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The global MSS market size is projected to grow from USD 25.8 billion in 2021 to USD 123.7 billion by 2032 at a Compound Annual Growth Rate (CAGR) of 16.9% during the forecast period. The major factors that are expected to drive the growth of the MSS market include the stringent government regulations, surge in trends such as BYOD, CYOD, and WFH, the rising security breaches and sophisticated cyberattacks across enterprises, and the cost-effectiveness in implementing MSS. However, the lack of trust in third-party applications that handle enterprises’ sensitive data is expected to be a restraint for the growth of the MSS market. The lack of competent security professionals to handle challenging environments is also expected to be a major challenge for the growth of the MSS market. The rising adoption of cloud technology and IoT devices and the growing demand for robust and cost-effective security services among enterprises to monitor and manage security events are expected to open new avenue pockets for MSSPs.
Companies operating in the Managed Security Services
IBM (US), SecureWorks (US), Symantec (US), Trustwave (US), Verizon(US), AT&T (US), Atos (France), BAE Systems (UK), BT (UK), CenturyLink (US), DXC (US), Fortinet (US), Fujitsu (Japan), NTT Security (Japan), Wipro (India)
Opportunity: Rising adoption of cloud technology and IoT devices
With various advantages, such as cost-effectiveness, dynamic access to data, and reduced turnaround time for business processes, which come with the adoption of cloud services, a number of SMEs, as well as large enterprises, are inclined toward having the maximum control over their data and infrastructure in the cloud globally. For this, they are keen on utilizing the benefits of cloud security services for greater security and access to data. These services have distinctive features, such as security policy enforcement, various compliances, IAM, encryption, SIEM, and malware detection and prevention, which can be utilized by MSSPs. Owing to these benefits, several large enterprises and SMEs are moving their businesses to the cloud to deliver excellent services. With the reduced cost of implementation of these services, SMEs are becoming more inclined toward cloud-based security solutions, and this opportunity can be utilized by MSSPs for offering custom-based security services to enterprises.
IoT is going to be the future, but as the IoT becomes more widespread, even more important systems will be vulnerable to malware attacks and compromise for hefty sums of money. MSS will keep enterprises informed about the potential cyberattacks that could happen over IoT devices. Hence, the rising adoption of cloud technology as well as IoT devices among enterprises are expected to be a good opportunity for the MSS market during the forecast period
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Recent Developments:
In September 2021, ATOS, in collaboration with Intigrit, launched a bug bounty service. This service is designed to provide vulnerability detection and remediation service to the customers. ATOS consultant will provide the following services: audit, penetration testing, analysis of platform reports, vulnerability classification, monitoring, remediation, and managed detection and response services.
In August 2021, IBM expands Zero Trust strategy capabilities with new SASE services to modernize network security.
In July 2021, acquired Openminded, a cybersecurity services company. Openminded provides advisory, cloud and infrastructure security, cyber defense, and managed security services in France. With this acquisition, has expanded its MSS business in France.
By the product type, the market is primarily split into:
Network Security, Terminal Security, Application Security, Cloud Security.
By the end-users/application, this report covers the following segments:
Financial Services, Communications Industry, Public Sector, Media, Retail, Manufacturing, Medical, Other
Key Findings Of Study
By deployment mode, the on-premise segment accounted for the largest managed security services market forecast period
Region wise, North America generated highest revenue in managed security services market size
On the basis of industry verticals, the BFSI segment generated the highest revenue in 2020
The key players profiled in the managed security services market analysis are 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 market penetration and strengthen their position in the industry
Elements of the Report:
• New game plans and commitments that market players can imagine are in like manner discussed in the report.
• The possible entryways for business trailblazers and effect of the Coronavirus pandemic are associated with the around the world Managed Security Services.
• New things and organizations that are thriving in this speedy progressing around the world Managed Security Services’s monetary environment are discussed in the report.
• The report discusses the how certain advancement things, market frameworks, or game plans could assist with showcasing players.
• The pay open entryways and the growing new game plans are discussed in the report.
• The unquestionable characteristics of each part and market open entryways are explained in the report.
• The powers during the pandemic are relied upon to accelerate the hypothesis pace in the around the world Managed Security Services are point by point in the report.
• The report gives proposition on the way forward in the around the world Managed Security Services.
