Managed Security Services or MSS are considered as the systematic approach to managing an organization’s security needs. This is needed for better security against security contravention and cyber-attacks. Conducted both in-house and outsourced to service provider, this security service oversees other companies’ information system security and network.

Main functions of managed security services are overseeing patch management and upgrades, responding to emergencies, round-the-clock monitoring and management of intrusion detection systems and firewalls and performing security audits and assessments. Outsourcing security operations to managed security service providers having core expertise and skilled workforce can improve the quality of protection of managed security services.

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Major factors that drive the growth of managed security services market are rise in digital information generation and increasing trend of being your own devices(BYOD), along with the need to secure it. Due to the rise in complexity and frequency of security breaches and cyber-attacks, organizations are increasingly deploying managed security service providers. This is done to monitor and provide better protection.

The global managed security services market is estimated to witness a strong growth at 15.4% CAGR during the forecast period of 2013 to 2019. By the end of the forecast period the market is predicted to be valued at US$24.12 bn.

On the basis of delivery, there is consumer premise equipment (CPE)-based services, cloud-based or hosted-based services, global managed security services, and hybrid services, which is an integration of cloud-based and CPE-based services. The emergence of cloud-based managed security services is likely to boost the global market significantly over the forecast period due to easy installation and low maintenance cost as compared to others.

Based on industry verticals, the global managed security service market is segmented into telecom and IT, retail, healthcare, hospitality sectors, manufacturing, government and utilities, research and development (R and D), and banking financial services and insurance (BFSI). The report states the leading end users like the government utility sectors, telecom and IT and the BFSI account for a large share. Outsourcing proves to be a viable and economical option because of the rise in numbers, cost pressure compliance, lack of internal expertise, and complexity of threats.

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