Managed Security Services Market Size is Estimated to grow at a CAGR 15% of during the forecast period

 

The global managed security services market is estimated to expand at a compounded annual growth rate (CAGR) of 15.0% during the forecast period 2022-2030.

The term "managed security services" (MSS) describes the practice of contracting with external or third-party service providers to manage an organization's IT infrastructure in order to offer round-the-clock monitoring, upkeep, and systematic data protection. It include managing firewalls and intrusion detection systems, turning on security audits and checks, and resolving emergency situations. The dependable and affordable security solutions from MSSPs assist client firms in reducing their expenditure on CPE or in-house security specialists while still providing efficient security administration.

 

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GROWTH DRIVERS:

The following are the main factors propelling the global managed security services market's growth: the growing acceptance of managed security services by companies of all sizes; the expanding trends among organizations, such as BYOD, CYOD, and WFH; the rising incidences of cybercrime and security breaches among businesses worldwide; the increasingly complex risk and compliance requirements; the expanding use of cloud computing and IoT devices; the growing need among businesses for reliable and affordable security services to monitor and manage security events; and the ongoing innovation and upgradation of current managed security services.

In addition, over the past few years, there has been a sharp increase in the price of both maintaining security infrastructure and the typical data breach. Smaller businesses are particularly worst off since they lack any contingency money set aside for situations like these. Because of this, the use of managed security services is crucial and is anticipated to increase in the years to come. This will support the growth of the managed security services market as a whole over the projected period.

But during the projected period of 2021–2030, a number of factors, including the lack of qualified security professionals to handle difficult cases, the strict information security regulations imposed by governments worldwide, and the reluctance of organizations to share sensitive data with outside service providers, are expected to somewhat impede the growth of the global managed security services market.

MANAGED SECURITY SERVICES MARKET SEGMENTATION:

By Security Type:

·         Managed IAM

·         Managed Vulnerability Management

·         Managed Risk and Compliance

·         Managed Detection and Response

·         Managed Firewall

·         Managed IDS/IPS

·         Managed Encryption

·         Managed SIEM

·         Others Security Type

o   Managed Unified Threat Management

o   Managed DDoS

o   Managed DLP

 

By Service Type:

·         Fully Managed Security Services

·         Co-Managed Security Services

 

By Organization Size:

·         Large Enterprises

·         SMEs

 

By Vertical:

·         BFSI

·         Government

·         Healthcare

·         Telecommunication

·         IT and Enterprises

·         Retail

·         Energy and Utilities

·         Manufacturing

·         Other Verticals

o    Education

o    Travel And Hospitality

o    Media And Entertainment

 

By Deployment Mode:

·         Hosted Or Cloud Based Managed Security Services

·         On-premise or Customer Premise Equipment (CPE) Managed Security Services

 

By Region:

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

 

KEY COMPANIES IN MANAGED SECURITY SERVICES MARKET:

·         Wipro Limited

·         Accenture

·         Trustwave Holdings Inc.

·         Lumen Technologies

·         NTT

·         SecureWorks Inc.

·         BT Group plc

·         Atos SE

·         Infosys Limited

·         Verizon Communications Inc.

·         Cipher Security

·         Nuspire

·         International Business Machines Corporation (IBM)

·         Hewlett Packard

·         AT&T Inc.

·         Computer Science Corporation (CSC)

·         Dell Secure Works Inc

·         Cisco Systems Inc

·         Fortinet Inc

·         Other Players

 

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