Meticulous Research® recently released a report titled “Managed Security Services Market by Service Type (Managed Detection and Response, Managed Identity and Access Management), Security Type (Cloud Security, Endpoint Security), Sector (BFSI, and Healthcare), and Geography - Global Forecast to 2030.” According to the report, the managed security services market is expected to reach $75.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 18% from 2024 to 2030.

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This market growth is driven by several factors, including the increasing adoption of managed security services in the banking, financial services, and insurance (BFSI) sector, the rise in cybercrimes and ransomware attacks, and the growing trend of bring your own device (BYOD) policies in enterprises. Government initiatives promoting the adoption of managed security services are also contributing to market growth. However, concerns about trusting third-party service providers with full control over system architecture are restraining market expansion. Despite this, the growing need for advanced cybersecurity measures and the increasing adoption of cloud-based solutions among small and medium-sized enterprises (SMEs) are expected to provide significant growth opportunities for the market. A major challenge facing industry players is the lack of awareness and misconceptions about managed security services among potential customers.

Market Segmentation

The managed security services market is categorized by service type, security type, organization size, and sector. Service types include managed identity and access management, managed detection and response, threat hunting, security information and event management (SIEM), managed firewall services, and other managed security services. The market is further segmented by security types such as cloud security, application security, endpoint security, and network security. Based on organization size, the market is divided into large enterprises and SMEs. The sectors covered include BFSI, retail, IT & telecommunications, government, healthcare, energy & utilities, manufacturing, and others. The study also provides an evaluation of industry competitors and analyzes the market at regional and country levels.

Key Market Insights

·         In terms of service type, managed detection and response is expected to account for the largest share of the managed security services market in 2024. This dominance is largely due to the increasing need for monitoring network traffic for potential cyber threats, the growing number of security breaches and cyber-attacks, the rising demand for data protection across various sectors, and the widespread adoption of BYOD policies in enterprises.

·         However, the managed identity and access management segment is anticipated to grow at the highest CAGR during the forecast period. The growth of this segment is fueled by increasing security breaches and identity fraud, the need for managing identities and access in IoT devices, and the growing use of cloud-based identity management services.

·         The managed security services market continues to evolve, with organizations increasingly recognizing the importance of comprehensive cybersecurity strategies. As threats become more sophisticated, the demand for managed security services that offer robust and scalable solutions is likely to surge, paving the way for continued market growth in the coming years.

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