managed security services market
Technology

Global Managed Security Services Market: Rise in frequency of cyber security attacks is major factor driving growth of the global managed security services market

Global Managed Security Services Market: Managed security services (MSS) are network security services that have been outsourced to a service provider. Managed security services are considered the systematic approach to managing an organization’s security needs. These services provide skilled resources, network infrastructure, advanced security solutions, 24×7 support and monitoring, and are cost effective. Functions of managed security service include round-the-clock monitoring and firewalls, performing security assessments and security audits, and overseeing patch management and upgrades.

Rise in frequency of cyber security attacks is major factor driving growth of the global managed security services market. Furthermore, increase in use of mobile devices, increasing demand of managed security services from small and medium enterprises, and cost effectiveness are some other factors expected to drive growth of the global managed security services market during forecast period.

Lack of backend tool integration, risk of important information getting leaked, and security tools and platforms fail to provide level of scalability hampering growth of the global managed security services market. Also, complex IT infrastructure and chances of failure during implementation are expected to restrain growth of the global managed security services market during forecast period.

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The global managed security services market is segmented on the basis of application, deployment type, industry type, and region

North America accounts to largest revenue in the global managed security services market, with projected CAGR of XX.X% during forecast period. This is attributed to growing budgetary constraints coupled with need of advanced security solutions in the region. However, Asia Pacific ranks as a fastest growing market with CAGR XX% over the forecast period.

Key players in the global managed security services market include IBM Corporation, Symantec Corporation, Fortinet Inc., Computer Science Corporation, Accenture PLC, AT&T Inc., Intel Corporation, Cisco Systems Inc., Checkpoint Software Technologies Limited, and Trustwave Holdings Inc.