The managed security services market was valued at $9.25 billion in 2012 and is expected to reach $24.13 billion by 2019, at a compound annual growth rate of 15 percent from 2013 to 2019, according to a new report from research and consulting firm Transparency Market Research.

The market growth is being driven by increased demand for applications such as network security and confidentiality services, the firm says. Cloud-based managed security service is seen as an emerging market and is expected to drive market growth in the near future.

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