Managed Security Services Market Size, Share and Global Market Forecast to 2028

4.1
Managed Security Services Market Size, Share and Global Market Forecast to 2028

The Managed Security Services Market was valued around USD 19,698 million in 2020, expanding at a CAGR of 13.6% over the forecast period (2021-2028).

Managed Security Services Market

The Managed Security Services Market was valued around USD 19,698 million in 2020, expanding at a CAGR of 13.6% over the forecast period (2021-2028).

The factors driving the growth of Managed Security Services Market includes rise in the number of cybercrimes, strict regulations imposed by Governments regarding to data protection, growing trend of Bring Your-Own Device (BYOD) and Work from Home (WFH), and increasing demand for customized services around the world. According to the IBM security report, the average cost per data breach for companies in 2020 was estimated around USD 4.2 million, showing an increase of 10% as compared to 2019, which is pushing the companies around the world to adopt managed security solutions. Moreover, rising popularity of threat protection software, growing adoption of advanced technologies such as Artificial Intelligence (AI), Cloud Computing and Internet of Things by the major corporations, are some of the additional factors supplementing the Global Managed Security Services Market. In addition, improvements in the IT infrastructure, increasing investments by leading players on research and development, rising penetration of smartphones and rapid urbanization, are further contribution to the Managed Security Services Market Growth.

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However, the growth of Managed Security Services Market is hindered due to trust deficit amongst organizations to provide details to Managed Security Service Provider (MSSP).

The major players operating in the Managed Security Services Market are Infosys Limited, Verizon, Cipher Security, Wipro Limited, SecureWorks, Inc, DXC Technology Company, BT, IBM, AT&T Inc. and Atos SE, among others.

Type – Segment Analysis

Based on Type, the Intrusion Detection System/ Intrusion Prevention System segment is anticipated to grow at a remarkable CAGR during the forecast period because the detection systems help to monitor threats and detects OS fingerprinting attempts.

Vertical – Segment Analysis

Based on Vertical, the BFSI segment is projected to expand at a significant CAGR over the forecast period. The managed security services provide the banking institutions provides sensitive data of customers, protects from cyberattacks and gives immediate response at the time of security breach, are some of the factors responsible for the growth of the segment.

Regional – Segment Analysis

Based on Region, the North American region is predicted to capture a sizeable market share during the forecast period. The increasing adoption of managed security solutions in the end-use industries such as Healthcare and Retail, rise in the number of data breaches, improvements in the IT infrastructure, presence of the leading companies such as IBM and AT&T and high per capita incomes, are some of the important factors augmenting the Managed Security Services Market share in North America.

Market Segmentation

Global Managed Security Services Market by Type

• Intrusion Detection System/ Intrusion Prevention System

• Identity and Access Management

• Risk and compliance management

• Security Information and Event Management

• Data Loss Prevention

• Unified Threat Management

• Others

Global Managed Security Services Market by Vertical

• Manufacturing

• Government

• Retail

• Telecommunication

• IT and Enterprises

• BFSI

• Energy and Utilities

• Healthcare

• Others

Global Managed Security Services Market by Service Type

• Co-managed security services

• Fully managed security services

Global Managed Security Services Market by Organization Size

• SMEs

• Large Enterprises

Global Managed Security Services Market by Region

• Asia Pacific

o China

o Japan

o India

o Rest of APAC

• North America

o United States of America

o Canada

• Europe

o United Kingdom

o Germany

o France

o Spain

o Rest of Europe

• RoW

o Brazil

o South Africa

o Saudi Arabia

o UAE

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