Global managed security services market revenues could surpass $45 billion by 2022, according to a projection from Market Research Engine.
In fact, Market Research Engine has predicted the global managed security services market will expand at a compound annual growth rate (CAGR) of 14.5 percent between 2016 and 2022, the market research firm said in a prepared statement.
Market Research Engine identified four factors that may drive the global managed security services market's growth over the next few years:
- Increase in cybercrimes that target enterprise networks.
- Growing regulatory compliance and data security laws.
- Security recruitment and budget limitations.
- Rising acceptance of cloud-based services.
Conversely, the deployment of in-house security information and event management (SIEM) solutions and the threat of distributed denial of service (DDoS) attacks on the approval of cloud services may hinder the global managed security services sector's growth, Market Research Engine stated.
North America Leads the Push for Managed Security Services
North America is expected to be the largest market for managed security services in the foreseeable future, according to market research firm Allied Market Research.
In a report, Allied predicted North America will constitute the highest market share in the global managed security services market between 2016 and 2022.
Comparatively, the Asia-Pacific region will experience the highest CAGR (20.3 percent) during the period, Allied noted.
Who Will Be the Dominant Players in the Global Managed Security Services Market?
Allied has predicted the following companies will be "dominant players" in the global managed security services market over the next few years:
- BT Group.
- Cisco Systems.
- Dell SecureWorks.
Gartner in February named AT&T, BT and HP as "Challengers" in its Magic Quadrant for MSSPs. Also, the technology research firm ranked IBM, Symantec and Verizon as "Leaders" in its Magic Quadrant for MSSPs.