The global market for Information Security Services is projected to reach US$107.2 billion by 2024
Rising
Instances of Cyber-Crime and IT Security Breaches Drive the Global Market for Information
Security Services, According to a New Report by Global
Industry Analysts, Inc.
GIA launches comprehensive analysis of
industry segments, trends, growth drivers, market size, share and demand
forecasts on the global Information Security Services market. The
global market for Information Security Services is projected to reach US$107.2 billion
by 2024, driven by the rise in the magnitude of cyber-crime, growing
instances of IT security breaches, threat from social networking sites, and
regulatory compliance requirements.
Realizing the importance of
information as a critical corporate asset, on par with physical, capital and
human resource assets, businesses are now earmarking lucrative budgets for
digital information security solutions and services. Also, thanks to their increasing awareness on dangers of security breaches
and importance of safeguarding integrated data repository, private businesses,
right from IT & telecom companies, manufacturing firms to retail and
distribution companies, businesses have become more
alert in protecting key information assets from cyber-
attacks. Further, the need to comply with various industry standards and
government regulations is also driving companies to focus on information
security. Even amidst tough economic conditions, security remains a priority as
companies focus on complying with Governance, Risk and Compliance initiatives.
As more and more businesses operate in Internet-centric world, with vast
availability of online data, the need for robust solutions and services that
can ensure complete support for business data over the network will grow in
prominence.
Information
security services (ISS) represent the largest contributor to the overall
Information Security Products and Services market. Growing security concerns, lack
of sufficient skills to tackle the same, and desire to focus on their core functions are driving enterprises to
outsource their security functions to security service providers. Information security
service contracts to service providers offer ease over ‘in-house’ security
deployments as besides installation of necessary software and hardware
solutions, service providers take care of regular maintenance, and upgrades
required for ensuring that the security infrastructure is capable of handling
ever changing nature of security threats. Enterprises are adopting applications and
delivery models based on regional regulations and the extent of network
security, thereby driving growth in the global managed security services market.
Expanding mobile workforce, rise of the Bring
Your Own Device (BYOD) phenomenon, increasing use of cloud-based services,
and Advanced Persistent Threats (APTs) also provide opportunities for growth in
the ISS market. Growing popularity of social networking sites, increasing use
of smart mobile devices and migration of company infrastructure to “the cloud’
have exposed global enterprises to higher levels of security threats, all of
which demand robust information security solutions and services.
As stated by the new market research
report on Information
Security Services, the United States
represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a
CAGR of 14.6% over the analysis period supported by the demand
for converged solutions, growing concerns over advanced targeted threats,
increasing workforce mobility, legislation of strict IT security regulations
and rise in compliance burden, and growth in the number of e-commerce &
e-business initiatives.
Key players in the report include CA
Technologies, Inc., Check Point Software Technologies Ltd., Cisco Systems Inc.,
Deloitte Touche Tohmatsu Ltd., Forcepoint , Fortinet, Inc., F-Secure Corp.,
Fujitsu Ltd., Hewlett-Packard Company, IBM Corp., Juniper Networks, Inc.,
McAfee, Inc., Optiv Security Inc., Proofpoint, Inc., SonicWALL, Inc., Sophos
Ltd., Symantec Corp., Thales Group, and Trianz, among others.
The research
report titled “Information Security Services: A Global Strategic
Business Report” announced by
Global Industry Analysts Inc., provides a comprehensive review of market
trends, issues, growth drivers, service
innovations and launches, and strategic industry activities of major companies worldwide.
The report provides market estimates and projections for all major geographic
markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK,
Spain, Russia and Rest of Europe), Asia-Pacific, Latin America and Rest of
World. Product segments analysed in the report include Implementation Services,
Consulting Services, Managed Services, Education & Training and Response
Services.
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