Market Forecast 2023-2031:

The Managed Security Services Market size was USD 25.4 Billion in 2022. Covid-19's impacts have been unprecedented and staggering on a global scale, with the pandemic leading to positive demand shocks for the managed security services market across all domains and regions. Between 2023 and 2031, the market is projected to grow at a CAGR of 11.9% from USD 23.6 billion in 2021 to USD 80.97 billion in 2031. The sudden rise in CAGR is attributed to this market growth returning to the pre-pandemic level once the pandemic is over.

Network security services are managed security services in computing and can be outsourced to any service provider. Many businesses use managed security service providers (MSSPs) to perform security monitoring because they lack the internal resources or knowledge. Any security monitoring infrastructure maintenance is difficult and necessitates constant assessment and action from qualified professionals.

Additionally, organizations needing specialized implementation needs with dissimilar systems or excessively complex or expanding architecture may greatly profit from such services. In order to properly monitor the dynamic settings in which they operate, organizations that rely on dynamic resource allocation typically need stronger automation. A number of companies, including AT&T, Verizon, IBM, and SecureWorks, provide services that can handle such complicated automation requirements.

Market Drivers:

Digital disruption, rising cybercrime, and higher compliance demands:

Businesses are more susceptible to cyber dangers as they adopt digital technologies and move more of their activities online. Organizations must make sure their networks, systems, and data are protected from threats while cybercrime is on the rise. Additionally, as legal standards for data protection and privacy tighten, firms must deploy robust security measures to satisfy compliance obligations. Managed security service providers provide the knowledge and tools required to guide businesses through these difficulties and maintain the security of their operations.

The market's expansion is being driven by the need for early threat detection and intelligence:

Because cyber threats are becoming more sophisticated, firms must be proactive in spotting and retaliating to possible assaults. Managed security service companies can provide cutting-edge security solutions that can identify threats in real-time and take appropriate action. This enables businesses to act quickly to thwart attacks and lessen the effects of any security breaches. The market for managed security services is expanding as a result of the demand for early threat identification and intelligence.

Market Trends:

Dominating the market through cloud deployment:

The adoption of cloud-based solutions for managed security services is on the rise, which is referred to as the trend of market dominance through cloud deployment. Managed security service providers can now offer scalable and adaptable security solutions in response to the changing threat landscape thanks to cloud deployment. Several variables influence this pattern, including:

Cost-effectiveness: Because cloud-based solutions do not require expensive hardware or ongoing maintenance expenses, they are often more affordable than conventional on-premise systems.

Scalability: Cloud-based solutions are a popular option for businesses with varying security requirements since they are simple to scale up or down to match changing business needs.

Flexibility: Due to its universal accessibility, cloud-based solutions are perfect for companies with dispersed workforces or those who need remote access to their security systems.

Advanced security features: Cloud-based solutions frequently have advanced security features like machine learning and artificial intelligence that can improve an organisation's ability to identify threats and take appropriate action.

Market Restraining Factors:

The market for security services will be hampered by organizations' lack of awareness about managed security services:

The market for security services will be hampered by organizations' lack of awareness about managed security services refers to a significant restraint that could limit the growth and adoption of managed security services. Despite the increasing prevalence of cyber threats and the need for robust security solutions, many organizations may not be aware of the benefits of managed security services, or may not fully understand what these services entail.

Because they may not perceive the benefit of outsourcing their security requirements to a third-party provider, organisations may be reluctant to invest in managed security services. They can also be worried about losing control over their security systems, or they might not have complete faith in managed security services providers' competence.

The dearth of knowledgeable cybersecurity specialists is another aspect that contributes to the lack of awareness. It may be difficult for businesses to acquire and retain the best expertise to handle their security requirements, which may prevent them from understanding the advantages of outsourcing these services.

Scope of Managed Security Services Market Report:

A recent market research report added to repository of Intellectual Market Insights Research is an in-depth analysis of Global Managed Security Services Market. On the basis of historic growth analysis and current scenario of Managed Security Services market place, the report intends to offer actionable insights on global market growth projections. Authenticated data presented in report is based on findings of extensive primary and secondary research. Insights drawn from data serve as excellent tools that facilitate deeper understanding of multiple aspects of global Managed Security Services market. This further helps users with their developmental strategy.

This report examines all the key factors influencing growth of global Managed Security Services market, including demand-supply scenario, pricing structure, profit margins, production and value chain analysis. Regional assessment of global Managed Security Services market unlocks a plethora of untapped opportunities in regional and domestic market places. Detailed company profiling enables users to evaluate company shares analysis, emerging product lines, pricing strategies, innovation possibilities and much more.

