Global Managed Security Services (MSS) Market - 2022-2029

Global Managed Security Services (MSS) Market - 2022-2029
Market Overview

Managed Security Services (MSS) Market reached US$ XX million in 2021 and is expected to record significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of 14.50% during the forecast period (2022-2029).

Security service providers use managed security services (MSS) to monitor and manage security devices, systems and even software-as-a-service (SaaS) applications. Managed security service providers have effectively protected corporate internet assets, crucial e-mails, password files and networks. Thus, as a result, managed security services are gaining tremendous popularity among businesses of all sizes as they raise their network security expenditures.

Furthermore, service providers' dependable, effective and cost-effective managed security solutions benefit users. Managed security service providers offer customer/client firms low-cost, dependable and effective security solutions that assist them in protecting critical data and, as a result, their enterprises.

The services might be performed in-house or outsourced to a company that manages the security of other companies' networks and information systems. A managed security service's responsibilities include monitoring and administering intrusion detection systems and firewalls, patch management and upgrades, security assessments and audits and emergency response.

Market Dynamics

The cost-effectiveness of managed security service providers has created huge market growth potential for the growth of the MSS market.

The cost-effectiveness of managed security service providers has created huge market growth potential for the growth of the MSS market

In the last decade, data breaches and other sophisticated attacks have expanded rapidly to the point where businesses in every industry must ensure their information and network infrastructure security. With so many threat and vulnerability monitoring systems on the market, determining whether to use an in-house or cloud-based security solution is important in security monitoring and management.

Due to financial restrictions, many businesses attempt to build an internal security infrastructure using just part-time employees. Part-time workers might not have the necessary qualifications. Thus, this may not be adequate to assure efficient and effective data protection.

As a result, businesses are increasingly resorting to managed security service providers for data security (MSSP). The security management option is cost-effective, but it also allows the company to maintain real-time network traffic monitoring by IT security experts. MSSPs provide these services to multiple clients simultaneously, cutting the cost per client. As a result, managed security services (MSS) are available to businesses of all sizes, fueling the market for managed security services.

For instance, IBM's security and risk leaders are increasingly outsourcing their security programs to managed security services providers (MSSPs) to improve competency, demonstrate security impact and value and reduce complexity.

Lack of trust among enterprises in third-party service providers hurdles the growth of the MSS market

When an organization lacks in-house security knowledge or has budget constraints, it turns to a third-party service provider, Managed Security Service Provider (MSSP). Outsourcing security operations requires several factors, such as the third-security, the party's infrastructure's expertise, up-to-date cyber security technology, round-the-clock support and the choice to migrate to security as a service.

The service provider's infrastructure must be secure and up to date to fight the most recent attacks. Because the service provider's infrastructure may include crucial data from several firms, it is vulnerable to repeated and complicated attacks; this might deter businesses from trusting these service providers with their data.

Furthermore, in some circumstances, the top management of organizations may be unwilling to surrender control over critical infrastructure elements. Companies believe that if things go wrong between MSSPs and organizations, MSSPs controlling the entire system architecture will be detrimental to the companies. The factor mentioned above is also one of the reasons why companies still hesitate to give MSSPs complete control of their system design.

COVID-19 Impact Analysis

The COVID-19 outbreak is expected to influence managed security services market share growth positively. The growth is because, with COVID-19, managed security services are expected to help businesses solve security concerns and provide safety information access when working remotely.

Furthermore, as internet traffic has increased, many businesses' risk of cyberattacks has increased dramatically, necessitating the deployment of managed security services. Market growth has been supported by innovations and developments in managed security services, such as firewall management and endpoint security and a rise in the number of cyberattacks since the pandemic began.

For instance, as per the cybersecurity research firm FireEye, between January 20 and March 11, APT41 attackers exploited the vulnerabilities of Cisco routers, Citrix Netscaler traffic controllers and Zoho ManageEngine Desktop Central products. The number of companies they have hacked is nearly 75 across 20 countries, including U.S., Canada, Philippines, Switzerland, Australia, UK, affecting critical fields of business such as finance, defense and oil and gas.

Segment Analysis

The global managed security services (MSS) market is segmented on service, security type, organization size, deployment type, end-user and region.

Growing cybercrime faced by the IT industry has escalated the demand for MSS in managed IAM applications

The global managed security services (MSS) market is segmented into managed IAM, managed detection and response, managed risk and compliance, managed vulnerability management, managed IDS/IPS, managed encryption, managed SIEM and others based on security types. Out of the mentioned applications, managed IAM is expected to show an incremental growth rate in the forecast period. The segment's growth is due to growing IT risks and eliminates the security risk of simple, reused and improperly managed passwords.

