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Overview and Market Trends of Security Services Industry

In the previous year, USD 27.70 billion was the value of the security services industry. However, a prediction report shows that it will reach USD 64.73 billion in the upcoming five years. At present, many businesses have changed the way that they used to work during working hours. The reason behind it is the pandemic Covid-19.

For that reason, several companies have to change their policies and rules & regulations to sustain employees’ safety. Apart from this, their current ways of functioning and operational choices have also changed because of the social distancing and inability to travel. Adopting a remote working strategy has increased the market for the managed IT security services.

Working Strategy Of IT Security Services:

  • Most of the threats are active at present and thread to the enterprise. Building a strong front gate against the attacker is a factor of threat intelligence.
  • It also provides information regarding attack methodologies, such as how an attack hides inside the network, how an attack communicates back to its controller, and tools that are required to obscure a break-in. 
  • Some organizations are not addressing security awareness, and in that way, they are putting their reputation at risk.
  • Most organizations don’t hire dedicated cyber security professionals to prevent cyber attacks. 
  • In computing, managed security services are network security services outsourced to any service provider.
  • To undertake an organization’s security monitoring, they have managed security service providers since they don’t have the essential expertise.
  • In addition, because of the costly and complex architecture, organizations should have customer security deployments and need particular implementation with disparate systems.
  • Moreover, players such as IBM and SecureWorks manage such complex automation.  
  • Increasing expanses of maintaining security infrastructure is one of the major drives of this market. For smaller enterprises, it can be disastrous. Organizations have a dedicated team that can keep a monitor on the IT environments of their clients.

These services are provided to a variety of clients, including individuals, businesses, and government agencies. The industry relies on business formation rates, as new businesses are likely to require security services. The industry also depends on government spending, as federal, state, and local governments may decide to outsource security services for office buildings, parks, and facilities.  

Market Trends:

  • The introduction of big data analytics, the rapid implementation, and the adoption of the cloud for data storage are expected to contribute to the development of the market.
  • To manage through resources available in-house, the internet of things technology is several end-user industries are expected to make their IT infrastructure compound.
  • In addition, the attack risks have increased with the adaptation of these technologies. 
  • Enterprise adoption of AWS has increased from 59% to 68%, while the Microsoft Azure adoption has reached from 43% to 58%. In addition, nearly 80% of enterprises are experimenting with AWS as their selected cloud platform. 
  • In the US SMB ecosystem, the demand for cloud-based services has rapidly increased.
  • A study shows that more than two-thirds of the businesses in the US are considering connecting with cloud computing by 2020. It is going to be further opportunities for the market in the upcoming years.
  • In the North American region, the demand for managed security services is on the rise.
  • In the country, enterprises are highly dependent on cloud-based investments and applications. Insecurity solutions are expected to drive the demand for managed security services in the US. 

Competitive landscape:

Most vendors provide security services to avoid companies from attacks, such as denial of services, network attacks, or even performing risk assessment and this is the reason for market fragmenting. 

  • January 2020: In order to develop a framework for the 5G network, NTT partnered with the UK Government. 
  • March 2021: A collection of services have improved by IBM Corporation and these services assist the organizations to handle their cloud security policies, strategy, and controls around the hybrid cloud environments.
  • The services bring together cloud-native to assist organizations to make a unified security approach around their cloud ecosystem. 

Final words:

There are many companies that are operating in managed security services industry these days. In this blog, you have read how the pandemic affects companies and how remote working strategy has increased the market for the managed security services. Hopefully, the information shared through this post will be more beneficial for you regarding the IT security services market. If you want to read more about the security services, get in touch with us. 

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