The surge in digital information generation and the growing trend of BYOD are some major drivers driving the growth of the managed security services industry.
Managed Security Services market is expected to register stunning growth of 14% CAGR, says Brainy Insights
Mumbai, NFAPost: As per the report published by The Brainy Insights, the global managed security services market is expected to grow from $20.58 Billion in 2020 to $76.29 Billion by 2030, at a CAGR of 14% during the forecast period 2021-2030.
Managed Security Services are a type of network security setting that is mostly provided by service providers. Managed security services (MSS) are systematic techniques to manage an organization’s security requirements.
The services might be performed in-house or outsourced to a company that manages the security of other companies’ networks and information systems. A managed security service’s responsibilities include round-the-clock monitoring and administration of intrusion detection systems and firewalls, patch management and upgrades, security assessments and audits, and emergency response.
A managed security service’s responsibilities include round-the-clock monitoring and administration of intrusion detection systems and firewalls, patch management and upgrades, security assessments and audits, and emergency response.
The managed security services market is primarily driven by rising demand for MSS because of stringent government policies and the necessity to protect various companies from cyber-attacks. Furthermore, the lower implementation costs of these MSS will boost market growth in the coming years.
Key players operating in the global managed security services market are
Accenture,
AT&T Inc.,
Atos SE,
BT Group plc,
Cipher Security,
DXC Technology Company,
Infosys Limited,
International Business Machines Corporation,
Kudelski Security,
Lumen Technologies,
NTT,
Nuspire,
SecureWorks, Inc.,
The Herjavec Group,
Trustwave Holdings, Inc.,
Verizon Communications Inc.
Wipro Limited.
To enhance their market position in the global managed security services market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
• Accenture acquired Openminded, a cybersecurity services company, in July 2021. Openminded is a French security firm that offers consultancy, cloud and infrastructure security, cyber defence, and managed security services. Accenture’s MSS business in France has expanded with this acquisition.
The managed SIEM segment is expected to grow at the fastest CAGR of 15% over the forecast period.
The security type segment is divided into managed SIEM, managed IAM, managed firewall, and MDR. The managed SIEM segment is expected to grow at the fastest CAGR of 15% over the forecast period.
The fully MSS segment is expected to grow at the fastest CAGR of 17% during the forecast period.
The service type segment is divided into co-managed and fully MSS. During the forecast period, the fully MSS segment is expected to grow at the fastest CAGR of 17%.
The BFSI segment dominated the market, accounting for around 42% of global revenue in 2020.
The vertical segment is divided into BFSI, government, and healthcare. In 2020, the BFSI segment dominated the market, accounting for around 42% of global revenue. The banking, finance, and insurance industries are opting for managed security services due to stringent rules on data security and the protection of individuals’ information. BFSI is using managed security services on a large scale because these industries deal with sensitive data, and any loss of this data can result in a significant financial loss.
In recent years, an increase in the number of cyber-attacks has prompted changes in the BFSI sector, as well as the need to improve security measures. To protect itself against a potential danger, the BFSI industry is primarily focusing on unified threat management, identity and access management, disaster recovery, and IPS/IDS software. The demand for managed security services is being driven by the increasing usage of smartphones, as well as the expansion of BYOD and cloud, particularly in the banking sector.
Regional Segment Analysis of the Managed Security Services Market
• North America (U.S. Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America region emerged as the largest market for the global managed security services market with a 34.5% share and a market value of around 7.10 billion in 2020. Early MSS adoption, as well as the availability of multiple MSS vendors, are projected to boost market expansion in the region. Security breaches in the region have increased because of the COVID-19 pandemic, with hospitals, medical facilities, and public institutions being the most targeted verticals.
During the pandemic, the US Department of Health and Human Services (HHS) was the target of cyber-attacks on its servers, prompting a rush to safeguard the agency’s networks with robust security measures. In a survey of Canadian CIOs done by Carbon Black, a cybersecurity firm based in Massachusetts, 82 percent of respondents reported that the number of assaults on Canadian businesses was rapidly increasing.
Organisations have been forced to use MSS to protect their assets from intrusions because of these security issues.
About the report:
The global managed security services market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
