New York, March 01, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Cyber Security Services Market By Service Type, By Professional Services Type, By Managed Services Type, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06240985/?utm_source=GNW
Corporations are outsourcing security services to discover flaws, examine the security environment, and respond quickly to assaults in order to solve possible security concerns. Over the forecast period, the requirement to resolve flaws in online and mobile apps, as well as manage loss of data risks associated with cybercrime, is likely to drive the usage of cyber security services.
The incidents of cyber-attacks occurring throughout the world continue to thrive down. Simultaneously, cyber-attacks are becoming more sophisticated, and cyber-attack-related losses are growing. As new networks are now being deployed and current networks are being extended, cyber-attacks are becoming increasingly prevalent.
COVID-19 Impact
While many businesses are implementing stringent remote working rules following the outbreak of the COVID-19 pandemic, cyber-attacks on company data and equipment are on the rise. The pandemicâs onset has pushed businesses to implement a Work From Home (WFH) practice in accordance with government rules in order to safeguard the safety of their workers. However, due to the increased usage of cloud services via unsecured devices, this operational move has revealed the infrastructure to risks. Financial organizations, manufacturing units, educational institutions, and information technology corporations are all in danger, necessitating the need to change security delivery approaches.
Market Growth Factors:
Rising demand for the cybersecurity network
A current conceptual approach to security architectures is the cybersecurity mesh. It allows scattered companies to deliver and enhance security in which it is required the most. Itâs a decentralised notion that tries to secure usersâ or computersâ identities, and itâs one of the hottest techniques right now. Whether on-premises or in the cloud, the goal is to restrict access to an organizationâs network to authorised individuals (or systems). The cybersecurity mesh, in theory, aids IT professionals in managing security from each access point while also preventing hackers from obtaining access to the device.
Acceptance of IoT security
IoT traffic is likely to increase in the coming years as more businesses embrace IoT devices to boost operational efficiency and communication. The expanding use of IoT devices has broadened the attack surface for hackers. In the coming years, organisations dealing with sensitive business and personal data are likely to adopt a cybersecurity model approach because it provides security professionals with more visibility into user can access networks from numerous places, made accessible applications, and the precise time of access.
Market Restraining Factors:
High cost of deployment
In order to adopt Next-Generation Firewalls (NGFWs) and Advanced Threat Protection (ATP) technologies, young firmsâ cybersecurity budgets are insufficient. Small businesses in underdeveloped nations are expected to be stymied in their deployment of cybersecurity solutions due to a lack of investment and resources. Because of their limited financial resources, many businesses lack the necessary IT security infrastructure, resulting in a sluggish development of new technologies and corporate security solutions. Small businesses are tasked with managing budget finances for a variety of operational issues and business continuity plans.
Service Type Outlook
Based on Service Type, the market is segmented into Professional Services (Training, Consulting & Advisory, Integration, Support & Maintenance, Penetration Testing & Bug Bounty, and Others) and Managed Services (into Managed Security Incident & Event Management (SIEM), Compliance & Vulnerability Management, Managed Detection Response (MDR), and Others). The managed services segment obtained a significant revenue share of the market in 2020. Organizations are partnering with Managed Security Service Providers due to the growing threat landscape and the challenges of controlling all component of the cyber threat scenario in-house (MSSPs). Partnering with MSSPs provides enterprises with access to advanced security solutions, and also problem hunting experts and security professionals, and aids in real-time threat monitoring.
End User Outlook
Based on End User, the market is segmented into Government & Defense, Manufacturing, BFSI, IT & Telecom, Retail, Healthcare, and Others. In 2020, the BFSI segment held a significant revenue share of the overall Cyber Security Services market. In the BFSI industry, cybersecurity is used to identify data thefts that disrupt IT systems by hacking key information via malware, spyware, or phishing. By maintaining the confidentiality of information systems, cybersecurity solutions enable firms in the BFSI industry to detect, monitor, report, and counter cyber-attacks. The growing usage of cloud-based security solutions and the increasing danger of data loss are two main drivers of cybersecurity in the BFSI market.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific regional market acquired the promising revenue share in the cyber security services. The regional market is expected to increase as a result of the strong efforts to secure networks and detect vulnerabilities.
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Cisco Systems, Inc. and Deloitte Touche Tohmatsu Limited are the forerunners in the Cyber Security Services Market. Companies such as IBM Corporation, Capgemini SE, Accenture PLC are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Crowdstrike Holdings, Inc., Deloitte Touche Tohmatsu Limited, Capgemini SE, IBM Corporation, Accenture PLC, Cisco Systems, Inc., DXC Technology Company, AT&T, Inc. (AT&T Intellectual Property), Atos Group, and Rapid7, Inc.
Recent Strategies Deployed in Cyber Security Service Market
Partnerships, Collaborations and Agreements:
Jan-2022: AT&T joined hands with Cisco, an American multinational technology conglomerate corporation. This collaboration aimed to develop a new managed SASE offering that can streamline the way businesses provide highly secure, anywhere, anytime access to any application.
Dec-2021: IBM formed a partnership with Du, Emirates Integrated Telecommunications Company. Under this partnership, Du would leverage IBMâs security software and solutions across its Digital Trust portfolio and its Cyber Defense Centre.
Apr-2021: IBM came into a partnership with HCL Technologies, an Indian multinational information technology. Under this partnership, HCLâs Cybersecurity Fusion Centres would draw upon IBMâs Cloud Pak to develop a unified platform for connecting security teams, tools, and processes within the threat lifecycle.
Product Launches and Product Expansions:
Dec-2021: Atos released Managed Detection and Response for media. This service would address media and video content piracy and protect companies against targeted cyber threats.
