NEW YORK, United States, Sept. 19, 2022 (GLOBE NEWSWIRE) -- According to Facts and Factors has published a new research report titled “Managed Security Services Market Size, Share, Growth Analysis Report By Deployment Mode (On-Premise and Cloud), By Enterprises Size (Large Enterprises and Small & Medium-Sized Enterprises), By Application (Managed IPS and IDS, Distributed Denial of Services (DDoS), Unified Threat Management (UTM), Secured Information & Event Management (SIEM), Firewall Management, Endpoint Security, and Others), By Vertical (BFSI, Healthcare, Manufacturing, Retail, Telecom & IT, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Managed Security Services Market size & share in terms of revenue was worth of USD 22,934.10 million in 2021 and it is expected to surpass around USD 46,493.99 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 12.50% during the forecast period 2022 to 2028.”
Industry Overview:
A third-party IT security company, managed security services (MSS), provides thorough cyber security procedures to safeguard online data. Employing an outsourcing company helps to safeguard confidential data that might be intentionally or unintentionally disclosed. The growth of the global managed security services market is mostly due to heightened market rivalry and a surge in online crimes, including spam, malware, and web invasions.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 234+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Facts and Factors research methodology
Report Scope
| Report Attribute | Details |
| Market Size in 2021 | USD 22,934.10 Million |
| Projected Market Size in 2028 | USD 46,493.99 Million |
| CAGR Growth Rate | 12.50% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | AT&T Intellectual Property, Broadcom, BT Group, Check Point Software Technologies Ltd., Cisco System Inc., DXC Technology Company, Fortinet Inc., and Hewlett Packard Enterprise Development LP, IBM Corporation, SecureWorks Inc., and Others |
| Key Segment | By Deployment Mode, Enterprises Size, Application, Vertical, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. |
Industry Growth Factors
Globally the rate of cybercrime is increasing which rises the need for managed security services. Despite the sophistication of assaults increasing and the complexity of the IT network, businesses continue to use antiquated data protection techniques. Bring Your Device (BYOD), smartphones, social media, and cloud service usage, among other technological advancements and behaviors; have significantly increased the challenge of ensuring data security. Many well-resourced, competent, coordinated, and motivated entities operate organized cybercrime activities. Businesses incur enormous financial losses as a result of cybercrime, in addition to reputational damage. The rise of the global managed security services market is anticipated to be hampered by the lack of qualified security knowledge and the dynamic nature of online threats.
Additionally, it is projected that the lack of highly qualified IT workers and the poor awareness of cyber-attacks among small and medium-sized organizations will restrain the expansion of the global market throughout the projection period. Due to the growing use of blockchain-based security, there may be many new commercial opportunities. Customers may trace all business transactions in one place using blockchain technology without worrying that their information would be hijacked or used for the show. As a result, there is less dependency on third parties, and information may be retrieved more quickly and accurately. The managed security services industry has profited from all these technological advancements due to the high reliability of various sources of protection, which has led to market expansion.
Browse the full “Managed Security Services Market Size, Share, Growth Analysis Report By Deployment Mode (On-Premise and Cloud), By Enterprises Size (Large Enterprises and Small & Medium-Sized Enterprises), By Application (Managed IPS and IDS, Distributed Denial of Services (DDoS), Unified Threat Management (UTM), Secured Information & Event Management (SIEM), Firewall Management, Endpoint Security, and Others), By Vertical (BFSI, Healthcare, Manufacturing, Retail, Telecom & IT, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/managed-security-services-market
Managed Security Services Market: COVID-19 Impact Analysis
The COVID-19 outbreak is expected to be beneficial to the expansion of managed security services' market share, according to projections. It can be explained by the fact that, in light of COVID-19, organizations should be able to solve security concerns and ensure secure information access when employees are working remotely thanks to the utilization of managed security services. In addition, because of the surge in internet traffic, many businesses are now confronted with a significant increase in the likelihood of being the target of a cyberattack. As a result, they are required to make use of managed security services. The introduction of new technologies and advancements in managed security services, such as firewall management and endpoint security, as well as an increase in the frequency of cyberattacks since the beginning of the pandemic, has all contributed to the expansion of the market.
According to a report from Palo Alto Networks' Unit 42 security consultancy group, the average ransomware payment, for example, surged by 82% to a record $570,000 in the first half of 2021 from $312,000 in 2020. This figure represents a record-breaking increase. As a result, the growth in cyberattacks and ransomware has increased the demand for managed security services, which has propelled the expansion of the global market for managed security services.
