Global Managed Security Services
Market Report
2024
The Global Managed Security Services market size was USD 31.52 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 12.80% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
PDF Access: Password protected PDF file, Excel File Access: Quantitative data, PPT Report Access: For the presentation purpose, Cloud Access: Secure Company Account Access.
Share your contact details to receive free updated sample copy/pages of the recently published edition of Managed Security Services Market Report 2024.
According to Cognitive Market Research, The Global Managed Security Services market size was USD 31.52 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 12.80% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Managed Security Services Market Sales Revenue 2022 | $ 28.2 Billion |
Global Managed Security Services Market Sales Revenue 2023 | $ 31.52 Billion |
Global Managed Security Services Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 12.8% |
Market Split by Deployment Mode |
|
Market Split by Application |
|
Market Split by Enterprises Size |
|
Market Split by Vertical |
|
List of Competitors |
|
Regional Analysis |
|
Country Analysis |
|
Key Qualitative Information Covered |
|
Report scope is customizable as we have a huge database of Managed Security Services industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Managed Security Services Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The explosion of consumer-generated data, government laws, and the rise in new threats are all contributing factors to the managed security services sector's expansion. Cyberattacks now have many new entry points because of the digital revolution. Managed security services companies now have more opportunities thanks to the variety of technologies and the shortage of experienced cybersecurity workers.
Additionally, over the projection period, the demand for managed security services has been driven by the expanding cyber threat scenario and ransomware.
For instance, in April 2023, a new security suite from IBM was announced to streamline and streamline the experience of security analysts across the incident lifecycle. With a major investment in portfolio innovation, the IBM Protection QRadar Suite represents an important shift and expansion of the QRadar brand, encompassing all fundamental threat detection, examination, and response capabilities.
Globally, cybercrime has been on the rise. Businesses still rely on outdated data protection methods despite the rising sophistication of attacks and the intricate nature of the IT network. Bring-Your-Own-Device (BYOD), mobile phones, social networking sites, and cloud-based service usage, among other technological advances and practices, have considerably exacerbated the difficulty of maintaining data security. These days, more and more well-funded, capable, coordinated, and motivated organizations are driving organized cybercriminal operations.
Compliance with security laws and industry standards significantly influences the adoption of security management services. Businesses in all industries must comply with strict privacy and data protection laws, which force them to put in place reliable security measures and protect sensitive data. Managed security service providers (MSSPs) are essential in guiding organizations through complicated compliance environments and ensuring that legal obligations are followed.
Regulations like Brazil's General Data Protection Law (LGPD) and the California Consumer Privacy Act (CCPA), which gained traction in 2023, compelled businesses to improve their data protection procedures.
Organizations must comply with these rules by implementing extensive security measures, periodic risk assessments, and incident response capabilities. Managed security services let businesses conduct audits, integrate security procedures with legal requirements, and provide compliance-related documentation.
The lack of understanding about managed security services in small organizations might significantly impede the market's growth. Many businesses are unaware of the significance of cybersecurity and the possible risks that cyber threats represent to their operations. As a result, they may underestimate the benefit of outsourcing their safety requirements to a third-party supplier, limiting the market's growth possibilities.
Organizations may be unaware of the most recent technological advances and best practices and may lack the resources or skills to manage their security demands successfully. They can benefit from the experience of cybersecurity specialists and the newest security technologies by exporting their safety concerns to a managed security services provider. This can help them enhance their security posture and decrease the risk of cyber threats.
The COVID-19 epidemic has also pressured digital ecosystems to protect data from nefarious intruders. Organizations are forced to outsource security-related services due to the dynamic shift in the threat landscape, the ongoing increase in cyberattacks, a lack of skilled labor, and complexity. According to IDC Security Services, 60% of organizations have shifted to outsourcing controlled security services and implemented cloud technology services. Market growth has been spurred by innovations and developments in managed security services, including firewall management, security for endpoints, and increased cyberattacks since the start of the pandemic. The average ransomware payment, for instance, increased by 82% to a high of $570,000 in the initial half of 2021 from $312,000 in 2020, based on a report from Palo Alto Networks' Unit 42 security consultancy group.
We have various report editions of Managed Security Services Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.
