What is the global market size of Managed Security Services Market?

Global Managed Security Services Market size was valued at USD 27.47 billion in 2021 and is poised to grow from USD 31.37 billion in 2022 to USD 90.74 billion by 2030, at a CAGR of 14.2% during the forecast period (2023-2030).

Who are the key vendors in the Global Managed Security Services Market?

Global Managed Security Services (MSS) Market is dynamic and characterized by the presence of numerous companies offering a range of security services and solutions. These companies compete based on factors such as technology innovation, service offerings, industry expertise, global reach, and customer satisfaction. Some key players in the MSS market have established themselves as leaders in the MSS market through their extensive service portfolios, strong customer relationships, and continuous investments in research and development. They offer a wide range of managed security services, including threat monitoring and detection, vulnerability management, incident response, compliance management, and security consulting. In addition to these established players, there are also several emerging and niche players in the MSS market, providing specialized services and catering to specific industry verticals or geographic regions. The market is also witnessing collaborations, partnerships, and acquisitions as companies strive to enhance their capabilities, expand their market presence, and offer comprehensive security solutions to their clients. 'IBM Corporation (US)', 'Secureworks (US)', 'AT&T Inc. (US)', 'Verizon Communications Inc. (US)', 'Symantec Corporation (US)', 'Trustwave Holdings Inc. (US)', 'Wipro Limited (India)', 'NTT Security Corporation (Japan)', 'DXC Technology Company (US)', 'Accenture plc (Ireland)', 'Cisco Systems, Inc. (US)', 'Fortinet, Inc. (US)', 'Optiv Security Inc. (US)', 'Dell Technologies Inc. (US)', 'HCL Technologies Limited (India)', 'BT Group plc (United Kingdom)', 'Check Point Software Technologies Ltd. (Israel)', 'BAE Systems plc (United Kingdom)', 'Tata Consultancy Services Limited (India)', 'Fujitsu Ltd. (Japan)'

What is the key driver of Global Managed Security Services Market?

The growing frequency and sophistication of cyber-attacks are driving the demand for managed security services. Organizations are facing various threats such as data breaches, ransomware attacks, and insider threats. This has led to a greater need for advanced security measures and expertise to protect sensitive data and critical infrastructure. For example, the rise in ransomware attacks like the Colonial Pipeline incident in 2021 highlighted the need for robust managed security services to prevent and respond to such incidents.

What is the key market trend for Global Managed Security Services Market?

Cloud-based Managed Security Services: The adoption of cloud computing and the shift towards cloud-based security services are significant trends in the MSS market. Cloud-based MSS provides organizations with scalability, flexibility, and easy deployment without the need for significant infrastructure investments. It enables organizations to leverage advanced security tools and techniques, such as cloud-based threat intelligence and machine learning-based security analytics. The trend towards cloud-based MSS is driven by the need for agility, cost-effectiveness, and the ability to defend against evolving cyber threats.

Which region accounted for the largest share in Managed Security Services Market?

North America dominated the global MSS market, fueled by its mature cybersecurity ecosystem, technological advancements, and high awareness of the importance of data security. The region boasts a robust infrastructure, strong regulatory frameworks, and a large pool of MSS providers. Leading companies like IBM Security and Symantec (now part of Broadcom) have established a strong presence in this region. North America holds a substantial market share, accounting for approximately 40% of the global MSS market.

Managed Security Services Companies

Managed Security Services Market Competitive Landscape

Moreover, there has been the emergence of close working relations between traditional MSSPs, new market entrants, technology providers, and cybersecurity professionals to expand the range and complexity of the security services being offered in the market. These partnerships mean that MSSPs can take benefits from state security technologies and knowledge, intelligence, and specialized skills to provide clients with better security solutions. Under these conditions, MSSPs are not standing still – they are diversifying and adding new services, as well as embracing novel security solutions and tools in order to follow the rapidly changing demand of clients. Rich business insight and market study have found that the focus and promise on end-to-end security services, aligned with the provision of rapid customer service, are critical competitive factors that are shaping the MSSP market.

