Managed Security Services Market Size $ 78.4 Bn By 2030 - New Data Insights, At a CAGR 12.4% from 2022-2030 - Reports Insights
The global managed security services market is anticipated to account for a CAGR of 12.4% during 2022-2030, surged by the adoption of security policies for reduced risks of cybersecurity threats, With Key players IBM Corporation, Fortinet, Dell SecureWorks, Deloitte, Rapid 7, BT Group, DXC Technology Company, Accenture, Verizon Communications, CenturyLink, Check point Software Technologies Ltd., Broadcom-Symantec Corporation, Wipro, HP Enterprises, Cisco Systems Inc., and Others
New York, Jan. 10, 2023 (GLOBE NEWSWIRE) -- As per the research report “Managed Security Services Market” published by Reports Insights, the market is estimated to attain USD 78.4 billion by the year 2030 from the value of USD 27.4 billion in 2022. Managed Security Services Market Size, Share & Trends Analysis, By Deployment (On-premise, and Cloud), By Organization Size (Large Enterprises, Small & Medium-Sized Enterprises), By Application (Managed IAM, Distributed Denial of Services (DDoS), Vulnerability Management, Managed IDS/IPS, Managed Firewall, Endpoint Security, Managed Detection and Response, Managed SIEM, Unified Threat Management, and Others), By End Use (BFSI, Government and Public Sector, Healthcare, IT and Telecom, Retail & E-commerce, Manufacturing, and Others), By Region and Segment, Forecast Period 2022 - 2030
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With the surging rate of digitalization, businesses are required to evolve in terms of data safety, cybersecurity, and overall business management. Thus, businesses opt for managed security services over in-house IT security services as the cost-effective alternative that results in optimized capital spending. Additionally, the growing cases of cyberattacks pose the threat to the company’s credibility, especially in developing countries such as India, Brazil, and Mexico. Thus, such security services offer continuous assistance with security administrative tasks via artificial intelligence, edge computing, and big data analytics to reduce the risks of cyber threats.
Furthermore, the rising demand for managed security services for solutions such as DNS security and firewall, IAM tools, anti-phishing software, and other credential management propels the market growth. Thus, the emerging adoption of cloud technology and IoT devices requires a multilayered and cost-effective approach to such continuous security for the identification of anomalies and unplanned disruptions.
|Report Attributes||Report Details|
|Market Size By 2030||USD 78.4 Billion|
|CAGR (2022-2030)||12.4 %|
|Key Players||IBM Corporation, Fortinet, Dell SecureWorks, Deloitte, Rapid 7, BT Group, DXC Technology Company, Accenture, Verizon Communications, CenturyLink, Check point Software Technologies Ltd., Broadcom-Symantec Corporation, Wipro, HP Enterprises, Cisco Systems Inc., AT&T, Trustwave, and Hewlett Packard Enterprise Development LP|
|By Deployment||On-premise, and Cloud|
|By Organization||Large Enterprises, Small & Medium-Sized Enterprises|
|By Application||Managed IAM, Distributed Denial of Services (DDoS), Vulnerability Management, Managed IDS/IPS, Managed Firewall, Endpoint Security, Managed Detection and Response, Managed SIEM, Unified Threat Management, and Others|
|By End Use||BFSI, Government and Public Sector, Healthcare, IT and Telecom, Retail & E-commerce, Manufacturing, and Others|
|Report Coverage||Total Revenue Forecast, Company Ranking and Market Share, Regional Competitive Landscape, Growth Factors, Business Strategies, and more.|
|By Geography||Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]|
Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
North America [United States, Canada, Mexico]
Middle East & Africa [GCC, North Africa, South Africa]
South America [Brazil, Argentina, Columbia, Chile, Peru]
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Key Market Highlights
- The global managed security services market is anticipated to witness a CAGR of 12.4% during the forecast period (2022-2030) to hit around USD 78.4 billion by 2030.
- Globally, the managed security services deployment is bifurcated into cloud and on-premise.
- In the context of organization size, the market is separated into large enterprises and small & medium-sized enterprises.
- The market is also divided as per the application: managed IAM, distributed denial of services (DDoS), managed vulnerability management, managed IDS/IPS, managed firewall, endpoint security, managed detection and response, managed SIEM, unified threat management, and others.
