The increasing adoption of bring-your-own-device (BYOD) policies at organizations is helping to drive growth in the market for managed security services, according to a report from research firm Technavio.
The global market for these services is expected to grow at a compound annual growth rate of about 11% between 2015 and 2019, the firm says.
The increased use of mobile apps via BYOD “can increase the possibility of malware that may lead to loss of organizational data,” Faisal Ghaus, vice president of Technavio, said in a statement. “Hence, the need for security solutions to securely manage business data, applications, and services has evolved.”
The report emphasizes the demand for cloud-based services, which is increasing due to the advantages offered by cloud-based security.
“Limited budget and lack of expertise and resources are compelling companies to adopt cost-effective cloud-based IT securities that offer round-the-clock monitoring of the system,” Ghaus said.
The report covers the current market and growth prospects of the global managed security services market. To calculate the market size, the study considers the revenue generated from managed security services such as on-premise and cloud-based services. Among the key vendors in the market that are analyzed in the report are AT&T, Dell, IBM, Symantec and Verizon Communications.
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