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Managed Security Services Market

Market Study on Managed Security Services: Increased Application to be Witnessed in the BFSI Sector During the Period.

Managed Security Services Market by Deployment Type (Public Cloud deployment and Private Cloud deployment)

Managed Security Services Market Outlook (2023 to 2033)

The Market for Managed Security Services was valued at US$ 25,400.3 Million in 2022, and it is anticipated to have grown to US$ 83,977.7 Million by the end of 2033. The market for managed security services is estimated to evaluate to US$ 27,940.3 Million in 2023 and is estimate to grow at a CAGR of 11.6% from 2023 to 2033.

The managed security services (MSS) refer to outsourced security solutions provided by a third-party service provider. These services are designed to help organizations improve their security posture and reduce the risk of cyber threats. MSS providers offers a variety of security services such as threat intelligence and monitoring, vulnerability management, incident response, and the compliancy management.

The MSS provider's role is to monitor and manage the organization's security infrastructure, which can include firewalls, intrusion detection and prevention systems, antivirus software, and other security technologies. They use advanced tools and technologies to identify and respond to potential threats, and they can also help organizations meet regulatory compliance requirements.

By outsourcing their security services to an MSS provider, organizations can benefit from access to a team of security experts, 24X7 monitoring, and the latest security technologies. This helps organizations improve their security posture, reduce the risk of cyber threats, and free up their internal IT teams to focus on other business-critical tasks.

The managed security services consists of 35.5% of the global cyber security services market.

The managed security services market in North America held 27.5% which is the uppermost market share in the worldwide landscape in 2022 and is projected to retain its position within the forecast period. The demand for managed security services in the Europe region it held around 21.5% of the market in 2022.

Managed Security Services Market Size (2023)

US$ 27,940.3 Million

Projected Market Value (2033)

US$ 83,977.7 Million

Global Market Growth Rate (2023 to 2033)

11.6%

BFSI sector Market Share (2022)

36.3%

India Market Growth Rate (2023 to 2033)

26.6%

Cloud - based deployment Market CAGR (2022)

13.6%

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What Restraints Will Act as Obstacles for the Growth of Managed Security Services Market?

“The Lack of Awareness of managed security services in Organisations will hamper the Managed Security Services market”

The lack of awareness of managed security services in small organizations can be a significant obstacle to the growth of the managed security services market. Many organizations are not fully aware of the importance of cybersecurity and the potential risks that cyber threats pose to their business. Therefore, they may not realize the value of outsourcing their security needs to a third-party provider, which can limit the market's growth potential.

Organizations may be unaware of the latest security technologies and best practices, and they may not have the resources or expertise to manage their security needs effectively. By outsourcing their security needs to a managed security services provider, they can benefit from the expertise of cybersecurity professionals and the latest security technologies, which can help them improve their security posture and reduce the risk of cyber threats.

However, if organizations are not aware of the value of managed security services, they may be hesitant to invest in these solutions. This can limit the growth potential of the managed security services market, particularly among smaller businesses or those operating in cost-sensitive industries.

  • In February 2022, The IBM has announced a multi-Million-dollar investment in its human capital to assist organizations in the Asia Pacific (APAC) region in preparing for and managing the increasing danger of cyberattacks.
  • In January 2020, The Accenture has completed its procurement of the Symantec Cyber Security Services business from Broadcom Inc. Accenture Security's place as one of the top global providers of managed security services is strengthened by the acquisition, which also increases its capacity to assist businesses in foreseeing, spotting, and responding to cyber threats.
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Why is Demand for Managed Security Services increasing across United States of America?

“The Growing Cybersecurity Threats in United States of America will boost the Demand for Managed Security Services market in United States of America”

The cybersecurity threats in the United States of America have been increasing in both frequency and severity, with high-profile incidents occurring across various industries. In the previous year, Solar Winds systems hack affected the important data of numerous US government agencies, highlighting the need for robust cybersecurity measures to protect critical assets.

As a result, many organizations are realizing the importance of having comprehensive and reliable cybersecurity solutions in place. However, implementing and maintaining these solutions can be challenging, requiring specialized expertise and advanced technologies. This is where MSS providers can help.

MSS providers offers a series of cybersecurity solutions and services, including threat detection and response, network security, endpoint security, and cloud security. They can provide specialized expertise and access to advanced technologies, which can be cost-prohibitive for organizations to implement in-house. The United States of America has highest market share in managed security services of 15.4%.

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What Factors Allow India to Be a Major Market for Managed Security Services?

“The Increasing Industrialization in India Will Boost the Managed Security Services Market”

India has been rapidly industrializing, with the manufacturing sector growing at a significant rate. The government's Make in India initiative has also been driving investments in the manufacturing sector, with an aim to make India a global manufacturing hub.

As industrialization and digitization increase, so does the risk of cyber threats. Cyber-attacks can cause significant damage to industries, such as financial losses, loss of intellectual property, and damage to reputation. Hence, there is an increasing need for cybersecurity solutions in the industrial sector in India.

Managed security services (MSS) providers offer cybersecurity solutions that cater specifically to the needs of industrial enterprises. They offer specialized services such as risk assessment, threat intelligence, vulnerability management, and incident response.

