Managed security services market driven by growing demand for cloud services

Press release   •   Aug 02, 2013 15:38 BST

The managed security services market has been forecast to increase at a compound annual growth rate (CAGR) of 9.05% through to 2016, driven by the need to increase the quality of protection and the increase in demand for cloud-based services.

The managed security services market is driven by a growing need to reduce the complexity of network security solutions. Most companies are implementing add-on solutions and modules to their existing network security solutions because of rising frequency and complexity of attacks, which are resulting in making these security networks more complex.

To reduce this complexity, companies are outsourcing their network security to managed security services providers who have expertise in managing complex security networks.

Due to the rising frequency of attacks, organisations are implementing managed security services which help in monitoring and providing better protection.

The quality of protection can also be enhanced by outsourcing security responsibilities to managed security service providers (MSSPs) that have core expertise in this field. Hence, more end-users are adopting managed security services.

In computing, managed security services (MSS) are network security services that have been outsourced to a service provider. A company providing such a service is known as a managed security service provider.

Functions of a managed security service include round-the-clock monitoring and management of intrusion detection systems and firewalls, overseeing patch management and upgrades, performing security assessments and security audits, and responding to emergencies. There are products available from a number of vendors to help organise and guide the procedures involved.

Manufacturers and service providers are developing more mature offerings to build out and deliver managed security to customers, and the net result is the market continues to enjoy healthy overall growth, with particularly strong growth for cloud-based services.

One of the major challenges faced by the market is the high cost of implementation. Despite the potential benefits, certain organisations refrain from investing in managed security services owing to the high costs associated with it. Also, there are certain hidden costs involved in the maintenance of managed security service.

Key players currently dominating the managed security services market include AT&T Inc., Dell SecureWorks Inc., IBM Corp., and Symantec Corp.

For more information on the managed security services market, see the latest research: Managed Security Services Market

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