counter these threat levels, the demand for MSS is expected to grow at a significant rate.

The BFSI vertical is a prime target for cybercrimes and digital frauds. The use of sophisticated cyber-attacking tools and the inability of cybersecurity solutions to detect attacking elements result in huge financial losses for the BFSI vertical. Moreover, mobile banking has also led to an increase in fraud incidents, wherein attackers have gained access to customer information and data. The MSS providers help the BFSI vertical by offering intelligent gathering mechanism, threat intelligence tools, IDS/IPS, encryption, and data loss prevention tools to mitigate any kind of fraudulent attacks. Hence, this vertical is expected to hold the largest market size in the MSS market by vertical.

Advancements in technologies such as BYOD and enterprise mobility have also intensified the sophistication of attacks on digital devices, such as computers, laptops, and smart phones. A majority of the business and personal transactional activities are performed electronically, wherein deals are performed over emails, and the confidential data is saved on personal address books and hard drives. Hence, the security services of these solutions have become the utmost priority for enterprises to protect their confidential data from any kind of cyber threats.

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