Managed security services market is estimated to grow to $35.53 Billion by 2020 from $17.79 Billion in 2015, MarketsandMarkets said. CAGR is seen at 14.8 percent.
The research agency noted that the rise in cybercrimes and threats, rising need of meeting compliance and data protection laws, security staffing and budgeting constraints on the organizations, and increasing adoption of cloud services are the major growth drivers.
Further, MarketsandMarkets said the digitalisation in the BFSI sector has opened doors for unique security challenges.
As such, these challenges are the major driving factors for the Managed Security Services Market in the BFSI industry.
Regionally, North America is expected to have the largest market size in the MSS market mainly due to high spending on IT security with increase in advancements in technologies, such as cloud computing, big data, mobility services, and growing apps store across the U.S. and Canada.
This growth is further fostered by growing demand of MSS across small and medium enterprises in the region. North America is expected to have the largest market share; however, Asia-Pacific is likely to grow with the highest CAGR from 2015 to 2020.
The major vendors in the digital signature market include AT&T, Dell SecureWorks, IBM, Symantec and Verizon Communications.