Integrated Security Services Market Expected to Reach USD 55.5 Billion by 2031 | Top Players such as - Broadcom, Cisco and DynTek

According to the report published by Allied Market Research "The Integrated Security Services Market Expected to Reach USD 55.5 Billion by 2031 | Top Players such as - Broadcom, Cisco and DynTek." These players have adopted different strategies such as new product launches collaborations expansion joint ventures agreements and others to increase their market share and maintain dominant shares in different regions.

Factors such as rising awareness regarding the benefits of integrated security services and the cost efficiency of integrated security solutions are major growth factors for the market. In addition, the growing demand for integration platforms as a service (iPaaS) and solutions is the major growth factor for the integrated security services market. Increase in service innovations embedded with emerging technologies will provide lucrative opportunities for the growth of the market in the upcoming years.

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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.

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.

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.

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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.

The report analyzes the profiles of key players operating in the integrated security services market such as Broadcom, CGI Inc., Cisco Systems, Inc., DynTek, Inc., Honeywell International Inc., IBM Corporation, Microsoft, Optiv Security Inc., Sophos Ltd., and Trend Micro Incorporated. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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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 all systems.

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