Segmentation Analysis
The global market for managed security services has been divided into segments based on deployment type, business size, application, vertical, and region.
On-premise and cloud deployment models categorize the global market for managed security services based on deployment mode. The cloud segment of managed security systems is expected to expand significantly and earn considerable revenues throughout the forecast period. According to the organization's size, the worldwide managed security services market has been segmented into two groups: large companies and small & medium-sized enterprises. Large companies will most impact the market expansion for managed security services.
The managed IPS & IDS, distributed denial of services (DDoS), unified threat management (UTM), secured information & event management (SIEM), firewall management, endpoint security, and others are segments that make up the global managed security services market based on application. The BFSI, healthcare, manufacturing, retail, telecom & IT, and other segments make up the global market for managed security services based on vertical. Throughout the study, the BFSI sector will make up the greatest percentage.
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Competitive Landscape
The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards. Some of the main competitors dominating the global Managed Security Services market include -
- AT&T Intellectual Property
- Broadcom
- BT Group
- Check Point Software Technologies Ltd.
- Cisco System Inc.
- DXC Technology Company
- Fortinet Inc.
- Hewlett Packard Enterprise Development LP
- IBM Corporation
- SecureWorksInc.
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the Managed Security Services market is estimated to grow annually at a CAGR of around 12.50% over the forecast period (2022-2028).
- In Terms Of Revenue, The Managed Security Services market size was valued at around USD 22,934.10 Million in 2021 and is projected to reach USD 46,493.99 Million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Strict government laws, the emergence of trends like BYOD, CYOD, and WFH, the increasing number of security breaches and sophisticated cyberattacks across companies, and the affordability of installing MSS are the main drivers anticipated to propel the growth of the managed security services market.
- In 2021, the cloud category led the market in deployment mode.
- By enterprise size, the large enterprise segment dominated the market in 2021.
- North America dominated the global managed security services market in 2021.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Managed Security Services industry?
- What are the main driving factors propelling the Managed Security Services Market forward?
- What are the leading companies in the Managed Security Services Industry?
- What segments does the Managed Security Services Market cover?
- How can I receive a free copy of the Managed Security Services Market sample report and company profiles?
Regional Dominance:
North America is thought to have the greatest share in the global managed security services market. Due to the early adoption of the technology and the availability of several suppliers offering managed security services solutions, the managed security services market in the region is expected to grow. As a result of the COVID-19 outbreak, hospitals, medical facilities, and public institutions have been the most commonly attacked sectors.
The US Department of Health and Human Services (HHS), which experienced attacks on its servers throughout the outbreak, has learned the importance of protecting the agency's systems with reliable security solutions. The Massachusetts-based cybersecurity company Carbon Black surveyed Canadian CIOs and found that 82% of them thought the number of attacks on Canadian organizations was increasing quickly. These security concerns have compelled organizations to use MSS to safeguard their assets against breaches.
Recent Developments
- September 2021: Intigrit and ATOS launched a bug bounty program. This service aims to provide consumers with services for vulnerability identification and repair. An ATOS consultant will provide various services, including audit, penetration testing, platform report analysis, vulnerability classification, monitoring, remediation, and managed detection and response services.
- August 2021: IBM will add additional SASE services to its Zero Trust methodology to upgrade network security.
- July 2021: Openminded, a company that offers cybersecurity services, was bought by Accenture. Openminded provides advisory, management, cloud and infrastructure, and cyber defense services in France. With this acquisition, Accenture has grown the size of its MSS business in France.
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The global Managed Security Services market is segmented as follows:
By Deployment Mode
- On-premise
- Cloud
By Enterprises Size
- Large Enterprises
- Small & Medium-sized Enterprises
By Application
- Managed IPS and IDS
- Distributed Denial of Services (DDoS)
- Unified Threat Management (UTM)
- Secured Information & Event Management (SIEM)
- Firewall Management
- Endpoint Security
- Others
By Vertical
- BFSI
- Healthcare
- Manufacturing
- Retail
- Telecom & IT
- Others
By Region
- North America
- Europe
- Asia Pacific
- The Middle East & Africa
- Latin America
Key Offerings:
- Market Size & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Deployment Mode, Enterprises Size, Application, Vertical, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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