Table of Contents
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered: Ranking by Vessel Monitoring System Software Revenue
1.4 Market Analysis by Type
1.4.1 Managed Security Services Size Growth Rate by Type: 2020 VS 2028
1.5 Market by Application
1.5.1 Managed Security Services Share by Application: 2020 VS 2028
1.6 Study Objectives
1.7 Years Considered
1.8 Continue…
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By type:
As per Industrial Market Analysis Managed Security Services Market is segmented by type as Firewall management, Internet security, Unified threat management, Endpoint security, SIEM, DDOS, IPS, and IDS. These services are deployed to customer’s machines. Customers can opt for on-premise deployment, cloud deployment, or a hybrid deployment. Larger enterprises generally chose hybrid service deployment i.e. providing a secure network on systems as well as cloud-based security often made using VPNs, soft tokens, hard tokens, etc.
By Vertical:
Managed Security Services Market is segmented by vertical as the end-users who used the security services which include IT offices, corporates, healthcare centers, retail, BFSI, the government, manufacturing department, ITES, aerospace, defense, and other industries.
Managed Security Services Market Regional Analysis:
Managed Security Services Market is spread majored in 4 zones, i.e. North America, Asia-Pacific, Europe, the other countries. The American countries like the US, Canada, etc. are the world’s dominant leaders of the Managed Security Service industry. The increasing demand for security to fight against the internet security breach, new rules of each industry, and the government’s regulations have led to the adoption of on-premise and cloud security managed services. The European countries like Germany, France, Italy, etc. have held the second largest market share of the Managed Security Services Market making amends to rising monitoring services required by industries. Asia-Pacific countries like China, Japan, India, Australia, etc. have emerged as market leaders in Asian countries seeing to the need for security for industries around the world.
Competitive Landscape:
The competitive landscape of Managed Security Services Market compromises gross analysis of the market strategy, market share, analysis, key development strategies, and the factors influencing the growth of security services. Managed Security Services Market has attracted a wide range of audiences including Research and development areas, consultancy firms, Industrial users, technology investors, technology investors, enterprise users, system integrators, government organizations, defense systems, and security agencies. With Managed Security Services Market wide-spread to IT offices, corporates, healthcare centers, retail, BFSI, the government, manufacturing department, ITES, aerospace, defense, and other industries many government and private firms have invested in the security service providing companies. The key players in the area of Managed Security Services Market are IBM (US), Fortinet (US), Rapid 7 (US), BT Group (UK), Dell SecureWorks, Solutionary Inc. (US), Verizon Communications (US), CenturyLink (US), Symantec Corporation (US), Wipro, HP Enterprises (US), CSC (US), Deloitte, AT&T (US), Trustwave (US), etc.
Recent Developments:
The increasing demand for security to fight against an internet security breach, new rules of each industry, and the government’s regulations have led to the adoption of on-premise and cloud security managed services. As per the Managed Security Services Insider Report IDPS is used to detect the threat against any organization, leading it to be the market leader of the Managed Security Services provider. In January 2019, – Verizon Communications partnered with a Colorado-based company called ProtectWise that delivers cloud-based security of threat detection and inline response. In January 2019, a managed security services provider agency called Security and Intelligence Services (SIS) from New Delhi partnered with a Singapore company acquiring a 60% share in the company of approximately INR 350 crore. The same company partnered with the Uniq Security and Detective Services company by acquiring 51% of their shares in the December of 2018. All these partnerships made SIS a market leader of Managed Security Services by claiming 75% of revenue in the industry.
Report Overview:
The Managed Security Services Market shares detailed analysis of the market strategy, market share, analysis, key development strategies, and the factors influencing the growth of security services. It shares detailed insight on the segmentation by type and vertical. It also states how a customer can opt for on-premise deployment, cloud deployment, or the hybrid deployment of security services. The report forecasts a strategic analysis and a study on a competitive landscape on the market’s key players and their core competencies. The report penlights the world analysis of how the Managed Security Services Market is spread majored in 4 zones, i.e. North America, Asia-Pacific, Europe, the other countries making strategic alliances, joint ventures, new product developments, research and developments, and mergers and acquisitions inflating the market growth
This report tends to a couple of key requests:
• What is the by and large expected advancement of around the world Managed Security Services after Coronavirus vaccination or treatment is found?
• What are the new essential methodologies that can be executed post-pandemic to remain merciless, agile, client driven, and helpful in the around the world Managed Security Services?
• Which unequivocal regions are depended upon to drive improvement in the around the world Managed Security Services?
• What are key government approaches and interventions did by driving around the world Managed Security Services countries to help with advancing gathering or improvement of Vessel Monitoring System Software.
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