The Global Managed Security Services Market is accounted for $20.22 billion in 2016 and is expected to reach $55.10 billion by 2023 growing at a CAGR of 15.3%

LONDON, April 23, 2018 /PRNewswire/ -- According to Stratistics MRC, the Global Managed Security Services Market is accounted for $20.22 billion in 2016 and is expected to reach $55.10 billion by 2023 growing at a CAGR of 15.3% during the forecast period. Factors such as security staff and budget constraints, rising integration of biometric sensors in security-based applications and increasing remote management tools are fuelling the market growth. However, lack of trust in third-party applications, reluctance to share sensitive data and varying customer demands regarding security package are hampering the market. Moreover, the trend of BYOD acceptance at workplaces to get better productivity by allowing the employees to access corporate data via personal devices has been rising.

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A Managed Security Service is an efficient approach to deal with an organization's security needs. The services can be handled in house or outsourced to a service provider that oversees other company's network and information system security. Functions of a managed security service include performing security assessments and security audits, management of intrusion detection systems and round-the-clock monitoring and firewalls, responding to emergencies and overseeing patch management and upgrades.

Banking, Financial Services and Insurance, is expected to hold significant market growth during the forecast period due to rapid changes in customer activities, where consumers are using bank applications across various platforms making the vertical highly susceptible to attacks. Asia-Pacific is likely to grow at a highest market growth during the forecast period which can be attributed to security attentiveness and importance to preserve the brand image would contribute the increasing demand for services from various sectors in this region.

Some of the key players in the Managed Security Servies market include BT Group, Verizon Communications, Inc., Fortinet Inc, Cisco Systems Inc., Dell Secure Works Inc., Symantec Corporation, Computer Science Corporation (CSC), AT&T Inc., Hewlett Packard, International Business Machines Corporation (IBM), Solutionary, Inc., Centurylink, Inc., Secureworks, Inc., Trustwave Holdings, Inc. and Rapid7 Inc.

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