| Status : Published | Published On : Mar, 2024 | Report Code : VRICT5156 | Industry : ICT & Media | Available Format :
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Page : 235 |
Global Managed Security Services Market – Analysis and Forecast (2025-2030)
Industry Insights by Verticals (Banking, Financial Services and Insurance (BFSI), Government, Retail, Healthcare, IT, Telecom, Utilities, Manufacturing, Others (Education, Media and Entertainment, Travel and logistics)), by Organization Size (Small and Medium Size Enterprises, Large Enterprises), by Region (North America, Europe, Asia-Pacific (APAC), Rest of the World)
Industry Overview
The global market size of global Managed Security Services is expected to rise from USD 32.3 billion in 2023 to USD 55.8 billion by 2030, during the forecast period, at a Compound Annual Growth Rate (CAGR) of 7.8 percent.
The main factors that contribute to the growth of the managed security services market include the rising number of cases of security breaches and higher possibilities of attacks at large and small organisational structures.
Typically, the potential use cases have also enhanced the need for taking accurate measures across different industry verticals well in advance to protect their security posture, IoT, and technical developments in the cloud. This has given more importance to the Managed Security Service Providers (MSSPs).
These service providers offer outsourced cybersecurity services to businesses, which include monitoring, management, and response to security threats and incidents. In addition, they offer a wide range of services including threat intelligence, intrusion detection, vulnerability management, intrusion prevention, compliance management, security event monitoring, and more.
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These service providers can operate in-house or remotely, usually via the cloud, and offer a wide range of services to ensure security. This includes setting up a framework for more efficient security management or occurrence response. A lot of Managed Security Service Providers specialize in specific areas while others provide full outsourcing of information security programs of an enterprise.
Market Segmentation
Insight by Verticals
According to the diverse industry verticals, the global Managed Security Services market is divided into BFSI, government, retail, healthcare, IT, telecom, utilities, manufacturing, education, media and entertainment, travel, and logistics.
Out of all these industry verticals, the BFSI sector dominates the global Managed Security Services market because such services help a great deal in protecting the confidentiality of sensitive data and the overall security mechanism. Around-the-clock monitoring ensures better and instant incident response and remediation in case of a security breach or cyberattack.
Insight by Organization Size
According to the size of the organisation, the global Managed Security Services market is divided into Small and Medium Size Enterprises (SMEs) and large enterprises.
Out of these two categories, the SMEs segment is expected to grow at a faster rate during the forecast period mainly due to the lack of IT staffing to deal with complex cyber threats and compliance functions. The SMEs will outsource these functions to the MSS providers more and more and there will be a higher adoption of controlled security services due to growing knowledge of security threats. The spending will be more among these organisations regarding security and the service providers will be offering more competitive services and pricing models drive more companies to avail of their services.
Global Managed Security Services Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
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Base Year Considered |
2024 |
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Forecast Period |
2025 - 2030 |
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Market Size in 2023 |
U.S.D. 32.3 Billion |
|
Revenue Forecast in 2030 |
U.S.D. 55.8 Billion |
|
Growth Rate |
7.8% |
|
Segments Covered in the Report |
By Verticals, By Geographies, and By Organization Size |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Trends
There is a significant growth noticed in the number of security breaches and threats posing a larger threat to SMEs and large organisations. This is due to the rising complexities involved in the structure of information security due to the increasing size of it because of the globalisation of business.
Moreover, there is also a rise in the number of organised cyber-criminal groups practising malicious activities and posing higher security threats to organisations. Combined with the complex infrastructure, this is posing a serious problem in data protection management.
Growth Drivers
The growing need for the BFSI sector to protect the sensitive data of their clients, brand image, and regulatory compliance are the most significant growth drivers of the global Managed Security Services market.
In addition, in the healthcare and life science vertical, the need for controlled protection services such as Medical Device Penetration Testing, Network Segmentation for Medical Devices, Device Inventory and Risk Analysis, Medical Device Risk Assessments, and ongoing incident response also play a significant role in pushing the growth of this market.
Moreover, the healthcare sector also needs such efficient services to ensure strict compliance with the Health Insurance Portability and Transparency Act (HIPAA) and the Payment Card Industry Data Security Standard (PCI DSS), propelling the growth of the global Managed Security Services market.
Challenges
The rising number of cybersecurity threats, developed attacking tools, huge algorithm requirements, and strict regulatory requirements may hinder the growth of the global Managed Security Services market. High-cost involvement may also prevent the SMEs from adopting these solutions. However, things are expected to change dramatically during the forecast period to create better opportunities for the global Managed Security Services market to grow.
Opportunity
The growth of the global Managed Security Services market will be boosted significantly by the cost-effectiveness of the solutions and the need for it due to higher cybercrime activities.
Governments all over the world are also creating a series of new legislation for information security and higher use of mobile devices in the workplace will create more lucrative opportunities for the global Managed Security Services market.
Geographic Overview
The global Managed Security Services market is dominated by North America, but during the forecast period, the APAC region is expected to grow at a faster rate due to higher reliance on MSS by Small and Medium-sized Enterprises (SMEs) and large enterprises in the region. This is mainly the result of rapid technological developments such as 5G, cloud, and IoT. Apart from that, rising cybersecurity incidents, government regulations, and acceptance of cloud technologies will also drive the growth of the global Managed Security Services market in this area.
Key Players covered in the report
Somef the key players of Machine Traslation Market are IBM (U.S.A), AT&T. (U.S.A), NTT Security (Japan), SecureWorks (U.S.A), DXC Technology (U.S.A), BT (U.K.), Atos (France), Infosys (India), Verizon (U.S.A), Cognizant (U.S.A), Cipher Security (Spain) , Wipro (India), Accenture (American- Irish), Optiv Security (U.S.A), Trustwave (Singapore), Herjavec (Canada), TCS (India), Capgemini (France), CenturyLink (U.S.A), Kudelski Security (Switzerland) , Nuspire (U.S.A)
Recent Development by Key Players
AT&T joined hands with an agreement to create a standalone managed cybersecurity services business, and a capital investment in that business from WillJam Ventures which is a Chicago-based investor with deep cybersecurity industry and leadership experience. The new cybersecurity partnership shall select security software solutions, associated managed security operations and security consulting resources.
IT services provider NTT Data has launched its new managed detection and response (MDR) service for security management. The offering will be rolled out in Japan. With the new service, advanced security engineers will provide support to clients to manage a security function.
The Managed Security Services Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
- By Verticals
- Banking, Financial Services and Insurance (BFSI)
- Government
- Retail
- Healthcare
- IT
- Telecom
- Utilities
- Manufacturing
- Others (Education, Media and Entertainment, Travel and logistics)
- By Organisation Size
- Small and Medium Size Enterprises
- Large Enterprises
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
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Managed Security Services Market