The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.

Managed Security Services Market Players Analysis:

• Dell SecureWorks Inc.
• IBM Corporation
• Symantec Corporation
• Verizon Communications Inc.
• Trustwave Holdings
• Alert Logic, Inc.
• SecureWorks, Inc.
• Trustwave Holdings, Inc.
• AT&T
• Broadcom Inc.
• NTT Security
• Atos SE
• Optiv Security, Inc.
• DXC Technology
• Wipro Limited
• Accenture
• Cipher
• BT Group plc
• Lumen Technologies
• BAE Systems
• Capgemini
• Fuiitsu

Managed Security Services Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2023-2031 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.

Managed Security Services Market Segmentation Analysis:

By Deployment

On-Premise: The installation and administration of security solutions on a company's internal servers or infrastructure are referred to as on-premise deployment. Organizations that wish to keep total control over their security systems and data frequently favour this deployment strategy. The upfront cost of hardware and software for on-premise solutions is often higher, and there are also ongoing maintenance and management expenses. They do, however, provide more customization possibilities and might be a better fit for organisations with certain security needs.

Cloud: The distribution of security services via the internet using the infrastructure of a third-party provider is referred to as cloud deployment. Organizations that need flexibility and scalability frequently select this deployment strategy since cloud-based solutions may be readily scaled up or down to meet shifting business needs. Compared to on-premise systems, cloud-based solutions often need less of an initial financial commitment and ongoing maintenance expenses. However, organisations may be constrained in their capacity to customise their security solutions and may worry about data privacy and security when using a third-party provider's infrastructure.

By Solution

Managed IPS and IDS: Intrusion Prevention Systems (IPS) and Intrusion Detection Systems (IDS) are security tools that keep an eye on network traffic for unusual activity and take immediate action in the case of a security issue. Security companies that maintain systems for customers offer managed IPS and IDS services.

Distributed Denial of Services (DDoS): DDoS assaults are a sort of cyberattack that include flooding a network with traffic in order to prevent users from accessing it. DDoS mitigation tools are made to stop or filter malicious traffic in order to lessen the impact of these attacks.

Unified Threat Management (UTM): UTM is a comprehensive security system that incorporates firewall, antivirus, intrusion detection and prevention, VPN, and content filtering, among other security capabilities.

Secured Information & Event Management (SIEM):  Real-time security alarm analysis is provided by SIEM solutions for network hardware and software. Real-time detection and reaction to security risks is possible.

Firewall Management:  A crucial security tool, firewalls monitor and regulate incoming and outgoing network traffic in accordance with pre-established security rules. Solutions for managing and configuring firewalls make sure they are set up correctly to defend against threats.

Endpoint Security:  Endpoints, such as laptops, desktop computers, and mobile devices, are protected from security risks by endpoint security solutions. They typically consist of firewalls, intrusion prevention systems, and antivirus software.

Others: Data encryption, access control, identity and access management, and vulnerability management are some further cybersecurity options. These solutions assist in defending against security dangers such as unauthorised access and data breaches.

By Service Provider

IT service Providers:  IT service companies provide a variety of software and technology-related services, including cybersecurity. They might provide services including security monitoring, network security design, and security evaluations.

Managed Security Specialist: Companies that specialise in offering managed security services to customers are known as managed security specialists. They provide services like vulnerability management, threat intelligence, incident response, and security monitoring.

Telecom Service Provider:  Internet and data access are just a couple of the services that telecom service providers supply. Some telecom companies also provide cybersecurity services including DDoS defence and network security.

By End-user

BFSI: BFSI stands for banking, financial services, and insurance. This industry deals with large amounts of sensitive financial data, making it a prime target for cyber attacks. Cybersecurity solutions in this sector may include anti-fraud measures, identity and access management, and secure transaction processing.

Government and Defense: Government and defense organizations deal with highly sensitive information, making them a prime target for cyber attacks. Cybersecurity solutions in this sector may include network security, threat intelligence, and incident response.

Retail: Retail companies collect and store sensitive customer data, including credit card information and personal identifying information (PII). Cybersecurity solutions in this sector may include secure payment processing, data encryption, and threat detection and response.

Manufacturing: Manufacturing companies rely heavily on computer systems and automation, making them vulnerable to cyber attacks that can disrupt operations and compromise sensitive data. Cybersecurity solutions in this sector may include network security, access control, and threat intelligence.

