14-Sep-2022 | Facts and Factors
According to Facts and Factors, the global managed security services market size was worth USD 22,934.10 million in 2021 and is estimated to grow to USD 46,493.99 million by 2028, with a compound annual growth rate (CAGR) of approximately 12.50% over the forecast period. The report analyzes the managed security services market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the managed security services
A third-party IT security company, managed security services (MSS), provides thorough cyber security procedures to safeguard online data. Employing an outsourcing company helps to safeguard confidential data that might be intentionally or unintentionally disclosed. The growth of the global managed security services market is mostly due to heightened market rivalry and a surge in online crimes, including spam, malware, and web invasions.
Browse the full “Managed Security Services Market Size, Share, Growth Analysis Report By Deployment Mode (On-Premise and Cloud), By Enterprises Size (Large Enterprises and Small & Medium-Sized Enterprises), By Application (Managed IPS and IDS, Distributed Denial of Services (DDoS), Unified Threat Management (UTM), Secured Information & Event Management (SIEM), Firewall Management, Endpoint Security, and Others), By Vertical (BFSI, Healthcare, Manufacturing, Retail, Telecom & IT, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/managed-security-services-market
Globally the rate of cybercrime is increasing which rises the need for managed security services. Despite the sophistication of assaults increasing and the complexity of the IT network, businesses continue to use antiquated data protection techniques. Bring Your Device (BYOD), smartphones, social media, and cloud service usage, among other technological advancements and behaviors, have significantly increased the challenge of ensuring data security. Many well-resourced, competent, coordinated, and motivated entities operate organized cybercrime activities. Businesses incur enormous financial losses as a result of cybercrime, in addition to reputational damage. The rise of the global managed security services market is anticipated to be hampered by the lack of qualified security knowledge and the dynamic nature of online threats. Additionally, it is projected that the lack of highly qualified IT workers and the poor awareness of cyber-attacks among small and medium-sized organizations will restrain the expansion of the global market throughout the projection period. Due to the growing use of blockchain-based security, there may be many new commercial opportunities. Customers may trace all business transactions in one place using blockchain technology without worrying that their information would be hijacked or used for the show. As a result, there is less dependency on third parties, and information may be retrieved more quickly and accurately. The managed security services industry has profited from all these technological advancements due to the high reliability of various sources of protection, which has led to market expansion.
The global market for managed security services has been divided into segments based on deployment type, business size, application, vertical, and region. On-premise and cloud deployment models categorize the global market for managed security services based on deployment mode. The cloud segment of managed security systems is expected to expand significantly and earn considerable revenues throughout the forecast period. According to the organization's size, the worldwide managed security services market has been segmented into two groups: large companies and small & medium-sized enterprises. Large companies will most impact the market expansion for managed security services. The managed IPS & IDS, distributed denial of services (DDoS), unified threat management (UTM), secured information & event management (SIEM), firewall management, endpoint security, and others are segments that make up the global managed security services market based on application. The BFSI, healthcare, manufacturing, retail, telecom & IT, and other segments make up the global market for managed security services based on vertical. Throughout the study, the BFSI sector will make up the greatest percentage.
North America is thought to have the greatest share in the global managed security services market. Due to the early adoption of the technology and the availability of several suppliers offering managed security services solutions, the managed security services market in the region is expected to grow. As a result of the COVID-19 outbreak, hospitals, medical facilities, and public institutions have been the most commonly attacked sectors. The US Department of Health and Human Services (HHS), which experienced attacks on its servers throughout the outbreak, has learned the importance of protecting the agency's systems with reliable security solutions. The Massachusetts-based cybersecurity company Carbon Black surveyed Canadian CIOs and found that 82% of them thought the number of attacks on Canadian organizations was increasing quickly. These security concerns have compelled organizations to use MSS to safeguard their assets against breaches.
Market Size in 2021
USD 22,934.10 Million
Projected Market Size in 2028
USD 46,493.99 Million
CAGR Growth Rate
Key Market Players
AT&T Intellectual Property, Broadcom, BT Group, Check Point Software Technologies Ltd., Cisco System Inc., DXC Technology Company, Fortinet Inc., and Hewlett Packard Enterprise Development LP, IBM Corporation, SecureWorks Inc., and Others
By Deployment Mode, Enterprises Size, Application, Vertical, and Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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Key players in the global managed security services market include AT&T Intellectual Property, Broadcom, BT Group, Check Point Software Technologies Ltd., Cisco System Inc., DXC Technology Company, Fortinet Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, and SecureWorks Inc.
- September 2021: Intigrit and ATOS launched a bug bounty program. This service aims to provide consumers with services for vulnerability identification and repair. An ATOS consultant will provide various services, including audit, penetration testing, platform report analysis, vulnerability classification, monitoring, remediation, and managed detection and response services.
- August 2021: IBM will add additional SASE services to its Zero Trust methodology to upgrade network security.
- July 2021: Openminded, a company that offers cybersecurity services, was bought by Accenture. Openminded provides advisory, management, cloud and infrastructure, and cyber defense services in France. With this acquisition, Accenture has grown the size of its MSS business in France.
Global Managed Security Services Market is segmented as follows:
By Deployment Mode
By Enterprises Size
- Large Enterprises
- Small & Medium-sized Enterprises
- Managed IPS and IDS
- Distributed Denial of Services (DDoS)
- Unified Threat Management (UTM)
- Secured Information & Event Management (SIEM)
- Firewall Management
- Endpoint Security
- Telecom & IT
- North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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