The global MSS market is expected to reach USD 60.94 billion by 2024, according to a new report by Grand View Research. Cloud computing and BYOD are going to drive the global managed security services market. The proliferation of advanced threats is expected to increase the adoption of managed security services over the forecast period, the research stated.
According to the research, the managed endpoint threat protection is expected to remain the largest segment, owing to the growing BYOD trends among organizations and the need to mitigate the growing malware threats. The segment is expected to grow at a robust pace owing to the increasing cybercrime activities and growing concerns for malicious malware attacks. Various sectors such as BFSI and telecom are increasingly adopting these services, owing to the increasing consumer privacy regulations such as Personal Protection Act and Consumer Protection Regulations.
Cloud-based managed security services are also expected to be the fastest growing segment due to the rising number of remote workforce. Growing usage of cloud storage systems among organizations is driving the demand for cloud-based security services. Moreover, regulatory compliance in several countries to protect loss of information are enabling enterprises to deploy security services.
Telecom & IT is expected to grow at a CAGR of over 16.5 per cent owing to the increasing need to protect and maintain customer privacy. Compliance with regulatory and legal requirements is critical for telecom operators to sustain their operations. Moreover, organizations are shifting from on-premise to cloud-based services to reduce the expenditure in managing these services, the report stated.