Managed Security Services Market: Global Industry Analysis and Forecast (2024 -2030)

Managed Security Services Market Overview

Managed security services are a service model or capability provided by cybersecurity service providers to monitor and manage security devices, systems, and even software-as-a-service applications.

The global Managed Security Services Market reaches a substantially large market size in 2030 and registers a high CAGR over the forecast period. Industry analysis indicates that increasing demand for Managed Security Services Market among end-users, such as BFSI, IT, and telecom, is driven by changing market trends, which support industry growth as well as Managed Security Services Market growth during the forecast period. Managed security services are proactive security measures offered by third-party vendors. These services are tailored to the need and security requirements of an organization. Managed Security Services Market includes continuous monitoring, analysis, and assessment of networks (cloud-based or on-premises) and applications. Ongoing advancements in the IT sector are creating issues related to security. Organizations are taking collaborative R&D initiatives and forming partnerships to develop effective managed security services for quickly evolving IT technologies.

In terms of enterprise size, the large enterprise segment holds the largest share of the managed security services market, due to increasing incidences of cyber-attacks and complexities of the threats in the recent past has accelerated the adoption of managed security services among the large Managed Security Services Market. The dramatic increase in pressure and awareness about IT security has been driving these businesses to outsource security services to third-party players. The global Managed Security Services Market is dominated by AT&T Intellectual Property, BT Group, Broadcom, Cisco System Inc., Check Point Software Technologies Ltd., DXC Technology Company, SecureWorks Inc., Fortinet Inc., Hewlett Packard Enterprise Development LP, and IBM Corporation. These players have adopted various strategies to increase their Managed Security Services Market penetration and strengthen their position in the industry. because of the increase in internet traffic, the danger of cyberattacks has grown significantly in numerous enterprises, necessitating the implementation of managed security services. Innovations and advancements in managed security services, such as firewall management, endpoint security, and an increase in the number of cyberattacks since the outbreak of the pandemic, have fueled Managed Security Services Market development.

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Managed Security Services Market Dynamics

Growing adoption of MSS due to multilayered expertise, cost-effective approach, and service Organizations across industries are adopting Managed Security Services Market because they offer several benefits, such as round-the-clock monitoring and management of intrusion detection systems and firewalls, overseeing patch management and upgrades, performing security assessments and security audits, and responding to emergencies. MSSPs have experience, expertise, and an extensive set of tools and technology that monitor security threats, update systems, and mitigate vulnerabilities at an affordable cost. It helps in maintaining the right security layers, which include software patching, DNS security, firewalls, anti-malware, anti-phishing software, credential managers, lAM tools, and more to protect the organization's confidential information. MSSPs monitor the assets and network using many dedicated tools such as Al to identify anomalies and avoid unplanned disruptions. Limited capabilities to provide threat-hunting and incident response services. Many MSSPs only provide security log monitoring services, which does not allow MSSPs to provide a deeper level of security incident investigations.

Growing demand for robust and cost-effective security services to monitor security events  With the evolution of the overall information technology landscape with factors such as increased dig laicization, cyberattacks are also taking place at an increasing Tato, with an increased level of sophistication information and data security entail the protection of both private and public sectors from professional cybercriminals and sophisticated cyber threats. Cybercriminals use multilayered cyberattacks to monitor the intelligence and commercial aspects of borrowers, enterprises, and even nations, organizations are looking for robust security services that enable them to both reduce costs and improve the safety of their facilities. Standalone security solutions are not capable of handling such types of unified threats. The cost of withStiantaton and mot one of the vocal services is a whole dilettant aspect. The need for robust and cost-effective security services to monitor and Managed Security Services Market events on a basis is growing, which, in turn, might lead to the growth of the overall Managed Security Services Market

Managed Security Services Market Segment Analysis

Based on Industry verticals, The BFSI segment dominates the Managed Security Services Market in the year 2023 and is expected to do the same during the forecast period. The event monitor has the largest market share in 2023. With the increased risk of cyber threats, BFSI security is widely adopted to enable secure and convenient financial transactions by installing surveillance cameras, security scanners, firewalls, biometric authentication, and anti-malware protection solutions. The widespread adoption of encryption software to prevent unauthorized access and protect sensitive customer data and financial transactions is favoring market growth. Various technological advancements, such as the integration of connected devices with the Internet of Things (IoT), machine learning (ML), and artificial intelligence (AI) solutions, are favoring Managed Security Services Market growth.

Based on the application, The Event Management segment dominates the Managed Security Services Market in the year 2023 and is expected to do the same during the forecast period. The event monitor has the largest market share in 2023. The continuously flourishing event industry, event planning companies are focusing on gaining actionable data from past events and making decisions to drive organizational growth, event data is precious for event planners to track attendance, and social media engagement, and measure the event's success. Event management software can be integrated with various business systems, such as customer relationship management (CRM) collaboration tools. marketing, and sales software to leverage the existing customer database and generate new conversion rates Sales lead event organizers are emphasizing using event management solutions integrated with Dale technology to organize attendee-centric events and deliver an enhanced event experience Location data and geographical information from the customer's devices such as smartphones or tablets allow event players to link their digital marketing strategies with prospective participants, thus allowing them to connect with their targeted audience

Managed Security Services Market Regional Insights

the North American market accounts for the largest revenue share in the global managed security services market. Advancements in the IT sector have prompted several organizations in the region to enter the managed security services market. An increase in the number of complex cyber-attacks has led to increasing the deployment of managed security services in the region. Revenue from the Asia Pacific managed security services market is expected to increase at a significantly high rate over the forecast period, due to increased expenditure on IT security in countries such as India and China and the implementation of stricter cyber security regulations in the region. For example, in 2016, Taiwan revised the Personal Data Security Act by incorporating confidential personal information into the Act.

Managed Security Services Market Key Players

1. IBM (US)
2. AT&T (US)
3. NTT (Japan)
4. Accenture (Ireland)
5. DXC Technology (US)
6. SecureWorks (US)
7. Trustwave (US).
8. Atos (France)
9. Orange Cyberdefense (France)
10. Fujitsu (Japan)
11. Kudelski Security (Switzerland)
12. Proficio (US).
13. CrowdStrike (US)
14. F5 (US)
15. HelpSystems (US)
16. Capgemini (France)
17. Infosys (India)
18. Lumen Technologies (US)
19. Kroll (US)
20. Cipher Security (US)
21. RSI Security (US)
22. SecurityHO (UAE)
23. TrustNet (US)
24. LightEdge (US)
25. VirtualArmour (US)
26. Lynx Technology (US)
27. Nettitude (US)
28. Nokia Networks (Europe Teceze (US)
29. Cyflare (US)
30. Ascend Technologies (US)
31. Avertium (US)
32. DigitalXRAID (US)