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.
Industry verticals such as banking and financial services and insurance, government and utilities, and telecom and IT are seen as key demand drivers during the forecast period. Collectively, these sectors accounted for 59 percent of the market share in 2012.
Applications of managed security services include network security, access control, compliance, confidentiality, and risk and vulnerability management. Among these applications, network security, confidentiality and compliance services are emerging as leading segments, according to the report. These segments accounted for approximately 67 percent of market revenue share in 2012.
Managed security services are currently delivered through on-premise equipment, cloud-based services and a combination of on-premise and cloud models. The cloud-based services delivery model held the largest share, Transparency Market Research says, owing to benefits such as ease of installation and maintenance and lower costs.
North America is expected to remain the largest market for managed security services, due to the shift in existing corporate governance policies and compliance requirements for the retail, financial services, energy and health care markets.
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