Managed Security Services Market

Managed Security Services Market Size & Share | MarketsandMarkets

The global Managed Security Services Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.5% between 2023 and 2028, from USD 30.6 billion to USD 52.9 billion.

A perfect storm of factors, including escalating cybercrime and a shortage of skilled cybersecurity experts, is driving the global managed security services market forward. Managed security services give businesses access to a pool of experienced security experts without having to invest in building and maintaining their own security team.

Managed Security Services Market is poised for substantial growth in the coming years, driven by several key factors:

  • Increasing Cyber Threat Landscape
  • Shortage of Cybersecurity Talent
  • Rapid Adoption of Cloud Services
  • Complexity of Security Infrastructure
  • Stringent Regulatory Compliance Requirements
  • Growing Sophistication of Cyber Attacks
  • Focus on Proactive Threat Detection and Response
  • Increasing Complexity of IT Environments
  • Cost-Effectiveness and Scalability
  • Focus on Business Continuity and Resilience
  • Expansion of IoT and BYOD Trends
  • Integration of AI and Automation

These growth factors underscore the importance of Managed Security Services in helping organizations navigate the complex cybersecurity landscape and protect against emerging threats.

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Increasing Cyber Threat Landscape:

  • The escalating frequency and sophistication of cyber attacks are compelling organizations to invest in MSS to mitigate risks and protect against evolving threats.

Shortage of Cybersecurity Talent:

  • The global shortage of skilled cybersecurity professionals is prompting organizations to outsource security functions to MSS providers who have the expertise and resources to manage security operations effectively.

Rapid Adoption of Cloud Services:

  • With the widespread adoption of cloud computing, there's a growing demand for MSS solutions tailored to cloud security, including cloud-native security monitoring and management.

Complexity of Security Infrastructure:

  • Managing and maintaining a complex security infrastructure can be challenging for organizations. MSS providers offer centralized management and monitoring, helping businesses streamline security operations and reduce complexity.

Stringent Regulatory Compliance Requirements:

  • Compliance with industry regulations and data protection laws requires organizations to implement robust security measures. MSS providers offer compliance-focused services to help businesses meet regulatory requirements and avoid costly fines.

Growing Sophistication of Cyber Attacks:

  • Cybercriminals are continuously evolving their tactics, techniques, and procedures (TTPs) to evade traditional security controls. MSS providers leverage advanced technologies such as AI, machine learning, and behavioral analytics to detect and respond to sophisticated threats.

Focus on Proactive Threat Detection and Response:

  • Organizations are shifting from reactive security measures to proactive threat detection and response strategies. MSS providers offer managed detection and response (MDR) services to identify and neutralize threats before they cause significant damage.

Increasing Complexity of IT Environments:

  • The proliferation of endpoints, IoT devices, and interconnected systems within IT environments increases the attack surface and complexity of security management. MSS providers help organizations secure their digital assets across diverse environments.

Cost-Effectiveness and Scalability:

  • Outsourcing security functions to MSS providers can be more cost-effective than maintaining an in-house security team. MSS solutions offer scalable services that can be tailored to meet the specific needs and budget of organizations.

Focus on Business Continuity and Resilience:

  • Cybersecurity incidents can disrupt business operations and result in financial losses. MSS providers help organizations enhance their resilience to cyber threats by providing 24/7 monitoring, incident response, and recovery services.

Expansion of IoT and BYOD Trends:

  • The proliferation of IoT devices and Bring Your Own Device (BYOD) policies introduces new security challenges. MSS providers offer services to secure IoT devices and manage access control for BYOD environments.

Integration of AI and Automation:

  • MSS providers are leveraging AI and automation technologies to enhance threat detection, improve incident response times, and streamline security operations, driving efficiency and effectiveness.

Managed Security Services Market Share - Global Industry Landscape:

  • Verizon (US),
  • Capgemini (France),
  • HPE (US),
  • Cisco (US),
  • TCS (India),
  • F5(US),
  • Infosys (India)

These companies contribute to the Managed Security Services market by offering a diverse range of cybersecurity solutions and services to address the evolving threat landscape and meet the security needs of organizations worldwide.

Verizon (US):

  • Market Share: Verizon holds a significant market share in Managed Security Services, leveraging its extensive network infrastructure and cybersecurity expertise.
  • Key Offerings: Verizon offers a comprehensive suite of Managed Security Services, including threat detection and response, vulnerability management, managed firewall, and security consulting.

Capgemini (France):

  • Market Share: Capgemini is a prominent player in the Managed Security Services market, providing tailored cybersecurity solutions to clients globally.
  • Key Offerings: Capgemini offers a range of Managed Security Services, including security monitoring, incident response, identity and access management, and compliance management.

HPE (US):

  • Market Share: HPE has a notable presence in the Managed Security Services market, offering a range of cybersecurity solutions and services to businesses worldwide.
  • Key Offerings: HPE provides Managed Security Services encompassing threat detection and response, managed firewall, security analytics, and security operations center (SOC) services.

Cisco (US):

  • Market Share: Cisco is a leading provider of Managed Security Services, leveraging its extensive portfolio of security solutions and global network infrastructure.
  • Key Offerings: Cisco offers Managed Security Services, including managed firewall, threat intelligence, cloud security, and secure access service edge (SASE) solutions.

TCS (India):

  • Market Share: TCS is a key player in the Managed Security Services market, offering innovative cybersecurity solutions and services to clients worldwide.
  • Key Offerings: TCS provides Managed Security Services, including security operations center (SOC) services, threat intelligence, managed endpoint security, and security consulting.

F5 (US):

  • Market Share: F5 is recognized for its expertise in application security and is increasingly expanding into the Managed Security Services market.
  • Key Offerings: F5 offers Managed Security Services focusing on web application firewall (WAF) protection, distributed denial-of-service (DDoS) mitigation, bot management, and application security testing.

Infosys (India):

  • Market Share: Infosys is a significant player in the Managed Security Services market, delivering cutting-edge cybersecurity solutions to clients globally.
  • Key Offerings: Infosys provides a range of Managed Security Services, including security monitoring, incident response, managed detection and response (MDR), and security consulting.

Related Reports:

Managed Security Services Market by Service Type (Managed IAM, MDR, Managed SIEM, Log Management), Type (Fully Managed & Co-managed), Security Type (Network, Cloud, Endpoint, Application), Organization Size, Vertical, & Region - Global Forecast to 2028

Managed Security Services Market Size,  Share & Growth Report
Report Code
TC 2773
RI Published ON
4/6/2024
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