Managed Security Services Market Trends, Size, Share, Growth, Industry Analysis, Advance Technology and Forecast 2028
The global Managed Security Services Market size is expected to grow from USD 30.6 billion in 2023 to USD 52.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 11.5% during the forecast period. The global managed security services market is experiencing a surge driven by a perfect storm of factors: escalating cybercrime and a shortage of skilled cybersecurity experts. Managed security services provide organizations access to a pool of experienced security experts without investing in building and maintaining their internal security team.
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The type fully managed segment is expected to grow at the highest CAGR during the forecast period.
The fully managed segment is expected to see continued growth in the coming years as organizations seeking complete control and minimal involvement in security operations opt for fully managed MSS. This provides hands-off security with minimal resource allocation from the in-house team. Organizations can align their resources and efforts with strategic initiatives rather than dedicating significant resources to security operations.
The SMES segment is expected to grow at the highest CAGR during the forecast period.
SMEs often lack the in-house cybersecurity expertise to manage and protect their digital assets effectively. MSS provides access to skilled professionals who can address their security needs without requiring internal expertise in a myriad of applications, services, and content for businesses and consumers.
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Unique Features in the Managed Security Services Market
MSS providers provide constant network, system, and endpoint monitoring in order to identify security problems and take immediate action in order to defend against cyberattacks around-the-clock.
In order to proactively detect new threats, examine attack trends, and produce useful insights for bolstering security postures, MSS providers make use of threat intelligence feeds and advanced analytics.
In order to assist organisations in minimising the effects of security breaches and quickly returning to regular operations, MSS providers offer incident response services, which include containment, investigation, and remediation of security incidents.
By combining a wide range of security technologies, such as firewalls, intrusion detection/prevention systems (IDS/IPS), endpoint security, threat intelligence platforms, and security information and event management (SIEM) systems, MSS solutions offer multi-layered protection against online crimes.
In order to ensure compliance with industry best practices and regulatory standards, MSS providers create specialised security policies and processes based on the particular needs and risk profiles of their clients.
Major Highlights of the Managed Security Services Market
The market is expanding significantly because to the growing sophistication and frequency of cyberattacks, which is pushing businesses to look for external security solutions to strengthen their defences.
The necessity for proactive threat detection, quick incident response, and ongoing monitoring to successfully minimise cyber risks has resulted in a noticeable trend towards managed detection and response services.
Identity and access management (IAM), cloud-native security controls, and data encryption to safeguard cloud environments are among the cloud security services that MSS providers are increasingly in demand to deliver because to the increased uptake of cloud technologies.
By providing services that guarantee continuous monitoring, reporting, and auditing of security measures to satisfy regulatory obligations, MSS providers assist organisations in meeting regulatory compliance requirements such as GDPR, HIPAA, PCI DSS, and others.
Advanced threat intelligence feeds and analytics capabilities are being used by MSS providers to proactively detect and address new threats, examine attack trends, and produce useful insights for bolstering security postures.
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Top Key Companies in the Managed Security Services Market
The major vendors covered in the MSS market include IBM (US), NTT (Japan), Accenture (Ireland), DXC Technology (US), Secureworks (US), Trustwave (US), Atos (France), Orange Cyberdefense (France), Fujitsu (Japan), AT&T (US), Verizon (US), Capgemini (France), HPE (US), Cisco (US), TCS (India), Kudelski Security (Switzerland), F5(US), Infosys (India), Lumen Technologies (US), Crowdstrike (US), Kroll (US), Nokia Networks (Finland), Trend Micro (Japan), Cipher Security (US), RSI Security (US), SecurityHQ (UAE), TrustNet (US), LightEdge (US), Nettitude (US), Teceze (US), CyFlare (US), Ascend Technologies (US), Avertium (US), DigitalXRAID (UK). These players have adopted various growth strategies, such as partnerships, business expansions, agreements, collaborations, and new product launches, to expand their presence in the managed security services market.
IBM operates in the technology sector, focusing on creating and manufacturing advanced technologies, including software, networking systems, storage devices, and microelectronics. The company provides various services, including IT infrastructure, hosting, and consulting services across multiple domains, from mainframe computing to nanotechnology. IBM’s major business areas encompass Global Financing, Global Business Services (GBS), Global Technology Services, Systems, Cloud, and Cognitive Software. As of 2022, IBM has acquired 183+ companies. It specializes in comprehensive cybersecurity solutions and services tailored for diverse industries such as finance, healthcare, and government, with a global presence spanning multiple continents. IBM deals with 70 billion security events on a daily basis.
AT&T offers a variety of communication and IT services for businesses of all sizes. These services include voice, data, cloud, and security solutions. AT&T offers a wide range of managed security services, protecting businesses of all sizes with advanced network and endpoint security, threat detection, vulnerability management, and compliance monitoring.In North America, it faces competition from players such as Verizon and IBM, along with more specialist MSSPs.
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