According to a new market research report titled, ‘Managed Security Services Market by Service Type (Managed Detection and Response, Managed Identity and Access Management), Security Type (Cloud Security, Endpoint Security), Sector (BFSI, and Healthcare), and Geography - Global Forecast to 2030,’ the managed security services market is projected to reach $75.1 billion by 2030, at a CAGR of 18% from 2023–2030.
Managed security services (MSS) is a model to monitor and
manage security devices, systems, and software-as-a-service (SaaS)
applications. These services have gained popularity among corporate
infrastructures, enabling businesses to scale their business continuity.
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The growth of the managed security services market is driven
by the growing adoption of managed security services in the BFSI sector, rising
cybercrimes and ransomware attacks, the rising trend of BYOD (bring your own
device) in enterprises, and government initiatives aimed at encouraging the
adoption of managed security services. However, the lack of trust among
enterprises in giving full control of their system architecture to third-party
service providers restrains the growth of the managed security services market.
Furthermore, the rising demand for advanced cybersecurity
measures and the increasing adoption of cloud-based solutions among SMEs are
expected to create growth opportunities in the market. However, one of the
major challenges for the players operating in this market is the lack of
awareness and misconceptions regarding managed security services among
potential customers.
The managed security services market is segmented by service
type (managed identity and access management, managed detection and response,
managed threat hunting, managed security information and event management,
managed firewall, and other service types), security type (cloud, application,
endpoint, network, and other security types), organization size (large
enterprises and small & medium-sized enterprises), and sector (BFSI,
retail, IT & telecommunications, government, healthcare, energy &
utilities, manufacturing, and other sectors.) The study also evaluates industry
competitors and analyzes the market at the regional and country levels.
Based on service type, in 2023, the managed detection and
response segment is expected to account for the largest share of the managed
security services market. The large market share of this segment is attributed
to the rising need to monitor network traffic for signs of a possible attack,
the growing demand for data protection in various sectors, and growing security
breaches and cyber-attacks.
However, the managed identity and access management segment
is slated to register the highest CAGR during the forecast period. The rising
security breaches and identity-related frauds and the rising adoption of
cloud-based identity management services are expected to support the growth of
this segment.
Based on security type, in 2023, the network security
segment is expected to account for the largest share of the managed security
services market. The large market share of this segment is attributed to the
increasing demand for filtering & monitoring network traffic, the growing
need for network security and privacy, and the rising need to protect connected
network infrastructure.
However, the cloud security segment is slated to register
the highest CAGR during the forecast period. The rising need to protect data
and connected devices from cyberattacks, malware, hackers, and unauthorized
user access through cloud-based security services is expected to support this
segment's growth.
Based on organization size, in 2023, the large enterprises
segment is expected to account for the larger share of the managed security
services market. The large market share of this segment is attributed to the
high spending capabilities of large enterprises resulting in the increased adoption
of managed security services and the availability of skilled IT personnel to
manage security platforms. Furthermore, large enterprises focus on desired
security channels against data breaches to retain customers, boost sales, and
validate necessary steps to overcome market interruptions, which drives the
increased adoption of managed security services among large enterprises.
However, the small
& medium enterprises segment is slated to register a higher CAGR during the
forecast period. The rising awareness about the significance of managed
security services is expected to support the growth of this segment.
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Based on sector, in 2023, the BFSI segment is expected to
account for the largest share of the managed security services market. The
large market share of this segment is attributed to the rising fraudulent
activities, rising adoption of managed security services for various financial
processes, and rising demand for fraud detection. However, the healthcare
segment is slated to register the highest CAGR during the forecast period.
Based on geography, the managed security services market is
segmented into North America, Europe, Asia-Pacific, Latin America, and the
Middle East & Africa. In 2023, North America is expected to account for the
largest share of the managed security services market. North America’s large
market share is attributed to the presence of leading managed security service
providers and their increasing focus on developing advanced threat detection
services.
However, Asia-Pacific is projected to register the highest
CAGR during the forecast period. The infrastructural growth in APAC, especially
in China, South Korea, India, Australia, Singapore, and Japan; the rapid growth
of regional economies; the increasing number of cybercrimes; and the growing
awareness about the importance of managed security services among small &
medium-sized organizations offer growth opportunities for the players operating
in the managed security services market.
The key players operating in the managed security services
market are IBM Corporation (U.S.), Secureworks, Inc. (U.S.), AT&T Inc.
(U.S.), NTT Corporation (Japan), Trustwave Holdings, Inc. (U.S.), Atos SE
(France), CrowdStrike Holdings, Inc. (U.S.), Lumen Technologies (U.S.), F5,
Inc. (U.S.), Fortinet, Inc. (U.S.), Kroll, LLC. (U.S.), CIPHER SECURITY LLC
(U.S.), Nettitude Limited (U.S.), Ascend Technologies, LLC (U.S.), and
Avertium, LLC (U.S.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/managed-security-services-market-5545?utm_source=blog&utm_medium=social&utm_campaign=product&utm_content=28-07-2023
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