Managed Security Services Market Is Expected to Reach $77.01 Billion by 2030: Allied Market Research
Allied Market Research
4 min read
Allied Market Research
Increase in cybercrime activities, cost effectiveness, trend of mobile devices at workplaces, rise in electronic data fuel, and stringent government regulations the growth of the global managed security services market. During the outbreak of the pandemic, owing to the increase in internet traffic, the danger threat of cyberattacks grew significantly in numerous enterprises, necessitating the implementation of managed security services. This has fueled the market growth.
Portland, OR , June 09, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global managed security services market generated $22.45 billion in 2020, and is projected to reach $77.01 billion by 2030, witnessing a CAGR of 12.8% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
An increase in cybercrime activities, cost-effectiveness, the trend of mobile devices at workplaces, rise in electronic data, and stringent government regulations fuel the growth of the global managed security services market. However, hesitation to share sensitive data restricts the market growth. Moreover, a rise in awareness about data security, an increase in the importance of e-business, and surge in demand for customized services are expected to offer remunerative opportunities for expansion of the market during the forecast period.
The outbreak of COVID-19 is anticipated to have a positive impact on the growth of managed security services market. This is attributed to the fact that the use of managed security services is expected to enable enterprises to address security issues and facilitate secured information access while remote working during the COVID-19 pandemic.
In addition, owing to the increase in internet traffic, the threat of cyberattacks grew significantly in numerous enterprises, necessitating the implementation of managed security services. This has fueled the market growth.
The report offers detailed segmentation of the global managed security services market based on deployment mode, enterprise size, application, industry verticals, and region.
Based on industry verticals, the BFSI segment held the highest market share in 2020, holding nearly two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the manufacturing segment is estimated to register the highest CAGR of 15.3% from 2021 to 2030.
Based on deployment mode, the on-premise segment held the largest market share in 2020, holding around two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. However, the cloud segment is projected to register the highest CAGR of 16.6% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly two-fifths of the total market share, and is estimated to continue its dominant share by 2030. However, Asia-Pacific is projected to manifest the fastest CAGR of 15.6% during the forecast period.
Leading players of the global managed security services industry analyzed in the research include AT&T Intellectual Property, BT Group, Broadcom, Cisco System Inc., Check Point Software Technologies Ltd., DXC Technology Company, SecureWorks Inc., Fortinet Inc., Hewlett Packard Enterprise Development LP, and IBM Corporation.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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