The Managed Security Services (MSS) market is forecasted to grow significantly, reaching an estimated $75.1 billion by 2030. This growth, at a CAGR of 18% from 2023 to 2030, is fuelled by various factors, including the increasing adoption of managed security services in the BFSI sector, the rising incidence of cybercrimes and ransomware attacks, the growing trend of BYOD (bring your own device) in enterprises, and supportive government initiatives.

Key Drivers of Market Growth

Rising Trend of BYOD to Drive Market Growth

The adoption of BYOD (bring your own device) policies is transforming IT infrastructure, making it more complex and heterogeneous. The proliferation of mobile devices such as laptops, smartphones, and tablets in corporate environments necessitates robust cybersecurity measures. Organizations are increasingly investing in MSS to protect devices within office premises and those accessing corporate networks remotely. This trend significantly boosts spending on managed security services, driving market growth.

Growing Adoption in the BFSI Sector

The BFSI (Banking, Financial Services, and Insurance) sector heavily relies on IT infrastructure for delivering various services, including mobile and online banking. With the rise in identity fraud and cyberattacks, the sector faces numerous challenges. According to the VMware Carbon Black Threat Data report, cyberattacks against banks surged by 238% globally between February and April 2020. Managed security services offer optimal solutions for advanced threat detection, data restoration, and faster recovery times, prompting substantial investments from banks and financial institutions.

Government Initiatives and Rising Cybersecurity Threats

Governments worldwide are encouraging the adoption of MSS to combat increasing cyber threats. The rise in cybercrimes, including ransomware attacks, necessitates advanced security measures. MSS providers offer comprehensive solutions, including managed detection and response (MDR), security information and event management (SIEM), and cloud security services, to address these threats effectively.

Market Challenges

Lack of Trust in Third-Party Providers

Despite the benefits, there is a lack of trust among enterprises in relinquishing full control of their system architecture to third-party providers. This skepticism restrains market growth, as organizations are hesitant to adopt MSS fully.

Misconceptions and Lack of Awareness

Many potential customers harbor misconceptions and lack awareness about the advantages of MSS. Overcoming these challenges requires extensive education and marketing efforts to highlight the effectiveness and security of managed services.

Key Segments in the Managed Security Services Market

Managed Identity and Access Management

The Managed Identity and Access Management (IAM) segment is expected to register the highest CAGR during the forecast period. The rise in security breaches and identity-related frauds, coupled with the growing need for IAM for IoT devices, supports this growth. Benefits such as eliminating weak passwords, mitigating insider threats, advanced tracking of anomalies, and multi-factor security further drive this segment.

Cloud Security

The cloud security segment is also projected to register significant growth. The increasing adoption of cloud-based solutions and the need to protect data and connected devices from cyberattacks support this trend. Advanced threat detection services provided by cloud security solutions are crucial for protecting sensitive data across industries.

Healthcare Sector

The healthcare sector is anticipated to register the highest CAGR during the forecast period. The adoption of telemedicine and remote healthcare services, coupled with rising cyberattacks, drives the demand for MSS in this sector. Healthcare organizations prioritize cybersecurity to protect sensitive patient data, comply with regulations like HIPAA, and ensure the integrity of their IT infrastructure.

Asia-Pacific: The Fastest-growing Regional Market

The Asia-Pacific region is expected to record the fastest growth rate in the MSS market. Factors contributing to this rapid growth include infrastructural development, particularly in countries like China, South Korea, Japan, and India, the rise of regional economies, and the growing adoption of advanced technologies such as cloud, AI, and machine learning. Additionally, government initiatives promoting MSS adoption among small and medium-sized enterprises (SMEs) significantly boost market growth in this region.

Based on geography, the managed security services market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the managed security services market. North America’s major market share is attributed to the presence of prominent players offering advanced managed security services to various sectors. Furthermore, the growing adoption of managed security services in BFSI, retail, and IT & telecommunications sectors; growing adoption of advanced technologies; and rising demand for data security are also contributing to the growth of the managed security services market in North America.

However, Asia-Pacific is projected to register the fastest growth rate during the forecast period. The rapid growth of this market is driven by the growth in regional economies, growing awareness regarding managed security services among small and medium-sized organizations, and the expanding retail and BFSI sector, especially in China, Japan, South Korea, and India.

Key Players:

The key players operating in the managed security services market are IBM Corporation (U.S.), Secureworks, Inc. (U.S.), AT&T Inc. (U.S.), NTT Corporation (Japan), Trustwave Holdings, Inc. (U.S.), Atos SE (France), CrowdStrike Holdings, Inc. (U.S.), Lumen Technologies (U.S.), F5, Inc. (U.S.), Fortinet, Inc. (U.S.), Kroll, LLC. (U.S.), CIPHER SECURITY LLC (U.S.), Nettitude Limited (U.S.), Ascend Technologies, LLC (U.S.), and Avertium, LLC (U.S.).

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Key Questions Answered in the Report:

·  Which are the high-growth market segments in terms of service type, security type, organization size, and sector?

·  What is the historical market size for managed security services across the globe?

·  What are the market forecasts and estimates for 2023–2030?

·  What are the major drivers, restraints, opportunities, challenges, and trends in the global managed security services market?

·  Who are the major players in the global managed security services market, and what are their market shares?

·  What is the competitive landscape like?

·  What are the recent developments in the global managed security services market?

·  What are the different strategies adopted by major market players?

·  What are the geographic trends and high-growth countries?

·  Who are the local emerging players in the global managed security services market, and how do they compete with other players?

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