Information Security Outsourcing Service Market Report Overview
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The global information security outsourcing service market size expanded rapidly in 2021, as per our research, the market is expected to generate substantial revenue by 2031, a robust CAGR during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the information security outsourcing service market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The increased number and sophistication of attacks that organisations encounter on a daily basis places a greater emphasis on cyber-security. With roaming users accessing the network and data from anywhere, the issues of securing assets are increasingly larger and necessitate a rising amount of resources. To address some of these issues, enterprises are turning to managed information security outsourcing service and other contractors to outsource a variety of security functions. Outsourcing allows a business to offload the responsibility of providing security analysts and other workers to managed service providers, freeing up in-house personnel for more important tasks.
COVID-19 Impact: The Pandemic Caused Underlying Malady Upsurged the Market Growth
While many firms are enforcing strict remote working policies in response to the COVID-19 pandemic, cyber-attacks on company data and equipment are on the rise. The start of the pandemic has compelled businesses to create a Work From Home (WFH) policy in conformity with government regulations in order to ensure the safety of their employees. This operational change, however, has exposed the infrastructure to threats due to the rising use of cloud services via insecure devices. Financial institutions, manufacturing plants, educational institutions, and information technology firms are all at risk, demanding a shift in security delivery methods.
LATEST TRENDS
"Rising Technological Advancements Fueling the Cyberattacks to Boost the Market Sales"
Artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) advancements have resulted in increased usage of online applications and mobile apps, resulting in more complex IT infrastructure that can be exposed to assaults. To handle possible security issues, firms are outsourcing security services to detect faults and evaluate the security environment while responding to cyberattacks swiftly.
With the growth of smartphones and the ongoing implementation of high-speed internet networks, mobile banking apps and apps for health monitoring, shopping, and socialising have proliferated. Mobile banking adds flexibility to banking operations by allowing users to transact regardless of where they are. Consumers can also shop and pay using e-commerce apps on their smartphones. As the number of smartphone users grows, so does the demand for banking, shopping, making payments, and socialising via mobile apps. Yet, all of these applications have surfaced as possible targets for hackers, pushing businesses to seek information security outsourcing service to find and close gaps in the applications, saving customers from potential losses.
Information Security Outsourcing Service Market Segmentation
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- By Type
Based on type the information security outsourcing service market is classified as data recovery, vulnerability analysis, pentesting, gap analysis, risk analysis of a process, virtual platform training and others.
The type data recovery is the leading part of the type segment.
- By Application
Based on application the information security outsourcing service market is classified as government, enterprise and others.
The part government is the leading type of the application segment.
DRIVING FACTORS
"Increased Number of Cyberattacks to Decipher the Market Share"
The global number of cyberattacks shows no signs of abating. At the same time, cyberattacks are becoming more sophisticated, and cyberattack losses are increasing. Because new networks are being built and current networks are being expanded, they are becoming increasingly exposed to cyber threats. This is pushing the need for small and large organisations to continuously monitor their networks, critical infrastructures, and digital assets for potential attacks and engage in the information security outsourcing service. Over the forecast period, the requirement to resolve defects in online applications and mobile apps, as well as manage data loss risks associated with cybercrime, is likely to drive the usage of information security outsourcing services.
"A Cheaper Alternative Offering Cost Reductions to Inflate Market the Share"
Outsourcing scope is frequently defined internally based on a cost/benefit analysis, the availability of knowledge, and the quality of services in areas where the business may suffer as a result of inadequate security. All companies analyse their expenditures on a regular basis and frequently assess the need to make strategic adjustments to minimise operating costs. Information security is not, and should not be, immune from this procedure. As a result of this cost-cutting process, outsourcing may appear to be a less expensive option and be evaluated for the road forward as the company decides to make the strategic change.
RESTRAINING FACTORS
"Risks and Concerns Over the Customers Data to Restrain the Market Growth"
Many service companies conduct security operations from their offshore locations, which allows them to manage security at a lower cost. Yet, this comes with additional dangers because offshore employees would have privileged access to corporate systems and consumer data, which raises the following concerns and problems. Concerns over organizations data privacy may also hinder the growth of the global information security outsourcing service market share.
Information Security Outsourcing Service Market Regional Insights
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"North American region to Lead With Diversified Marketplace and Prominent Market Players"
North America accounted for more than a quarter of the entire market share. The increased demand for cyber security services in North America can be ascribed to the government's and public authorities' aggressive investment on cyber security. The United States Department of Defense (DoD) has been utilising the capabilities of white hat hackers and hacker-powered security in novel ways. Furthermore, rising spending on security solutions and services by major companies and SMEs, as well as tightening norms and laws for keeping and securing data and protecting privacy, are projected to contribute to regional market growth. These factors are also propelling the region's information security outsourcing service market growth.
KEY INDUSTRY PLAYERS
"Prominent Manufacturers to Contribute Towards Expansion of Market"
The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.
List of Market Players Profiled
- SecPro Security Professional (Sri-Lanka)
- Ringus Solution Enterprise (China)
- EO Johnson Business Technologies (U.S.A)
- Personiv (U.S.A)
- Venkon (U.S.A)
- FUJITSU (Japan)
- Truvantis (U.S.A)
- Nixu (Sweden)
- Tenecom (Canada)
- Rock IT (Australia)
- Mobius Consulting (U.S.A)
- Qwerty Networks (U.K)
- Solid Systems (U.K)
- IBM (U.S.A)
- Accountants and Business Advisers (U.K).
REPORT COVERAGE
The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.
Frequently Asked Questions
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Which are the driving factors of the information security outsourcing service market?
Increased number of cyberattacks and the a cheaper alternative offering cost reductions are the driving factors of the information security outsourcing service market.
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What is the leading region in the information security outsourcing service market?
The North American region leads the information security outsourcing service market.
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Which are the top companies operating in the information security outsourcing service market?
SecPro Security Professional, Ringus Solution Enterprise, Information Security Service, EO Johnson Business Technologies, Personiv, Venkon, FUJITSU, Truvantis, Nixu, Tenecom, Rock IT, Mobius Consulting, 7Security, Outsourced, Qwerty Networks, Solid Systems, Prolusion, IBM, Accountants and Business Advisers and others are the top companies operating in the information security outsourcing service market.