Nov-2021: AT&T Cybersecurity unveiled a new managed solution. This solution aimed to assist U.S. Federal Agencies to modernize and protect their IT Infrastructure in compliance with Trusted Internet Connection (TIC) 3.0 cybersecurity guidance.
Mar-2021: AT&T Cybersecurity introduced Managed SASE Solution. This solution would expand the companyâs portfolio of Managed Security Services through its collaboration with Fortinet to develop Secure Access Service Edge (SASE) for enterprises.
Jan-2020: Cisco launched Cisco Cyber Vision, an IoT security architecture. This solution would offer improved visibility across IT and OT environments, and secures industrial procedures. In addition, the solution would allow the collection and generation of data from the IoT edge so companies can improve efficiencies to make informed business decisions and escalate digitization projects.
Acquisitions and Mergers:
Dec-2021: Capgemini took over VariQ, an information technology company. This acquisition aimed to strengthen the companyâs position in the Federal market and create momentum for continued growth.
Aug-2021: Deloitte took over the industrial cybersecurity business (aeCyberSolutions) of Greenville, SC-based Applied Engineering Solutions. This acquisition aimed to strengthen Deloitteâs prevailing cybersecurity offerings with the aeCyberSolutions businessâ well-tested methodologies, frameworks, and technology-enabled tools for industrial control systems/operational technology (ICS/OT) security.
Jul-2021: Rapid7 took over IntSights, cybersecurity operations firm. Through this acquisition, Rapid7 would integrate its community-infused threat intelligence and expert understanding of customer environments with IntSightsâ external threat intelligence capabilities.
Jun-2021: Accenture acquired Sentor, a Sweden-based independent provider of cyber defense and managed security services. This acquisition aimed to expand its ability to assist customers to match this challenging cybersecurity environment.
Jun-2021: Cisco took over Kenna Security, a cybersecurity leader that offers a risk-based vulnerability management platform. This acquisition aimed to transform how security and IT teams work to minimize the attack surface and time it takes to identify and respond
Feb-2021: Rapid7 completed the acquisition of Alcide, a leading Kubernetes Security Provider. This acquisition aimed to improve Rapid7âs ability to offer a cloud-native security platform to its customers and facilitate constant management of risk and compliance within their cloud environments.
Feb-2021: Atos completed the acquisition of Motiv ICT Security, a leading cybersecurity services company. This acquisition aimed to expand Atosâs comprehensive network of global SOCs, a pivotal component of the Atos Prescriptive Security approach.
Jan-2021: Deloitte & Touche took over Root9B, a dynamic provider of cyber security and advanced technology. This acquisition aimed to boost Deloitteâs prevailing Detect and Respond cyber client offering to assist customers to gain enhanced cyber defense, combine fragmented security toolsets, gain efficiencies in security operations programs, boost response time to potential threats and deliver data-driven threat insights.
Jan-2021: Atos took over In Fidem, a Canada-based specialized cybersecurity consulting firm. This acquisition aimed to would expand Atosâ global customer portfolio and expertise in cybersecurity services and would assist in further investing in Canadian businesses and the digital workforce by adding value for local customers and the local talent pool.
Jan-2021: Accenture took over Real Protect, a Brazil-based Information Security Company. This acquisition aimed to expand its cybersecurity presence and capabilities in Latin America. In addition, Real Protect would support the prevailing managed security services business of Accenture.
Dec-2020: Atos acquired SEC Consult, a leading Cybersecurity consulting company. This acquisition aimed to strengthen Atosâ prevailing consulting capabilities and would deliver additional value to its digital consulting innovation practice. In addition, the acquisition would also expand the company in APAC and DACH region.
Apr-2020: Accenture completed the acquisition of Broadcomâs Symantec Cyber Security Services Business. This acquisition aimed to improve Accenture Securityâs position as a leading provider of managed security services, which would boost its capability to assist companies to anticipate, detect and respond to cyber threats.
Apr-2020: Accenture acquired Revolutionary Security, a cybersecurity services firm. Under this acquisition, Revolutionary Securityâs service offerings would complement Accentureâs portfolio, and assist the companyâs mission to better protect and defend clientsâ organizations across their whole ecosystem.
Mar-2020: Accenture took over Context Information Security, a UK-Based Cybersecurity Consultancy. This acquisition would complement Accenture by integrating a group of highly skilled cybersecurity professionals across the globe along with offering distinct services to customers in the U.K. market.
Geographical Expansions:
Dec-2021: Capgemini expanded its geographical footprint by opening a center in Katowice, Poland. This center would offer regional and international cybersecurity services, which would support organizations across the region.
Scope of the Study
Market Segments covered in the Report:
By Service Type
⢠Professional Services
o Training
o Consulting & Advisory
o Integration
o Support & Maintenance
o Penetration Testing & Bug Bounty
o Others
⢠Managed Services
o Managed Security Incident & Event Management (SIEM)
o Compliance & Vulnerability Management
o Managed Detection Response (MDR)
o Others
By End User
⢠Government & Defense
⢠Manufacturing
⢠BFSI
⢠IT & Telecom
⢠Retail
⢠Healthcare
⢠Others
By Geography
⢠North America
o US
o Canada
o Mexico
o Rest of North America
⢠Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
⢠Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
⢠LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
⢠Crowdstrike Holdings, Inc.
⢠Deloitte Touche Tohmatsu Limited
⢠Capgemini SE
⢠IBM Corporation
⢠Accenture PLC
⢠Cisco Systems, Inc.
⢠DXC Technology Company
⢠AT&T, Inc. (AT&T Intellectual Property)
⢠Atos Group
⢠Rapid7, Inc.
Unique Offerings
⢠Exhaustive coverage
⢠Highest number of market tables and figures
⢠Subscription based model available
⢠Guaranteed best price
⢠Assured post sales research support with 10% customization free
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