Managed Security Services Market is projected to expand at a CAGR of 12.5% between 2023 and 2031. Security has become one of the broader disciplines that affect business organizations if not ensured or strengthened. Managed security services landscape is evolving with providers offering multiple security services for safeguarding the IT infrastructure of organizations across several sectors. Managed security service providers offer round-the-clock monitoring and security management for an organization from off-site or in-house location. This allows and helps organizations to continue businesses with minimal intrusions while lowering the burden of performing security chores manually. Managed security service providers ensure that the IT infrastructure of an enterprise is always kept up-to-date with- timely audits, maintenance, and alerts of security issues. Moreover, continuous evolution of advanced threats has caused great amount of operational pressure on organizations, driving them to adopt managed security services for better security threat management.
Growing incidences of cyber threats and the absence of experienced security professionals has become a prime concern for many organizations. To rely solely on their in-house security processes has become a challenge for organizations due to increasing sophistication of cyber-attacks. Therefore, several organizations are migrating towards managed security service providers from their existing in-house security services. Furthermore, stringent government regulations and data security laws are influencing organizations to outsource security tools due to lack of in-house expertise and need for the security management after the usual operating hours.
Moreover, evolution of advanced technologies such as augmented and virtual reality and Internet of Things (IoT) has resulted in the emergence of new threats. All these factors are collectively driving businesses to turn their way to managed security services that offers expertise and dedicated security personnel.
Managed security services have gained lot of traction among businesses across several sectors. BFSI, healthcare, IT & telecom are the major sectors where cyber-attacks have become more complex. These verticals have greatly increased their spending on the network security, which in turn has augmented the market growth. On the other hand, increased complexities associated with network infrastructure, and reluctance to share sensitive data are some of the major factors restraining the growth of the managed security services market.
Key players identified for managed security services market include but are not limited to:
IBM, AT&T, NTT, Accenture, DXC Technology, SecureWorks, Trustwave, Atos, Orange Cyberdefense, Fujitsu, Kudelski Security, Proficio, CrowdStrike, F5, HelpSystems, Capgemini, Infosys, Lumen Technologies, Kroll, Cipher Security, RSI Security, SecurityHQ, TrustNet, LightEdge, VirtualArmour, Lynx Technology, Nettitude, Nokia Networks, Teceze, Cyflare, Ascend Technologies, Avertium, DigitalXRAID and Others.
Key Developments:
May 2023: Palo Alto Networks and Deloitte announced a partnership to provide managed security services for their common clients.
January 2023: Herjavec Group, a MSSP, and Fishtech Group announced plans to merge and form one of the largest security solutions providing organizations.
January 2021: Claroty, a provider of cyber physical systems acquired Medigate, a healthcare IoT security company.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Managed Security Services market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Key questions answered in this report
