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Managed Security Services Market (1)

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The market is expected to reach USD 73.95 billion by 2025, growing at a CAGR of 15.2% during the forecast period.
Managed Security Services Market to grow at a CAGR of 15.2% during forecast
period
Managed identity and access management segment holds the largest share in global
managed security services market
Identity and access management (IAM) is a framework for business processes that facilitate the
management of electronic or digital identities. The managed identity access management
services are adopted by the large number of organizations. The adoption of cloud, mobility,
BYOD, and IoT has given rise to the highly targeted and sophisticated cyber attacks. Hence,
organizations adapt managed IAM services to prevent such cyber attacks.
BFSI industry segment is estimated to lead global managed security services market
BFSI holds the largest share in managed security services market. With the increase of cyber
attacks, the financial sector faces the unprecedented challenge of data breaches and financial
losses. Hence, this sector witnessed heavy investments on cyber security services and products.
However, many organizations in this sector lack expertise to have an effective security strategy
against the cyber attackers and rely on the managed security service providers.
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SMEs segment is expected to witness an exponential growth in terms of managed security
services
SMEs are frequently targeted by cyber criminals due to vulnerable security capabilities and lack
of in-house security expertise. SMEs invest into managed security services due to lack of
resources to have efficient security strategies against cyber crimes. Managed security services
are highly cost-effective and provide holistic approach towards organizations cyber security.
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Managed security service in Asia-Pacific is among fastest growing markets.
The Asia-Pacific region experiences consistent and large number of cyber attacks in last few
years. The ongoing digital transformation, adoption of cloud, high internet penetration, and
adoption of smart phones is giving rise to new cyber threats. In addition, newly launched
regulations and government initiatives against cyber crimes is expected to drive the growth of
managed security services market.
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