Managed Security Services Market Size, Share, Growth Analysis, By Type(Fully managed, co-managed), By Service(Managed IAM, Managed Vulnerability Management, Managed Risk and Compliance, Managed Detection and Response), By Organization Size(Small and Medium-sized Enterprises (SMEs), Large Enterprises), By Security(Network Security, Cloud Security, Endpoint Security, and Application Security), By Vertical(BFSI, Government, Healthcare & Life Sciences, Telecommunications), By Region - Industry Forecast 2024-2031

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.