MarketsandMarkets forecasts the global MSS market to grow from an estimated value of USD 27.7 billion in 2022 to 49.6 billion USD by 2027 at a compound annual growth rate (CAGR) of 12.3%. Increasing demand for secure IT infrastructure during the COVID-19 pandemic and a shift from the traditional working model to the work-from-home model are some factors driving the MSS market growth.
What is MSS?
MarketsandMarkets defines MSS as “the management of an organizations security infrastructure from an outside or third-party location. Outsourced security services, third-party security services, and as-a-service are the terms associated with MSS."
The MSS market is led by globally established players such as IBM (US), AT&T (US), NTT (Japan), Accenture (Ireland), DXC Technology (US), Atos (France), Infosys (India), Capgemini (France), and others. These players have adopted various growth strategies such as partnerships, agreements, collaborations, acquisitions, and product developments to increase their market presence.
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IBM is the worlds largest technology company and the second-most valuable company as a global brand. It manufactures and sells computer hardware and software and offers infrastructure, hosting, and consulting services in areas ranging from mainframe computers to nanotechnology. IBM operates through segments such as cognitive solutions, global business services, technology services and cloud platforms, systems, and global financing. Its main area of operation is finding solutions for its wide range of clients using advanced technology. Its clients comprise individual users, specialized businesses, and institutions, such as government, IT, defense, and educational organizations. The cybersecurity services offered by IBM include data security services, security intelligence and operations, consulting, secure engineering and application security, and security strategy risk and compliance. The company offers solutions to various industries, such as IT, healthcare, life sciences, government, telecom, automobile, manufacturing, FMCG, chemicals & petroleum, electronics, energy & power, media and entertainment, mining, retail, BFSI, travel & transportation, and education. It has a presence in North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Apart from large vendors, some SMEs and start-ups, such as Cipher Security (US), RSI Security (US), SecurityHQ (UAE), and TrustNet (US), among others, are also evolving in the MSS market.
Cipher Security is part of a publicly traded group called Prosegur. Founded in 2000, the company was acquired in 2019 and now functions as the cybersecurity division of the group. The firm offers a wide range of services: Managed Detection and Response (MDR), Managed Security Services (MSS), Cyber Intelligence Services (CIS), Red Team Services (RTS), Governance, Risk and Compliance (GRC), and Cybersecurity Technology Integration (CTI). It also runs an elite cyber intelligence lab that develops high-end technology and threat intelligence that support its offered solutions and services. The company is accredited by international certifications and quality standards such as ISO 20000, ISO 27001, SOC I and SOC II, PCI QSA, and PCI. It operates across the financial services, manufacturing, healthcare, logistics, gaming, energy, and utility sectors.
Managed Security Services Market by Service Type (Managed IAM, MDR, Managed SIEM and Log Management), Type (Fully Managed & Co-managed), Security Type (Network, Cloud, Endpoint, Application), Organization Size, Vertical & Region - Global Forecast to 2027
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