The managed security services market is expected to witness significant growth in the near future. The increased number of sophisticated cyber attacks, lack of security expertise, stringent government regulations, and complexity of the IT environment are the main reasons for adoption of the managed security services. The embracement of advanced technologies such as IoT and increase in BYOD make organization data more vulnerable to attacks. The incidents influence the organization to adopt managed security services.
The North American region is estimated to hold the largest share in the global managed security services market. The top managed security services vendors are present in the region, such as IBM, SecureWorks, Verizon, Symantec, AT&T, and others. In addition, the organizations in this region are highly aware of cybersecurity and are early adopters of cybersecurity solutions and services. The USA holds the largest market share with the presence of key companies which generate most of their revenue from the clientele based in the country. Mexico is amongst the emerging market with the new national security strategy and increase in cyber-attacks.
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Europe is the second largest market for the managed security services. The market is driven by increasing adoption in countries, such as Germany, France, UK, and the Netherlands. Headquarters of prominent managed security services companies, such as BT Group, Accenture, Atos, and BAE Systems are located this region. In addition, the newly launched General Data Protection Regulation (GDPR) and number of other regulations in this region is enabling organizations to adopt managed security services.
The governments and businesses in the Asia-Pacific region faced multiple cyber attacks in the recent years. For instance, over USD 100.0 million was stolen from the bank in Bangladesh through a cyber attack in 2016. In the same year, frequent hacking of the Philippines Government’s sites was reported. The growth in the number of cyber attacks creates awareness and requirement to mitigate cyber threat in Asia-Pacific. The organizations in this region are going through digital transformation, which has given rise to new level of security threats. In addition, increase in adoption of cloud and IoT is expected to fuel targeted cyber attacks in the region. Rise in such cyber crimes and new security challenges enabled the organizations to have holistic security approach, and adopt managed security services in this region.