Study predicts increased use of managed security services

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A study carried out by MarketsandMarkets has suggested that the use of Managed Security Services (MSS) is going to increase dramatically within the next four years.

The researchers have suggested that the global market for MSS will actually double by 2020. This will increase the annual spending on such services to around $35.5 billion. The predictions cover both the use of on-demand services and on-premise services, taking into consideration the management of threats, vulnerabilities, and issues such as compliance.

The research suggests that the growth of MSS will be helped along by the increasing number of data security breaches, incidences of malware and ransomware, the changes in data security regulations, and budget constraints for IT security. The growing use of cloud computing services is also a factor.

It is widely believed that the biggest demand for MSS will come from North America, but there is also a growing demand from smaller companies, rather than the larger businesses that started using the services originally. Industries such as financial services, insurance, and banking are likely to be the biggest customers for these services.

Research carried out by ABI Research has estimated that the threat management market will increase in value by half to around $8.6 billion within four years due to the increasing number of cyberattacks and the rapidly developing technologies that are designed to combat the problem. Experts have suggested that when looking for solutions for vulnerability management, technologies such as reporting, monitoring, configuration management, VA, and patch management should all be included.