Managed Security Services Market by Product (Intrusion Detection, Managed Firewall, Virtual Private Network), Type (Managed Application Security, Managed Cloud Security, Managed Endpoint Security), Deployment, Industry - Global Forecast 2024-2030

Managed Security Services Market by Product (Intrusion Detection, Managed Firewall, Virtual Private Network), Type (Managed Application Security, Managed Cloud Security, Managed Endpoint Security), Deployment, Industry - Global Forecast 2024-2030

The Managed Security Services Market size was estimated at USD 47.18 billion in 2023 and expected to reach USD 54.19 billion in 2024, at a CAGR 14.95% to reach USD 125.19 billion by 2030.

The Managed Security Services (MSS) market encompasses firms that outsource their information security needs to external providers. Managed security services, including round-the-clock monitoring and intrusion detection systems and firewalls, overseeing patch management and upgrades, performing security assessments and security audits, and responding to emergencies. The escalating number and complexity of cyber threats significantly drive the demand for specialized security services. Compliance requirements with regulatory standards and the need to protect sensitive data also contribute to market growth. Additionally, expanding IoT and BYOD policies in workplaces introduces new vulnerabilities, pushing companies toward MSS providers. However, the continual evolution of cyber threats creates a barrier for market growth, making it difficult for MSS providers to offer up-to-date protection. Additionally, there is a growing emphasis on data privacy regulations globally, placing a higher compliance burden on providers and creating challenges for market growth. Moreover, the managed Security Services market has numerous opportunities, particularly in offering specialized services for emerging threats associated with cloud computing, IoT, and mobile devices. The market space has also potential in leveraging AI and machine learning to enhance threat detection and response.

Regional Insights

In North America, particularly in the United States and Canada, there is a high demand for managed security services (MSS) due to the increasing number of cyber-attacks and stringent regulatory compliance requirements. Businesses, especially in finance, healthcare, and government sectors, prioritize investments in security measures. The U.S., being a hub for technological innovation, also sees a constant flow of patents related to cybersecurity, indicating a robust environment for MSS development and adoption. The EMEA region presents a diverse landscape for MSS. In the EU, the General Data Protection Regulation (GDPR) has been a significant driver for adopting security services, with businesses striving to avoid hefty fines by ensuring compliance. The Middle East, with its strategic emphasis on becoming a digital economy, is investing heavily in cybersecurity infrastructures, including MSS. Africa, though in the nascent stages of MSS adoption, shows promise due to the growing internet penetration and increasing awareness of cyber risks. The Asia Pacific region is experiencing rapid digital transformation, making it a hotbed for cybersecurity threats and opportunities for MSS providers. China's substantial investments in cybersecurity research and the government's push for a more secure digital environment illustrate the country's proactive stance. Japan, known for its technological prowess, and India, with its burgeoning IT sector, are also witnessing a growing awareness and adoption of managed security services.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Managed Security Services Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Need for robust and cost-effective security services to monitor and manage security events
Rising security threats and cyber-attacks across enterprises
Growing importance of e-business

Market Restraints

Hesitation to share sensitive data and MSSP services not integrating well with existing tools

Market Opportunities

Rising adoption of cloud technology and IoT integration with managed security service providers
Increasing amalgamation activities across major enterprise

Market Challenges

Scarcity of skilled security expertise

Market Segmentation Analysis

Product: Increasing need of robust managed security services to protect their digital assets
Deployment: Rising on cloud deployment due to scalability, flexibility, and cost-effectiveness

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Managed Security Services Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Managed Security Services Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Atturra and MyCISO Launch Managed Security Program Service

Atturra has embarked on a strategic alliance with Sydney-based startup MyCISO, integrating the latter's SaaS platform into its managed security services for the education and commercial sectors. The deployment of MyCISO's Assess module by Atturra heralds a new era in security program management, facilitating the adoption of appropriate frameworks, conducting data-driven risk assessments, and crafting tailored cyber uplift strategies that can be operationally implemented and continuously monitored.

Radware Launches Enhanced Program for Managed Security Service Providers

Radware has launched its Cybersecurity Partner Program specifically for Managed Security Service Providers (MSSPs). This enhancement equips MSSPs with an advanced arsenal to augment their service offerings, addressing the rising wave of cyber threats and the prevalent scarcity of skilled cybersecurity professionals. With the introduction of more flexible licensing models, comprehensive technical training, and an increased array of marketing and sales tools, the program aims to drive revenue growth for its partners.

Schneider Electric Launches Managed Security Services for Operational Environments

In response to the escalating cyber threats within operational technology (OT) environments, Schneider Electric has launched a comprehensive Managed Security Services (MSS) solution. By leveraging the robust capabilities of Schneider Electric's Cybersecurity Connected Service Hub (CCSH), the MSS offering delivers scalable technologies designed to actively monitor and counteract cyber threats, thereby safeguarding operations.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Managed Security Services Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Managed Security Services Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, Alert Logic, Inc., Atos SE, Broadcom Inc., CenturyLink, Inc., Cipher, DXC Technology Company, Fortinet, Inc., Happiest Minds Technologies Pvt. Ltd., International Business Machines Corporation, Kyndryl Inc., NTT Ltd., Optiv Security Inc., Unisys Corporation, and Wipro Limited.

Market Segmentation & Coverage

This research report categorizes the Managed Security Services Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
Intrusion Detection
Managed Firewall
Virtual Private Network
Vulnerability Scanning & Anti-viral Services
Type
Managed Application Security
Managed Cloud Security
Managed Endpoint Security
Managed Network Security
Deployment
On-Cloud
On-Premises
Industry
Aerospace & Defense
Automotive & Transportation
Banking, Financial Services & Insurance
Building, Construction & Real Estate
Consumer Goods & Retail
Education
Energy & Utilities
Government & Public Sector
Healthcare & Life Sciences
Information Technology
Manufacturing
Media & Entertainment
Telecommunication
Travel & Hospitality
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year