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Managed Security Services Market to Be Worth $75.1 Billion by 2030
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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