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Managed Security Services Market Size to Hit 72.37 billion by 2030

Managed Security Services Market Size to Hit 72.37 billion by 2030Managed Security Services MarketManaged Security Services Market is booming in recent years due to the services provided to industries that deal with simple and complex data. Deep security protection, broad area coverage, monitoring services, and cost-effectiveness are the major drivers of the managed security market.

Managed Security Services Market Overview

Managed security services are network services with a systematic path to manage the organization's security needs. The managed security service handles the intrusion detection system and firewalls, responds to emergencies, etc. The Managed Security Services Market will gather more than 72.37 billion and a CAGR of more than 13.9% by 2030. Vendors use managed security services to secure the organization's data and trust against virus attacks and other intrusive unknown attacks.

It creates protective layer detection firewalls in the system. The number of hackers and online attackers is increasing because credibility is at risk for several companies, leading to demand for managed security services in urban and rural areas. Due to COVID 19 spread, almost all businesses started doing operations from home to limit the spread. Thus, high security is needed for those businesses to function against the rising cyber-attacks.

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Many companies joined hands with managed security services to maintain ethics and deep and broad monitoring of office devices. To deal with simple and complex data, in-depth security protection, broad area coverage and cost-effectiveness are the major factors driving the market. Data breach vulnerability of the data to cyber-attacks made people either build in-house security systems or collaborate with the services driving the market. Less awareness among people about the security breaches will hinder the Managed Security Services Market in the forecast period.

Managed Security Services Market segmentation

The Managed Security Services Market is segmented into service type, deployment, organization size and end-user. The market is divided into IPS and IDS, DDOS, and Endpoint security based on the service type. The organization segment is segregated into SMBs and Large Enterprises. By deployment of the market, it is split into on-premise and cloud. The end-user's Managed Security Services Market is bifurcated into BFSI, Manufacturing, IT/ITES, Healthcare, Retail, and Government. The IDS and IPS segments will dominate the market in the forecast period as this is used to monitor traffic signals of a possible attack.

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Among the organization size, the small and medium enterprises will grow in the forecast period due to the rising awareness about security threats, increased spending on security and the minimal IT staffing to handle complicated threats. With the rising need for advanced protection, the large enterprise is also expected to enhance in the future. The market will gain further growth shortly owing to the rising demand.

Managed Security Services Market Regional analysis

The Managed Security Services Market is analyzed by geography in North America, Asia Pacific, Europe and other parts of the world. North America will dominate the market share in the forecast period as the region grows extensively in the IT sector. Asia Pacific will grow in the second position owing to the progression towards stricter cyber enforcement and increased IT security spending in countries like China and India. The growing security concern is a main growth factor of the Managed Security Services Market.

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Industry news

Cipherpoint is ramping up its managed security service offerings for the small- to medium-sized businesses (SMB) and local government sectors as it plans to launch a new security operations center (SOC).

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