The competition on the market for managed security services is intense and wide-ranging. It encompasses a variety of managed security services from small specialized businesses to huge global corporations. Due to globalization and technological development, companies are in severe competition to provide cutting-edge solutions, professional translation, and interpreting.
May 2021: Cisco has announced its intention to buy Kenna Security, Inc., a privately held cybersecurity firm headquartered in Santa Clara, California. Businesses can use Kenna's risk-based vulnerability control platform to work across departments to quickly identify, prioritize, and resolve cyber issues.
(Source:fourriversgroup.com/cisco-acquires-kenna-security/)
Top Companies Market Share in Managed Security Services Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
According to Cognitive Market Research, North America dominated the market in 2022 and accounted for a share of more than 36.4% of the global revenue due to several variables. The region is maintain its dominance due to rising demand for outsourced services from various tech behemoths. Managed service options to better match individual demands and rising demand for cloud computing, network security, and data protection will likely drive regional growth. Market demand is driven by the increasing number, diversity, and complexity of cyber threats to expand exposure footprint.
According to Cognitive Market Research, the frequency and severity of cybersecurity threats from the USA have been increasing, with high-profile events occurring across numerous industries. The previous year's Solar Winds system hack compromised crucial data for several US federal organizations, underlining the importance of effective cybersecurity measures to secure key assets.
The APAC region's scarcity of skilled cyber professionals also fuels MSS's expansion. Many large organizations have their own Safety Operations Centres (SOCs) but require more workers to staff them. These centers operate optimally because they outsource services to MSSP suppliers. Because SMEs often lack financial flexibility, they rely on affordable cybersecurity leadership and operations outsourcing.
The current report Scope analyzes Managed Security Services Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
Global Managed Security Services Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Managed Security Services Industry growth. Managed Security Services market has been segmented with the help of its Deployment Mode, Application Enterprises Size, and others. Managed Security Services market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, cloud deployment is most frequently utilized the in the market for managed security services. Cloud-based managed security services are adaptable and scalable. Furthermore, it allows the service provider to view, monitor, and even immediately repair any difficulties within the cloud system. Continuous monitoring ensures that problems are resolved quickly and efficiently. The growing acceptance of innovative technology such as AI/ML, analytics of big data, threat intelligence, and highly automated platforms further contributes to the migration to cloud-based managed security services. Several market participants are developing complete services through creativity and cooperation to meet the industry's increasing needs.
According to Cognitive Market Research, on-premises is the second-most popular segment. The market for managed security services is anticipated to develop in the future due to the increase in security breaches.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Managed Security Services Industry. Request a Free Sample PDF!
According to Cognitive Market Research, distributed denial of services (DDoS) is the most extensively used application in the managed security services market. DDoS-managed security services are being developed in response to the growing demand for specialized capabilities, affordability, scalability, and the ability to keep up with the evolving threat landscape. DDoS assaults have grown in number and complexity in recent years. Hackers are continually developing new strategies and resources for carrying out successful attacks.
The managed security services for managed IPS and IDS application ranks second in usage. The segment's domination can be ascribed to the rising number of cyberattacks worldwide and the strict enforcement of government legislation. The risk and compliance category has grown in popularity as organizations may develop plans and policies to combat cyber theft.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Managed Security Services market report 2024 Edition by contacting our team.
Large corporations are heavily reliant on service outsourcing. Another important market element driving market expansion is the rise in cyberattacks, which exposes huge corporations to unforeseen income and reputation losses. Large organizations are turning to managed services to reduce the risk of phishing attempts, breaches of information, and other cyber risks. As privacy and security of data regulations become more stringent, large organizations intend to focus on data governance of security and compliance. The managed security services make it easier to create rules and processes to oversee access to sensitive data and access while remaining in regulatory compliance.
According to Cognitive Market Research, SME’s is the second-most popular product. Because of the rising use of managed security services, SMEs have fewer budgets than larger corporations, yet they still require data security assistance. Cybersecurity firms strive to provide easy, scalable solutions to meet the IT competency levels of SMEs. SMEs require additional personnel to continuously monitor their systems, which leaves them vulnerable to incursions outside of usual work hours.
IT infrastructure development and growing industrialization worldwide are two significant factors driving demand for controlled security services. Because of the tremendous change towards a digital medium of engagement and transactions, cloud technology has become a focal point for BFSI enterprises' future growth and innovation strategy; banks have outsourced safety services to meet their needs.
