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 has grown at a fast pace, in the last couple of years, due to the increasing security threats or risks and the increasing challenge of managing security of IT networks in today’s advanced world. It is impossible to understate the chilling fact that businesses, large and small, are being subjected to an unrelenting wave of cyber attacks, including malware and ransomware, advanced persistent threats, and data breaches. It has also new mechanisms of networking, such as cloud computing, growth of IoT technology, and changes in working environments introducing remote and hybrid working models, which introduces another area of consideration for the organizations and heightens security threats. In light of these emerging security threats and the growing compliance mandates toward IT security solutions, there has been a rising shift towards MSSPs for improving the security standards and protecting organizational resources. The MSSPs provide various services in security solutions, which include but are not limited to network security, cloud computing security, endpoint protection, and application security and other novelties in the market such as identity and access management, secular security information and event management (SIEM) and managed detection and response (MDR). 

The lack of skilled cybersecurity personnel is one of the most significant factors that are developing the Managed Security Services Market globally. It is widely accepted that many organizations, particularly SMEs that are commonly plagued by budgets constraints, often experience significant issues in trying to identify and recruit the hopeful security professionals needed to monitor and control their IT systems. MSSPs fill this gap by giving clients direct access to an array of security professionals, cutting-edge technologies, and constant supervision and quick response to incidents while retaining the client’s abilities to channel their efforts towards business operations. Another factor enhancing the growth of the market is the rising need for CSP managed security services after subscribing to their cloud services and services security across hybrid IT infrastructure. With a shift in organizational frameworks to cloud-based models, there is need to address high-level security for data in the cloud as well as for the integration of local and cloud environments. On this front, MSSPs have been pioneering Cloud-First managed security services that include CASB, CSPM, and CWPP for cloud-based environments. 

On the brighter future, the Managed Security Services Market is having a higher growth rate across the global platform and with the support of emerging technologies such as AI and ML, the MSSPs will be able to perform much effective detection, response, and threat mitigation on immediate basis. While organizations persistently grapple with the unending question of cybersecurity, there is a great need to be able to identify a total approach to the issue in organizations. Consequently, it is evident that innovative managed security services will only continue to rise hence strengthening the managed security service market position as an essential aspect of protecting companies and organizations from cyber threats across the globe.