Portland, OR , March 23, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Integrated Security Services Market by Type (Compliance Management, Identity and Access Management, Theft Management, Others), by Deployment Mode (On-Premise, Cloud), by Enterprise Size (Large Enterprise, Small and Medium Enterprise), by Industry Vertical (BFSI, Healthcare, IT and Telecom, Retail, Energy and Utilities, Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global integrated security services industry is estimated to generate $15.8 billion in 2021 and $55.5 billion by 2031, witnessing a CAGR of 13.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $15.8 Billion |
| Market Size in 2031 | $55.5 Billion |
| CAGR | 13.7% |
| No. of Pages in Report | 292 |
| Segments covered | By Type, By Deployment Mode, by Enterprise Size, by Industry Vertical and Region. |
| Drivers | Rising awareness regarding the benefits of integrated security services, the cost efficiency of integrated security solutions, and the growing demand for integration platforms as a service (iPaaS) and solutions fuel the growth of the global integrated security services market |
| Opportunities | Increase in service innovations embedded with emerging technologies will present new growth opportunities for the global integrated security services market in the coming years. |
| Restraints | The need for the implementation of supporting technology while deploying integrated security services is likely to hinder the global market growth |
Covid-19 Scenario
- The COVID-19 pandemic positively impacted the integrated security services market, owing to a significant rise in demand for integrated security solutions and a growing number of cyberattacks.
- The pandemic caused a significant change in consumer preferences toward integrated security services, as several banks and fintech providers were implementing integrated security services in their institutions. Integrated security services support accessibility to financial services and deliver a high-quality security experience.
- The pandemic played a prime role in the fast adoption of integrated security services among various end users, such as healthcare and retail for enhanced security of the all systems.
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The on-premise segment to dominate the market in terms of revenue during the forecast period
Based on deployment mode, the on-premise segment contributed to the largest share of nearly three-fifths of the global integrated security services market in 2021, and is expected to rule the roost during the forecast period. This is because it provides added security to data. However, the cloud segment is projected to witness the fastest CAGR of 15.1% from 2022 to 2031, as cloud provides flexibility, scalability, complete visibility, and efficiency of all processes.
The large enterprise segment to maintain its leadership during the forecast period
Based on enterprise size, the large enterprise segment held the largest share of more than three-fifths of the global integrated security services market in 2021, and is expected to maintain a prominent growth during the forecast period, owing to the rise in adoption of integrated security services among big businesses. However, the small and medium enterprise (SME) segment is expected to exhibit the highest CAGR of 15.6% in 2031, owing to the growing innovation and technological investments made by SMEs.
The BFSI segment to dominate in terms of revenue during the forecast period
Based on industry vertical, the BFSI segment held the largest share of one-third of the global integrated security services market in 2021, and is expected to maintain a prominent growth during the forecast period. The growth of the segment is attributed to the rise in cyberattacks in the BFSI sector. However, the healthcare segment is expected to exhibit the highest CAGR of 19.7% in 2031, due to the rise in smart healthcare devices and the need for reliable security services.
Asia-Pacific to garner the largest revenue by 2031
Based on region, the market in North America was the largest in 2021, accounting for over one-third of the global integrated security services market during the forecast timeframe. This is owing to the growing technological trends in security in the region. However, the market in Asia-Pacific is likely to maintain its dominance and show the fastest CAGR of 17.4% during the forecast period, owing to the ongoing digital and economic transformation in the region.
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Leading Market Players
- IBM Corporation
- Optiv Security Inc.
- DynTek, Inc.
- Trend Micro Incorporated
- Broadcom
- CGI Inc.
- Cisco Systems, Inc.
- Microsoft
- Honeywell International Inc.
- Sophos Ltd.
The report analyzes these key players of the global integrated security services market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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