Furthermore, IAM Managed Service Solutions include IAM platform management and Application-Identity Management, such as Salesforce Identity Management, EMR Systems (EPIC, Cerner, Kronos)-User Identity Management, etc. IAM managed security services also assists with regulatory compliance for the General Data Protection Regulation (GDPR), PCI DSS, PHI/PII Security, the Health Insurance Portability and Accountability Act (HIPAA), Sarbanes Oxley (SoX), Gramm-Leach-Bliley Act (GLB), ISO 27001; Federal Information Security Management Act (FISMA); FDA 21 CFR Part 11; The Health Information Technology for Economic and Clinical Health Act (HITECH) Act; Freedom of Information Act (FOI) and others.

For instance, Avancer's highly specialized offering enables enterprises to keep their IAM infrastructure efficient. Managed IAM provider services to increase business value by lowering the cost of IT System Management. The service involves preserving sensitive data, securing user identities and controlling application security.

Geographical Analysis

Growing cyber crimes and managed security service companies in North America has escalated the growth of the market in the region

North America is expected to have the largest market share in the MSS market. Early MSS adoption and the availability of multiple MSS vendors are projected to boost market expansion in the region. The major key players expanding the region's market share for the MSS market include IBM, AT&T Inc., SecureWorks, Inc, DXC Technology Company, Verizon Communications Inc, Cipher Security, Trustwave Holdings, Inc, The Herjavec Group, Lumen Technologies and others.

Security breaches in the region have increased due to the COVID-19 pandemic, with hospitals, medical facilities and public institutions being the most targeted verticals. During the pandemic, U.S. Department of Health and Human Services (HHS) was attacked on its servers, prompting an urgent need to defend the agency's systems with strong security measures. According to a survey performed by Carbon Black, a cybersecurity firm based in Massachusetts, 82 percent of Canadian CIOs believe the amount of cyberattacks on their organizations is increasing.

The number of Canadian businesses was rapidly expanding. Due to these security concerns, organizations have been forced to implement MSS to protect their assets against intrusions.

Competitive Landscape

The global managed security services (MSS) market is highly competitive with local and global key players. Key players contributing to the market's growth are International Business Machines Corporation (IBM), NTT, AT&T Inc. (AT&T), SecureWorks, Inc. (SecureWorks), Wipro Limited (Wipro), BT Group plc (BT), Atos SE (Atos), DXC Technology Company (DXC Technology), Infosys Limited (Infosys), Verizon Communications Inc. (Verizon), Cipher Security, Accenture among others.

The major companies are adopting several growth strategies such as product launches, acquisitions and collaborations, contributing to the global growth of the managed security services (MSS) market.
• For instance, In September 2021, ATOS started a bug bounty program in conjunction with Intigrit. The service is aimed to provide customers with vulnerability detection and remediation services. An ATOS consultant will provide audit, penetration testing, platform report analysis, vulnerability classification, monitoring, remediation and managed detection and response services.
• On April 13, 2022, Atos announced to be positioned in the Leaders Category in IDC MarketScape: European Managed Security Services 2022 Vendor Assessment. The positioning demonstrates Atos' cybersecurity solutions' power, relevance, European DNA and a deep understanding of the region's features and needs.

IBM

Overview: International Business Machines Corporation supplies its products and solutions in 9 categories: AI, BlockChain, Cloud Computing, Data Analytics, IT Infrastructure, Security, supply chain, Business Operation and supply chain. The company provides services in 19 sectors, including automotive, aerospace, education, electronics and other industries. The company operates in more than 175 countries, expanded in the Americas, Africa, Asia Pacific, Europe and the Middle East regions

Product Portfolio: IBM Security: IBM Security is an AWS Level 1 MSSP Competency Partner. IBM MSS is a specialist in addressing security needs, from the simplest to the most complex, monitoring and managing security incidents 24x7x365.

Key Development
• In August 2021, IBM announced adding new SASE services to its Zero Trust plan to enhance network security.

Why Purchase the Report?
• Visualize the global managed security services (MSS) market segmentation by service, security type, organization size, deployment mode, application, end-user and region, highlighting key commercial assets and players.
• Identify commercial opportunities in the managed security services (MSS) market by analyzing trends and co-development deals.
• Excel data sheet with thousands of global managed security services (MSS) market-level 4/5 segmentation points.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global Managed Security Services (MSS) market report would provide approximately 77 market data tables, 79 figures and 210 pages.

Target Audience 2022
• Service Providers/ Buyers
• Automotive
• Research Laboratory
• Oil and Gas Company
• Manufacturers
• Energy & Utilities Companies
• Distributors