Market Overview
The
Global Managed Security Services Market is expected to reach a value of
USD 32.9 billion in 2023, and it is further anticipated to reach a market value of
USD 97.1 billion by 2032 at a CAGR of 12.8%. The market has seen significant growth over the past few years and is predicted to grow significantly during the forecasted period as well.
A Managed Security Service Provider (MSSP) provides external oversight & control for security systems & devices. Typical services include managed firewalls, intrusion detection, virtual private networks, vulnerability scanning, & antivirus solutions by using strong security operation centers, MSSPs deliver round-the-clock support to lower an enterprise's requirement for in-house security staff, training, & retention while ensuring a strong security stance.
Market Dynamic
Organizations facing complex architecture or specialized requirements can majorly benefit from customized security deployments. Dynamic resource allocation makes it essential for efficient automation for monitoring in changing environments. Rising cyber threat complexity drives the trend towards outsourcing security operations. Choosing between an in-house or outsourced Security Operations Center (SOC) leads to careful consideration of several factors.
However, budget constraints, integration challenges, and concerns over data privacy & compliance present significant challenges to the managed security service market's growth. Additionally, some organizations stumble due to a perceived loss of control over security functions & potential hindrances during the transition to outsourced services.
Research Scope and Analysis
By Deployment Type
In 2023, cloud deployment has become a driving force in the global managed security service market and is anticipated to persist the same throughout the forecasted period, as it is reshaping
cybersecurity by offering agility, scalability, & fast threat response. This benefits organizations with expert monitoring, rapid incident resolution, & streamlined operations, bolstering defense against increasing and advancing threats. Such a strategic move optimizes resource allocation, enabling businesses to aim for core goals while navigating the dynamic digital landscape. As a result, this transformation is expected to continue driving the market's growth in the coming future.
By Service Type
Threat management is one of the major service types contributing to the revenue of the global managed security services market in 2023, as it delivers expert monitoring, quick threat detection, & efficient incident response. By outsourcing this function, businesses can improve their security, lower vulnerabilities, & look at core activities while navigating the dynamic cyber threat landscape. This proactive approach allows strong protection, reduces operational complexities, and offers a cost-effective solution for safeguarding critical assets.
By Organization Size
SMEs are one of the major driving factors for the managed security services market in 2023 by contributing significantly towards the overall global revenue, as the market offers SMEs expert cybersecurity, comprising of real-time threat monitoring & quick incident response, which allows SMEs to lower operational complexities, concentrate on growth, & ensure cost-effective protection against evolving cyber threats. The approach provides access to advanced security technologies and expertise, preserving data integrity & system availability. This strategic outsourcing improves SMEs' competitiveness in the digital landscape by safeguarding critical assets while maintaining focus on core business objectives.
By Application
In 2023, the healthcare sector in managed security services is playing a major role in driving the market, by protecting patient data & upholding regulatory compliance like HIPAA. These services enable constant monitoring, rapid threat detection, & incident response to reduce cyber risks. By outsourcing security,
healthcare organizations can focus on patient care while ensuring data integrity & confidentiality. Managed security services also specialize in
medical device security, ransomware defense, & adapting to growing threats. This proactive approach builds patient trust, operational efficiency, & overall resilience, addressing the complex cybersecurity landscape within the healthcare industry. Such trends & factors will allow the healthcare industry to drive the global managed security service market over the forecasted period.
The Global Managed Security Services Market Report is segmented on the basis of the following
By Deployment Type
By Service Type
- IPS/IDS
- Threat Management
- Firewall Management
- Distributed Denial of Services
- End Point Security
- Others
By Organization Size
By Application
- BFSI
- Healthcare
- Retail
- IT & Telecom
- Others
Regional Analysis
In 2023, the North American region has a substantial market share, commanding
about 35.9% of the total revenue in the Global Managed Security Services Market. This dominance is anticipated to persist, driven by growing outsourcing requests from many tech giants. Managed service solutions customized to specific requirements, along with the increasing demand for cloud computing, network security, & data protection, which is also anticipated to play a role in sustaining regional expansion. The increasing count, assortment, and intricacy of cyber threats, strategically focused on broadening their reach, are instrumental in driving the market demand.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The managed security services market is fragmented, as it features many established market players along with emerging vendors providing protection against network attacks, Denial of Service, & risk assessments. This market looks for partnerships, mergers, service launches, & acquisitions as organizations strategically invest to enhance security.
For instance, in August 2023, Schneider Electric introduced a Managed Security Services (MSS) offering. This initiative allows operational technology (OT) domains to counter growing cyber risks stemming from the rising demand for remote access & connectivity technologies.
Some of the prominent players in the Global Managed Security Services Market are:
- AT&T
- Symantec
- IBM Corp
- BAE Systems
- Verizon
- Capgemini
- Fujitsu
- NTT
- Trustwave
- Atos
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Managed Security Services Market:
The COVID-19 pandemic & subsequent economic recession had a major impact on the Global Managed Security Services Market. While the increased dependency on digital infrastructure led to a growth in demand for cybersecurity solutions, budget constraints & business interruptions caused some organizations to budget their security spending. As a result, the market experienced a mix of growth opportunities driven by the increasing threat landscape & challenges imposed by cost-conscious clients, making providers innovate adaptable & cost-effective security offerings to remain competitive in a dynamically changing business environment.
Report Details
| Report Characteristics |
| Market Size (2023) |
USD 32.9 Bn |
| Forecast Value (2032) |
USD 97.1 Bn |
| CAGR (2023-2032) |
12.8% |
| Historical Data |
2017 - 2022 |
| Forecast Data |
2023 - 2032 |
| Base Year |
2022 |
| Estimate Year |
2023 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Deployment (Cloud and On-Premises), By Service Type (IPS/IDS, Threat Management, Firewall Management, Distributed Denial of Services, End Point Security Service and Others), By Organization Size (SMEs and Large Enterprise), By Application (BFSI, Healthcare, Retail, IT & Telecom and Others) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
AT&T, Symantec, IBM Corp, BAE Systems, Verizon, Capgemini, Fujitsu, NTT, Trustwave Atos, and Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Managed Security Services Market size is estimated to have a value of USD 32.9 billion in 2023 and is expected to reach USD 97.1 billion by the end of 2032.
North America dominates the Global Managed Security Services Market with a share of 35.9% in 2023.
Some of the key players in the Global Managed Security Services Market are NTT, IBM Corp, AT&T, and many others.
The market is growing at a CAGR of 12.8% over the forecasted period.