The global managed security services market will grow from a little more than $9 billion in 2012 to upward of $24 billion by 2019 – a compound annual growth rate (CAGR) of 15.4 percent.
So says Transparency Market Research, which identifies the rising adoption of these services by government and utilities, telecom and IT, and financial industries as drivers of the growth. These market segments accounted for nearly 60 percent of revenues in 2012.
Rising demand for applications such as confidentiality services and network security services are some other major driving factors of this industry, the report says. Soon, opportunities that could have a significant effect on the overall managed security services market include emergence of cloud-based managed security services and the rising adoption of such services in the banking, finance and insurance services (BFSI) segment.
Application-wise, the major segments that drive the market include access control, confidentiality, compliance, risk and vulnerability management, and network security.
Geographically, North America is the lead revenue generator due to a recent shift in policies of corporate governance and security regulations in the retail, financial, health care, and energy sectors.
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