Top Player’s Company Profiles in Managed Security Services Market

IBM Corporation (US)
SecureWorks (US)
AT&T Inc. (US)
Verizon Communications Inc. (US)
Wipro Limited (India)
DXC Technology Company (US)
Accenture plc (Ireland)
Cisco Systems, Inc. (US)
Fortinet, Inc. (US)
Optiv Security Inc. (US)
Dell Technologies Inc. (US)
HCL Technologies Limited (India)
BT Group plc (United Kingdom)
Check Point Software Technologies Ltd. (Israel)
BAE Systems plc (United Kingdom)
Tata Consultancy Services Limited (India)
Fujitsu Ltd. (Japan)
Capgemini SE (France)
Infosys Limited (India)
Orange Cyberdefense (France)
Kudelski Security (Switzerland)
Singtel (Singapore)
Proficio, Inc. (US)
T-Systems International GmbH (Germany)

Managed Security Services Market

FAQs

Managed Security Services Market size was valued at USD 31.36 Billion in 2022 and is poised to grow from USD 35.82 Billion in 2023 to USD 103.62 Billion by 2031, at a CAGR of 14.2% during the forecast period (2024-2031).

Global Managed Security Services Market is a highly competitive market, with the numerous players competing to gain more market share. It appears to be pretty much an oligopoly with dominant global system integrators and service providers, all boasting massive resources, technical know-how, and scale to provide a broad portfolio of MSS offerings. These players have embedded themselves as market leaders, many of whom have extensive offerings encompassing network security, cloud security, and even sophisticated threat intelligence and mitigation solutions. Apart from these established players, there are many regional and specialized MSSPs which can address the requirements of various enterprises depending on geographic locations or industry verticals. These resolved entities largely set themselves apart through superior compliance with regulatory procedures in the region, specialized safety solutions, or greater attention to their clients as opposed to their larger counterparts. This holds true because the MSSP market has evolved into a diverse network of providers catering to the security needs of all sizes and types of organizations to meet their security needs and budgets. 'IBM Corporation (US) ', 'SecureWorks (US) ', 'AT&T Inc. (US) ', 'Verizon Communications Inc. (US) ', 'Wipro Limited (India) ', 'DXC Technology Company (US) ', 'Accenture plc (Ireland) ', 'Cisco Systems, Inc. (US) ', 'Fortinet, Inc. (US) ', 'Optiv Security Inc. (US) ', 'Dell Technologies Inc. (US) ', 'HCL Technologies Limited (India) ', 'BT Group plc (United Kingdom) ', 'Check Point Software Technologies Ltd. (Israel) ', 'BAE Systems plc (United Kingdom) ', 'Tata Consultancy Services Limited (India) ', 'Fujitsu Ltd. (Japan) ', 'Capgemini SE (France) ', 'Infosys Limited (India) ', 'Orange Cyberdefense (France) ', 'Kudelski Security (Switzerland) ', 'Singtel (Singapore) ', 'Proficio, Inc. (US) ', 'T-Systems International GmbH (Germany) '

Rising complexity of cyber threats remains one of the major factors that have boosted the MSS market. Thecybersecurity environment has recently become much more complex and diverse involving new and more subtle kinds of threats that require more enhanced protection systems. Application threats are becoming more and more subtle and more and more complex: they include APTs, zero-day solutions, polymorphic attacks, and the rest. As a result of this changing threat environment, management understands their defense requirements are not met by traditional internal controls alone. The scarcity of expertise in the cybersecurity field makes this issue more challenging, causing organizations to search for MSS providers. These providers can effectively provide high level protection through threat analysis, ongoing vigilance, emergency response as well as professional knowledge in dealing with various and sophisticated types of threats in the cyber world. Thanks to artificial intelligence and machine learning MSS providers can analyze such things as patterns/anomalies and thus handle the threats quickly and efficiently.

Surge in Demand for Managed Detection and Response (MDR) Services: Hackers are constantly developing new tactics, making it difficult for in-house security teams to keep up. MDR services provide organizations with access to advanced threat detection and response capabilities, allowing them to identify and neutralize threats faster. There's a significant gap between the demand for skilled cybersecurity professionals and the available talent pool. MDR services address this gap by providing access to a team of security specialists who can monitor and analyze an organization's security posture around the clock. Data privacy regulations like GDPR and HIPAA are placing stricter demands on organizations to secure sensitive data. MDR services can help ensure compliance by providing organizations with the tools and expertise needed to detect and respond to security incidents promptly.

North America accounted for 34.4% market share in 2023 and is expected to grow gradually during the forecast period (2024-2031). The region is expected to maintain dominance in the forecast period due to the rising outsourcing tendency among several tech players. Demand and supply of controlled services to meet consumers’ requirements and the growing need for clouds, networks, and data security to fuel economic growth in the region. The need arises from the increasing number, type, and sophistication of cyber threats aimed at increasing exposure footprint.

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What is the global market size of Managed Security Services Market?

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