Healthcare: Healthcare organizations deal with highly sensitive patient data, making them a prime target for cyber attacks. Cybersecurity solutions in this sector may include data encryption, access control, and network security.

IT and Telecom: IT and telecom companies are responsible for developing and maintaining critical digital infrastructure, making them a prime target for cyber attacks. Cybersecurity solutions in this sector may include network security, threat intelligence, and incident response.

Others: Other industries or sectors that require cybersecurity solutions may include education, transportation, energy, and entertainment, among others. These industries may require specific cybersecurity solutions tailored to their unique needs and vulnerabilities.

The report also helps in understanding Global Managed Security Services Market dynamics, structure by analyzing the market segments, and project the Global Managed Security Services Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Managed Security Services Market make the report investor’s guide.

Regional Snapshots:

Here are some regional snapshots of the managed security services market:

North America: North America is the largest market for managed security services, owing to the high adoption of cloud-based services, increasing cyber attacks, and the presence of several prominent managed security service providers in the region.

Europe: Europe is expected to have a significant growth rate in the managed security services market, owing to the increasing adoption of cloud-based solutions, rising demand for cybersecurity services, and government regulations that enforce the adoption of data protection and privacy regulations.

Asia Pacific: The Asia Pacific region is expected to have the highest growth rate in the managed security services market, owing to the increasing adoption of cloud-based services, a rising number of cyber attacks, and the adoption of digitalization in various industry verticals.

Latin America: Latin America is expected to have significant growth in the managed security services market, owing to the increasing adoption of cloud-based solutions, the rising number of cyber attacks, and the adoption of data protection and privacy regulations.

Middle East and Africa: The Middle East and Africa region are expected to have moderate growth in the managed security services market, owing to the increasing adoption of cloud-based solutions, a rising number of cyber attacks, and the increasing need for cybersecurity services in various industry verticals.

Global Managed Security Services Market Regional Analysis:

North America accounted for the highest xx% market share in terms of revenue in the Managed Security Services market and is expected to expand at a CAGR of xx% during the forecast period. This growth can be attributed to the growing adoption of Managed Security Services. The market in APAC is expected to witness significant growth and is expected to register a CAGR of xx% over upcoming years, because of the presence of key Managed Security Services companies in economies such as Japan and China.

The objective of the report is to present comprehensive analysis of Global Managed Security Services Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.

Managed Security Services Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Key Industry Developments:

• In March 2023: Cisco has announced that it intending to acquire Kenna Security, Inc., a privately owned cybersecurity business with its main office in Santa Clara, California. With the help of Kenna's risk-based vulnerability management technology, businesses can collaborate across departments to quickly spot, prioritize, and address cyber risks.
• In October 2022: In order to provide managed security services to their shared US clients, Palo Alto Networks and Deloitte announced the expansion of their existing strategic partnership. This makes Palo Alto Networks one of the leading cybersecurity technology portfolios available in Deloitte's outcome-based, managed offerings.
• In June 2022 : A strategic partnership between Alert Logic by HelpSystems and TD SYNNEX, a well-known IT distributor and solutions aggregator for the IT ecosystem, has been launched in order to increase the number of managed detection and response (MDR)-capable products in the Alert Logic product line. The agreement might make Alert Logic the go-to supplier of complete MDR to an international network of technology partners, expanding Alert Logic's market reach and demonstrating the effectiveness of its partner programme.
• In March 2021: IBM Security announced the new and improved services, organizations can handle their cloud security strategy, policies, and controls across hybrid cloud environments. The services combine IBM, third party, and cloud-native expertise with third party and IBM expertise to assist companies in creating a unified security strategy across their cloud ecosystems.

Report Coverage:

The report will cover the qualitative and quantitative data on the managed security services market. The qualitative data includes latest trends, market player’s analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 12 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Reasons to Purchase:

• To gain insightful analyses of the Managed Security Services market and have comprehensive understanding of the global market and its commercial landscape.
• Assess the production processes, major issues, and solutions to mitigate the development risk.
• To understand the most affecting driving and restraining forces in the market and its impact in the global market.
• Learn about the Managed Security Services market strategies that are being adopted by leading respective organizations.
• To understand the future outlook and prospects for the Managed Security Services market. Besides the standard structure reports, we also provide custom research according to specific requirements.

Research Scope of Managed Security Services Market:

• Historic year: 2018- 2021
• Base year: 2022
• Forecast: 2023 to 2031
• Representation of Market revenue in USD Million

Managed Security Services Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: