Marketsandmarkets forecasts the Managed Security Services market is expected to grow from $14.32 Billion in 2014 to $31.86 Billion in 2019, at a Compound Annual Growth Rate (CAGR) of 17.3% from 2014 to 2019. BFSI, utilities, IT & Telecom and governmentis are expected to be the biggest contributors in terms of revenue contribution, while the growing markets of Europe and APAC are expected to experience increased market traction with high CAGR’s, during the forecast period.

Analysts from the research company have segmented this market by solutions, deployment types, organisation size, verticals and regions. The major driving forces which are enabling the growth of this market are found to be a rise in cyber crime and threats, the rising needs for meeting compliance and data protection laws.  Security staffing and budgeting constraints on organisations plus increasing adoption of cloud services are also influencing factors for the growth of this market.

Some of the products which are gaining traction and investment from various vendors are managed services, monitored or managed firewalls or IPSs, monitored or managed IDSs, DDoS protection, managed SWG, log management, analysis and reporting, SIEM, managed vulnerability scanning (servers, networks, databases, applications and URL filtering) and others. Some of the major providers are AT&T, Verizon, CSC, Dell secure works, Symantec, IBM, Trustwave, Solutionary and others. According to the researchers these vendors have uniquely positioned themselves in the market with propagation of new product developments and lucrative partnerships and acquisitions.