This study intends to unfurl the multiple facets of global managed security services market. The insights offered in the report aid in market growth examination during the forecast period.
BYOD, and WFH Trend to Drive the Growth of the Managed Security Services Market
Businesses have gone online with the proliferation of new age technology such as cloud, and Artificial Intelligence with data being the net new driving the scenario. However, this also introduced bottlenecks in terms of cyber-attacks, and data breaches. Although businesses are combating the situation by investing in in-house expertise, managed security services have become the key substitute to facilitate IT security and optimize the capital expenditure. This has also enabled businesses to shift their focus towards security governance from administrative tasks. This inorganic shift towards optimized IT security continues to influence the growth of the managed security services market worldwide. During and post-COVID-19 scenario, work from home (WFH) trend has been the net new as organizations opt for hybrid or complete remote working. In addition, the Bring Your Own Device (BYOD) is becoming a standard practice that enables employees to gain access to corporate networks using their personal devices. This has necessitated the need for securing the BYOD infrastructure to protect the device from cyber attacks.
Moreover, cybersecurity being a major topic of concern for companies, especially when employees are working remotely and in a public environment, it becomes imperative to establish advanced IT security infrastructure. Also, companies need to offer data protection alongside maintaining employee privacy. However, they face challenges in enforcing data security and governing BYOD device controls. This has fuelled the demand for managed security services (MSS) across various organizations to manage their IT security alongside providing robust protection against cyber crimes. Providers of managed security services help organizations by supporting in developing and implementing robust IT security infrastructure via managed tools and platforms such as continuous monitoring, compliance monitoring, threat detection, and vulnerability management. In addition, they are updating status regarding security issues, audit parameters, and maintenance parameters using team with high expertise in these areas. This in turn helps companies to focus on core business while governing the IT security infrastructure. That said, the demand for MSS is likely to increase in turn bolstering growth of the managed security services market.
Fully Managed Services to Largely Complement Value Growth of Managed Security Services Market
Adoption of fully managed security services has been on an upswing and is expected to grow in the forthcoming years. Fully managed security services offer various benefits as compared to co-managed security services such as complete on-site and remote support and workforce to establish connection to secure network thus collaborating remotely. In addition, fully managed security services also offer specialized expertise that can handle complex security issues. Furthermore, it is highly cost effective as compared to the investment required to train in-house cyber security expertise and establish IT security infrastructure. These factors have fuelled the use of fully MSS in turn largely contributing towards the revenue growth of the managed security services market.
North America to Dominate Managed Security Services Market
Developed nations in North America are expected to portray increasing adoption of managed security services. This is mainly owing to easy availability of managed security services and their early adoption in the region. Moreover, this is backed by superior and advanced IT infrastructure coupled with strong economic growth in the region. Furthermore, the intervention of government authorities for the protection of crucial infrastructure, data and systems against cyber attacks has influenced the growth of the managed security services market in the region. For instance, the Cybersecurity and Infrastructure Security Agency (CISA) and National Security Agency (NSA) in the United States along with Canadian Centre for Cyber Security Public Safety Canada have been undertaking initiatives for the deployment of security practices across various organizations to strengthen their infrastructure. To provide such services, the presence of companies offering managed security services is increasing in North America. This has favoured the growth of the managed security services market in the region, making it an attractive pocket for stakeholders.
Managed Security Services Market: Competitive Landscape
A few of the major players in the managed security services market include IBM, Accenture, DigitalXRAID, Cyflare, RSI Security, SecureWorks, AT & T, Kroll, NTT, Atos, DXC Technology, Trustwave, and Cipher Security. New launches, partnerships, collaborations, and alliances have been witnessed in the managed security services market. Companies providing managed security services are investing in these strategies to gain competitive advantage.
Recent Notable Developments
The Global Managed Security Services Market is Segmented as Below:
By Security Type
By Enterprise Size
By End User
Key Elements Included In The Study: Global Managed Security Services Market
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