In the fast-paced world of technology, businesses are rapidly transitioning online, adopting new-age innovations such as cloud computing and Artificial Intelligence. While this shift has brought unprecedented convenience and efficiency, it has also exposed companies to the rising threat of cyber-attacks and data breaches. In response to this, organizations have invested in in-house IT security expertise; however, managed security services (MSS) are emerging as the preferred alternative to tackle cyber threats effectively while optimizing capital expenditure.
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The transition towards managed security services has facilitated a shift in focus from administrative tasks to security governance, influencing the growth of the managed security services market worldwide. Moreover, the advent of the COVID-19 pandemic has brought about the trend of work from home (WFH) as organizations adopt hybrid or complete remote working models. Additionally, the Bring Your Own Device (BYOD) culture has become increasingly prevalent, allowing employees to access corporate networks using personal devices. As BYOD infrastructure needs protection from cyber threats, the demand for managed security services has surged.
Cybersecurity remains a major concern, particularly when employees work remotely and in public environments. Therefore, establishing advanced IT security infrastructure has become imperative for companies. To add complexity, companies need to ensure data protection while respecting employee privacy. However, enforcing data security and governing BYOD device controls present significant challenges. As a result, managed security services have gained popularity across organizations, offering robust protection against cyber crimes. Providers of MSS support organizations by implementing efficient IT security infrastructure through tools and platforms such as continuous monitoring, compliance monitoring, threat detection, and vulnerability management. Their expertise helps companies focus on core business functions while ensuring the security of their IT systems, leading to increased demand for MSS and fueling the growth of the managed security services market.
Fully Managed Services to Largely Complement Value Growth of Managed Security Services Market
In the coming years, fully managed security services are expected to witness significant adoption and contribute to the growth of the market. These services offer several advantages over co-managed security services, such as complete on-site and remote support, enabling seamless collaboration for remote teams. Additionally, fully managed security services provide specialized expertise to handle complex security issues. From a cost perspective, they prove to be highly economical compared to investing in in-house cybersecurity expertise and IT security infrastructure. These factors have accelerated the adoption of fully managed security services and are driving the revenue growth of the managed security services market.
North America to Dominate Managed Security Services Market
In North America, the adoption of managed security services is on the rise, driven by the region’s advanced IT infrastructure and robust economic growth. Additionally, government authorities, such as the Cybersecurity and Infrastructure Security Agency (CISA) and National Security Agency (NSA) in the United States, along with the Canadian Centre for Cyber Security Public Safety Canada, have taken proactive measures to safeguard critical infrastructure, data, and systems against cyber threats. The presence of companies offering managed security services in North America is increasing, making it an attractive market for stakeholders and further contributing to the growth of the managed security services market.
Managed Security Services Market: Competitive Landscape
The managed security services market boasts several key players, including IBM, Accenture, DigitalXRAID, Cyflare, RSI Security, SecureWorks, AT & T, Kroll, NTT, Atos, DXC Technology, Trustwave, and Cipher Security. These companies have been actively engaging in new product launches, forming partnerships, collaborations, and alliances to gain a competitive advantage in the market. These strategies have contributed to the market’s growth and are likely to shape its landscape in the coming years.
Conclusion
As businesses increasingly adopt online technologies, the need for robust IT security solutions has become paramount. Managed security services have emerged as a reliable and cost-effective way to protect against cyber threats while enabling organizations to focus on their core competencies. The managed security services market is expected to witness significant growth, with North America leading the way in adoption. With players like IBM, Accenture, and others vying for market share through innovative strategies, the market is poised for exciting developments.
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