Press Release Description
Morocco Managed Security Service Market to Witness Remarkable Growth with the Rapidly Rising Cyber Threats
The Morocco Managed Security Services Market is projected to grow at a CAGR of 8.58% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The long-term economic and political outlook of Morocco has encouraged the growth of business in key industries such as IT, Healthcare, and BFSI. This has been accompanied by the acceleration of digital transformation in this sector, resulting in an increase in digital processes and the storage of data. As a result, the market for managed security services in Morocco has grown significantly, driven by the need for efficient cybersecurity solutions in light of the rapid digitalization of various sectors.
Moreover, end-user companies have been moving towards cloud-based security solutions because of their many advantages, which include improved productivity, adaptability, scalability, affordability, and innovation. In the past, businesses maintained their networks, servers, and other hardware to hold vital data. This involved a large initial financial outlay as well as ongoing expenses for hardware upkeep and updates. Organizations are therefore using cloud-based solutions to avoid additional expenses and maintenance fees for on-premises storage hardware. Therefore, it is expected that the market would rise in response to the growing preference for cloud-based security solutions.
The government is striving to make Morocco a hub of Foreign Direct Investment (FDI) and to reduce the differences between regions in terms of investment attraction, which is why it adopted a new charter in 2022 for both domestic and foreign investment. The new charter provides investment support such as subsidies or grants for investment projects to help Moroccan companies to expand their International Presence. Hence, the expansion of the business in the country would support the market growth in the forecast period, further states the research report, “Morocco Managed Security Services Market Analysis, 2024.”
Fully Managed is the most Preferred Type of Managed Security Service
Based on the Type segment, the market is further bifurcated into, fully managed security services and Co-managed security services. Fully managed security service has become a preferred strategy for businesses of all sizes to delegate responsibility for cybersecurity management. The fully managed security service enables companies to focus on their core business, without worrying about security concerns.
The widespread adoption of digital technologies and online platforms within businesses has opened up attack surfaces for cybercriminals. Sectors that deal with sensitive customer information including finance, healthcare, e-commerce, etc., are highly inclined to cyberattacks and are particularly to adopt fully managed security services to eliminate the need for the in-house security team.
Network Security to Create Huge Demand for Managed Security Services
Based on the security type, the market is further bifurcated into network security, cloud security, endpoint security, and application security. There is a huge demand for cyber security in sectors like banking, management, healthcare, etc. as digital services have become significantly popular in these sectors. These organizations operate in complex and interconnected networks to facilitate various transactions and exchange of information.
Moreover, enterprises rely on secure communication channels for internal communications and interconnections with other financial institutions. Therefore, these organizations use network security solutions to secure critical data and ensure uninterrupted working in the organizations, increasing the share of network security in the Moroccan Managed Security Service Market.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including IBM, Accenture, NTT Data, AT& T, ATOS Group, Orange Cyberdefense, Fujitsu, Dataprotect, Secmentis, Thales Group, Akamai, and Others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the country?
- How has the industry been evolving in terms of geography & service adoption?
- How has the competition been shaping across the country?
- How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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