- Based on the end user, the market is segmented into eight groups: healthcare, BFSI, government, manufacturing, retail, IT and telecom, aerospace and defense, and others.
- The market is geographically separated into five regions: North America, Europe, South America, the Asia-Pacific, and the Middle East and Africa.
- North America and Asia-Pacific are anticipated to support industry growth during the forecast period in terms of favorable spending on network security measures within private and public ventures.
Managed Security Services Market Segmentation Details:
Based on deployment, the cloud segment is projected to contribute a substantial market share during the forecast period. The growing dependence on cloud-based computing networks for remote access to business processes bolsters the demand for cloud-based solutions among enterprises. Thus, the increased adoption of cloud-based services for an automatic backup of business data propels the segment demand during the forecast period.
Based on the organization's size, large enterprises are expected to substantially accelerate market growth during the forecast period. The availability of large databases and servers in these enterprises requires robust security services to facilitate uninterrupted security management. Thus, large business enterprises highly adopt these security services for automated vulnerability scans throughout databases.
Based on the application, managed firewall initiated the largest share contribution to the market share. The businesses include firewalls in their operational network systems to detect unidentified network traffic and implement preventive security measures. Thus, the enhanced network security and privacy from unauthorized users aid in the management of large traffic loads via managed firewalls.
Based on end use, the BFSI and IT and telecom segments are anticipated to account for the major contribution to the managed security services market share during the forecast period. The vast availability of personal and commercially sensitive data in the bank servers pose threat to overall data security. Thus, the BFSI and IT sector specifically implement preventive measures such as firewalls, encryption, unified threat management, and others to reduce the risks of DDoS attacks and data breaches.
Based on region, North America is estimated to support the market growth in terms of volume and value. The growing awareness among businesses and consumers in terms of cybersecurity has paved way for the adoption of managed security services. Additionally, the rising shift towards outsourced security services for uninterrupted security governance poses lucrative opportunities in the North American region during the forecast period.
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Market Competitive Landscape
The research report on managed security services market offers a detailed analysis of industry trends, customer behavior, brand awareness, and the potential future scope of the market. The report provides in-depth insights into the market definition, research methodology, regional analysis, and market segmentation to offer a comprehensive evaluation of the market. Additionally, the study aims to provide practical and actionable insights for businesses and individuals looking to enter or expand in market circumstances. Thus, stakeholders gain relevant data and information to provide a comprehensive understanding of the market and its potential future developments.
List of Major Managed Security Services Market Players
The report contains vital information about the leading industry players recently functioning in the global market circumstances. Firms are continuously emphasizing upon strategies like mergers & acquisitions (M&A), new product launches, and partnerships to fortify their market position. The ‘competition landscape’ section has also been evaluated to provide a dashboard view along with the company market share analysis of the major players operating in the global managed security services market —
• IBM Corporation
• Dell SecureWorks
• Rapid 7
• BT Group
• DXC Technology Company
• Verizon Communications
• Check point Software Technologies Ltd.
• Broadcom-Symantec Corporation
• HP Enterprises
• Cisco Systems Inc.
• Hewlett Packard Enterprise Development LP
Global Market Segmentation:
By Organization Size
- Large Enterprises
- Small & Medium-Sized Enterprises
- Managed IAM
- Distributed Denial of Services (DDoS)
- Vulnerability Management
- Managed IDS/IPS
- Managed Firewall
- Endpoint security
- Managed Detection and Response
- Managed SIEM
- Unified Threat Management
By End Use
- Government and Public Sector
- IT and Telecom
- Retail & E-commerce
Table of Content
1.1. Market Introduction
1.2. Market Research Methodology
1.2.1. Research Process
1.2.2. Primary Research
1.2.3. Secondary Research
1.2.4. Data Collection Technique
1.2.5. Data Sources
1.3. Market Estimation Methodology
1.3.1. Limitations of the Study
1.4. Product Picture of Managed Security Services
1.5. Global Managed Security Services: Classification
1.6. Geographic Scope
1.7. Years Considered for the Study
1.8. Research Methodology in brief
1.9. Parent Market Overview
1.10. Overall Managed Security Services Market Regional Demand
1.11. Research Programs/Design
1.12. Market Breakdown and Data Triangulation Approach
1.13. Data Source
1.14. Secondary Sources
1.15. Primary Sources
1.16. Primary Interviews
1.17. Average primary breakdown ratio
2. Market Dynamics
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