You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text.

LONDON--(BUSINESS WIRE)--The managed security services market is expected to grow by USD 22.44 bn, progressing at a CAGR of over 14% during the forecast period. Click & Get Free Sample Report in Minutes The increase in adoption of cloud-based services is one of the major factors propelling market growth. More details: https://www.technavio.com/report/managed-security-services-market-industry-analysis Managed Security Services Market: Deployment Landscape Based on the deployment, the Cloud-based segment is expected to witness lucrative growth during the forecast period. Managed Security Services Market: Geographic Landscape By geography, North America is going to have a lucrative growth during the forecast period. About 33% of the markets overall growth is expected to originate from North America. The US and Canada are the key markets for managed security services in North America. Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free. View market snapshot before purchasing Related Reports on Information Technology Include: Companies Covered: What our reports offer: Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavios in-depth research has direct and indirect COVID-19 impacted market research reports. Register for a free trial today and gain instant access to 17,000+ market research reports. Technavio's SUBSCRIPTION platform Key Topics Covered: Executive Summary Market Landscape Market Sizing Five Forces Analysis Market Segmentation by End-user Market Segmentation by Deployment Customer landscape Geographic Landscape Vendor Landscape Vendor Analysis Appendix About Us Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavios report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavios comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Answer: Insights on the Global Managed Security Services Market 2020-2024: COVID-19 Analysis, Drivers, Restraints, Opportunities, and Threats - Technavio