Managed Security Services Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Information & Communications Technology

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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

  • In February 2021, a partnership was signed between Motiv, and Atos. Through this partnership, Atos could strengthen its network of SOCs which is crucial component of Prescriptive Security Approach of the company
  • In May 2021, an agreement was signed between NEXTGEN and SecureWorks to enhance the distribution channel for its Taegis XDR in the Asia Pacific region
  • In August 2021, new SASE services were launched by IBM. These have the capability to deliver cloud security
  • In May 2022, Deloitte and Palo Alto Networks entered a partnership to offer managed security services for their mutual clientele. Their managed security services would offer 5G security, threat detection, cloud security and zero trust enterprise enablement

The Global Managed Security Services Market is Segmented as Below:

By Security Type

  • Managed IAM
  • Managed Vulnerability Management
  • Managed IDS/IPS
  • Managed Firewall
  • Managed Detection and Response
  • Managed SIEM
  • Others (Managed DDoS, Managed DLP, etc.)

By Type

  • Fully Managed Services
  • Co-Managed Services

By Enterprise Size

  • SMEs
  • Large Enterprises

By End User

  • BFSI
  • Government and Public Sector
  • Healthcare
  • IT and Telecom
  • Retail & E-commerce
  • Manufacturing
  • Others

By Deployment

  • Cloud
  • On-Premises

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia-Pacific
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Managed Security Services Market

  • Managed Security Services Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2019 - 2022
  • Market Value at Regional and Country Level, 2023 - 2030
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.

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