Healthcare segment is expected to grow at the fastest CAGR during the forecast period. Healthcare providers are collaborating with a Managed Security Service Provider to strengthen their security teams with the necessary protocols, employees, and tools.
Senior Research Analyst at Cognitive Market Research
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights.
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights. Experience in analyzing current trends, market demand, market assessment, growth indicators, competitors' strategy, etc. to help top management & investors to make strategic and tactical decisions in the form of market reports and presentations. Successfully delivered more than 500+ client & consulting assignments across verticals. Ability to work independently as well as with a team with confidence and ease.
I am committed to continuous learning and staying at the forefront of emerging trends in research and analytics. Regularly engaging in professional development opportunities, including workshops and conferences, keeps my skill set sharp and up-to-date. I spearheaded research initiatives focused on market trends and competitive landscapes. I have a proven track record of conducting thorough analyses, distilling key insights, and presenting findings in a way that resonates with diverse stakeholders. Through collaboration with cross-functional teams, I played a pivotal role in shaping business strategies rooted in robust research.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Managed Security Services Market is witnessing significant growth in the near future.
In 2023, the On-premise segment accounted for noticeable share of global Managed Security Services Market and is projected to experience significant growth in the near future.
The Managed IPS and IDS segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies AT&T Intellectual Property , BT Group and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Disclaimer:
Deployment Mode | On-premise, Cloud |
Application | Managed IPS and IDS, Distributed Denial of Services (DDoS), Unified Threat Management (UTM), Secured Information & Event Management (SIEM), Firewall Management, Endpoint Security, Others |
Enterprises Size | Large Enterprises, Small & Medium-sized Enterprises |
Vertical | BFSI, Healthcare, Manufacturing, Retail, Telecom & IT, Others |
List of Competitors | 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, SecureWorks Inc., Fujitsu, Palo Alto Networks, Rapid 7, Verizon, Wipro |
This chapter will help you gain GLOBAL Market Analysis of Managed Security Services. Further deep in this chapter, you will be able to review Global Managed Security Services Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Purchase Add-Ons to Customize the Report Edition and get further granular data level data about the North America market. Add-On Cost: Request before placing the order, Respective Pricing will be informed after sending the inquiry
Qualitative Analysis for the North America Market: North America Managed Security Services Market Trends North America Managed Security Services Technological Road Map North America Managed Security Services Market Drivers North America Managed Security Services Market Restraints North America Managed Security Services Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
You can purchase only the Executive Summary North America Market (2019 vs 2024 vs 2031)
Chapter 3 Europe Market Analysis
You can purchase only the Executive Summary Europe Market (2019 vs 2024 vs 2031)
Chapter 4 Asia-Pacific Market Analysis
You can purchase only the Executive Summary Asia Pacific Market (2019 vs 2024 vs 2031)
Chapter 5 South America Market Analysis
You can purchase only the Executive Summary South America Market (2019 vs 2024 vs 2031)
Chapter 6 Middle East and Africa Market Analysis
You can purchase only the Executive Summary Middle East and Africa Market (2019 vs 2024 vs 2031)
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Deployment Mode Analysis 2019 -2031, will provide market size split by Deployment Mode. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Deployment Mode Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Application Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 12 Market Split by Enterprises Size Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 13 Market Split by Vertical Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Managed Security Services market
Chapter 14 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why On-premise have a significant impact on Managed Security Services market? |
What are the key factors affecting the On-premise and Cloud of Managed Security Services Market? |
What is the CAGR/Growth Rate of Managed IPS and IDS during the forecast period? |
By type, which segment accounted for largest share of the global Managed Security Services Market? |
Which region is expected to dominate the global Managed Security Services Market within the forecast period? |
Segmentation Level Customization |
|
Global level Data Customization |
|
Region level Data Customization |
|
Country level Data Customization |
|
Company Level |
|
Additional Data Analysis |
|
Additional Qualitative Data |
|
Additional Quantitative Data |
|
Service Level Customization |
|
Report Format Alteration |
|
Published Report Editions
are Just a Tip of an Iceberg
Access the Complete Database of
Managed Security Services Market
Request Sample