The market growth is
driven by increased demand for applications such as 'network
security' and 'confidentiality' services. 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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Industry verticals
such as banking and finance services and insurance (BFSI), government
and utilities, and telecom and IT, are seen as key demand drivers
during the forecast period. Collectively, these segments accounted
for 59.2% of the marker share in 2012. Due to fast growing demand
from companies under the BFSI sector, this sector is expected to have
highest market share throughout the forecast period. This is largely
due to increase in incidences of frauds, payment defaults, and
stringent regulations regarding GRC (governance, risk, and
compliance). This in turn has pushed companies to adopt specialized
solutions from managed security services providers, so as they can
ensure the confidentiality and security of customer records and
information.
Different
applications of managed security services are 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. These segments accounted for approximately 67.4% of
market revenue share in 2012.
Managed security
services are currently delivered through CPE (consumer premise
equipment) based, cloud based, and hybrid (combination of CPE and
cloud) models. Among all, cloud based services delivery model held
largest share owing to the various benefits such as ease of
installation and maintenance and lower cost. Scope for upgrade as per
requirements and ease of switching the vendor are some of the factors
supporting demand for cloud based managed security services.
North America is
expected to remain largest market for managed security services due
to the shift in existing corporate governance policies and compliance
requirements for retail, financial services, energy, and healthcare
market. Moreover, under current economical scenario, many businesses
in North America are relocating in order to expand geographically or
to reduce operations cost (as compared to operations in city
centers). However, Asia Pacific region with its fast growing BFSI, IT
and telecom, and pharmaceutical industry, is forecast to record
fastest growth for managed security services, with demand primarily
contributed by SMBs (small and medium businesses).
Driven by emerging
opportunities and high growth potential, players from various
industry sectors, especially IT sector, are entering into managed
security service space, making the competition intense. Players such
as Hewlett-Packard Co. (HP), IBM Corporation, Dell SecureWorks Inc.,
and EMC Corporation, are key players' dominating the market with
share more than 40% of the market in 2012, with HP being the leader.
New entrants are expected to face stiff competition from existing
players, and will have to focus on service differentiation and
quality, so as to sustain growth in the long run. Other vendors in
the market are: AT&T Inc., Bell Canada Inc., Fujitsu Ltd.,
Trustwave Holdings, Inc., Symantec, Verizon Communication Inc., Tata
Communications Ltd., Wipro Technology Services Ltd., Intergalis AG,
and CenturyLink, Inc., among others.
Managed Security
Services Market, By Industry Verticals:
BFSI (Banking,
Finance Services, and Insurance)
Government and
utilities
Manufacturing
Telecom and IT
Healthcare
Retail
Others
(Education, Research and development, and Hospitality)
Managed Security
Services Market, By Applications:
Network security
Access control
Business
continuity
Compliance
Confidentiality
Risk assessment
Managed Security
Services Market, By Mode of Delivery:
Customer
premises equipment (CPE) based
Hosted or Cloud
based
Hybrid
Managed Security
Services Market, By Geography:
North America
Europe
Asia Pacific
Rest of World
(RoW)
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