MSS providers can help industrial enterprises to detect, prevent and respond to cyber threats effectively, and maintain the continuity of their operations. The Indian market will grow with CAGR of 21.1% over the forecasted period.

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What Factors Is Allowing Managed Security Services to Grow in France?

“The Regulatory Compliance by French Government Will Boost the Managed Security Services Market”

The regulatory compliance requirements set by the French government can have a positive impact on the growth of the managed security services market in the country.

This is because regulatory compliance is a crucial aspect of cybersecurity, and businesses need to comply with the various regulations to avoid fines and other legal consequences. France has implemented strict data privacy and cybersecurity regulations, including the general data protection regulation (GDPR), which mandates companies to protect the personal data of their customers and employees.

Failure to comply with these regulations can result in heavy penalties and legal action, which can have a significant impact on a company's reputation and financial stability. The managed security service providers can help businesses meet these regulatory requirements by providing expert advice and implementing necessary security measures, such as encryption, access control, and monitoring, among others.

This can help businesses reduce their risk of non-compliance and ensure that they are protected against potential cyber threats.

Category-wise Insights

What Are Different Factors Allow Cloud-based deployment in Managed Security Services to Dominate the Market?

“Rapid deployment of cloud-based systems will drive the Demand for Managed Security Services Market”

The rapid deployment of cloud-based systems is expected to drive the demand for managed security services (MSS) market.

Cloud-based systems can be deployed more quickly and easily than traditional on-premise solutions, and this can be a major advantage for organizations that need to rapidly implement security solutions to protect their data and assets.

The agility and flexibility of cloud-based systems make it easier to deploy MSS and to adjust the level of security and protection as needed.

This is particularly important in today's fast-changing threat landscape, where new threats can emerge rapidly, and organizations need to respond quickly to protect their systems and data.

Cloud-based MSS can also provide a range of other benefits, including cost-effectiveness, scalability, and improved threat detection and response. These factors are driving the adoption of cloud-based MSS by organizations across a wide range of industries and sectors.

What Factors are influencing the Demand for BFSI Sector in Managed Security Services market?

“Cybersecurity Threats to BFSI sector that Will Boost the Managed Security Services Market”

The BFSI (Banking, Financial Services, and Insurance) sector is one of the most targeted industries when it comes to cyber-attacks due to the sensitive and confidential data they hold. The increasing sophistication of cyber threats in the BFSI sector has led to a significant demand for managed security services (MSS) providers.

The phishing attacks are one of the most common types of cyber-attacks in the BFSI sector. These attacks use fraudulent emails or messages that appear to be from a trusted source, such as a bank or financial institution, to trick the recipient into divulging sensitive information.

MSS providers can help BFSI organizations defend against phishing and social engineering attacks by providing employee training, email filtering, and other security measures. The cybersecurity threats to the BFSI sector that will boost the MSS market include phishing and social engineering attacks, ransomware.

These threats are driving the demand for MSS providers in the BFSI sector as organizations seek to enhance their cybersecurity defences and protect sensitive financial data.

Competitive Landscape

The managed security service providers are collaborating with the various other technology companies to develop and enhanced the security services and as well as companies are implementing the cloud based deployment to provide seamless and faster experience to consumers.

  • 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.
  • 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.

Recent developments related to key players providing managed security services market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Managed Security Services Market Report Scope

Attribute

Details

Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia & New Zealand
  • GCC Countries
  • Turkey
  • Israel
  • Northern Africa
  • South Africa

Key Market Segments Covered

  • Deployment
  • Service Type
  • Organization
  • Application
  • Region

Key Companies Profiled

  • IBM Corporation
  • Cisco Systems,Inc.
  • Symantec Corporation
  • Fortinet,Inc.
  • Computer Science Corporation
  • Accenture PLC
  • AT&T Inc.
  • Intel Corporation
  • Checkpoint Software Technologies Limited
  • Trustwave Holdings,Inc.
  • Others

Pricing

Available upon Request

Key Segments of Managed Security Services Market Industry Research

By Deployment Type:

  • Public Cloud deployment
  • Private Cloud deployment

By Service Type:

  • IPS/IDS
  • Distributed Denial of Services
  • Threat Management
  • Firewall Management
  • End Point Security
  • Secured Information and Event Management
  • Others

By Organization:

  • Small & Medium Enterprise
  • Large Enterprise

By Application:

  • BFSI
  • Healthcare
  • Retail
  • Telecommunications
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • Middle East and Africa

- Companies Covered in This Report -

  • IBM Corporation
  • Cisco Systems
  • Symantec Corporation
  • Fortinet
  • Computer Science Corporation
  • Accenture PLC
  • AT&T Inc.
  • Intel Corporation
  • Checkpoint Software Technologies Limited
  • Trustwave Holdings
  • Others

- Frequently Asked Questions -

In 2022, the market value managed security services were US$ 25,400.3 Mn.

The global managed security services market is estimated to advance at 11.6% CAGR through 2033.

The market for managed security services is forecasted to climb to US$ 83,977.7 Mn by 2033 end.

Demand for managed security services market in France is projected to rise at a CAGR of 28.2% over the forecast period.

In 2022, the North America managed security services market held a dominant market share of 27.5%.

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