Global Managed Security Services Market Report and Forecast 2024-2032

Global Managed Security Services Market Report and Forecast 2024-2032

Global Managed Security Services Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global managed security services market size reached a value of USD 31.67 billion in 2023. Aided by the escalating frequency and sophistication of cyber threats, coupled with the increasing digitisation of business operations, the market is projected to further grow at a CAGR of 13.5% between 2024 and 2032 to reach a value of USD 99 billion by 2032.

Managed Security Services (MSS) refer to outsourced cybersecurity solutions provided by third-party service providers to organisations seeking to enhance their security posture, detect and respond to cyber threats, and mitigate security risks effectively.

Several factors drive the managed security services market growth, underpinning the critical role of managed security services in safeguarding organisations' digital assets and mitigating cyber risks. Firstly, the escalating volume and complexity of cyber threats, including malware, ransomware, phishing attacks, and data breaches, have propelled organisations to seek specialised expertise and advanced technologies to fortify their cyber defences. Managed security services offer round-the-clock monitoring, threat detection, incident response, and remediation capabilities, empowering organisations to detect and mitigate threats in real-time, bolstering their resilience against cyber-attacks.

As per the managed security services market analysis, the expanding attack surface resulting from the proliferation of digital endpoints, cloud infrastructure, Internet of Things (IoT) devices, and remote workforce environments has heightened the demand for comprehensive security solutions and proactive threat intelligence. Managed security services providers offer holistic security solutions that encompass endpoint security, network security, cloud security, identity and access management, and security information and event management (SIEM), providing organizations with integrated and cohesive defence strategies tailored to their unique risk profiles and compliance requirements.

As per the managed security services market outlook, regulatory compliance mandates and industry standards impose stringent security requirements on organisations across sectors such as finance, healthcare, government, and critical infrastructure, driving the adoption of managed security services to achieve compliance, demonstrate due diligence, and protect sensitive data and assets. Managed security services providers offer expertise in navigating regulatory landscapes, implementing security controls, and conducting compliance audits and assessments, enabling organizations to maintain regulatory compliance and mitigate legal and reputational risks.

The global managed security services market presents abundant opportunities for innovation, collaboration, and value creation, fuelled by emerging trends and evolving customer needs. One such opportunity lies in the integration of advanced technologies such as artificial intelligence (AI), machine learning (ML), and automation into managed security service offerings. AI and ML algorithms enable predictive analytics, anomaly detection, and behavioural analysis, enhancing threat detection capabilities and enabling proactive threat hunting and response, thereby reducing response times, minimising false positives, and maximising operational efficiency.

Furthermore, the rise of hybrid and multicloud environments, fuelled by digital transformation initiatives and cloud adoption trends, presents opportunities for managed security services providers to offer cloud-native security solutions and managed detection and response (MDR) capabilities tailored to cloud workloads, applications, and infrastructure, which can boost the managed security services market share. Managed security services for cloud environments encompass cloud security posture management (CSPM), workload protection, data encryption, and identity and access controls, ensuring robust security and compliance in dynamic and distributed cloud ecosystems.

Additionally, the convergence of managed security services with managed detection and response (MDR), threat intelligence, and incident response capabilities enables organisations to adopt a proactive and intelligence-driven approach to security operations, enhancing visibility, detection, and response capabilities across the cyber kill chain. Managed security services providers offer threat hunting, incident investigation, and response orchestration services, empowering organisations to rapidly detect, contain, and remediate security incidents, minimising impact and disruption to business operations and propelling the managed security services market expansion.

Market Segmentation

The market can be divided based on deployment type, service type, security type, service provider, end-use, and region.

Market Breakup by Deployment Type

• Cloud
• On-Premise

Market Breakup by Service Type

• Managed SIEM
• Managed UTM
• Managed DDoS
• Managed XDR
• Managed IAM
• Managed Risk and Compliance
• Others

Market Breakup by Security Type

• Network Security
• Cloud Security
• End Point Security
• Application Security

Market Breakup by Service Provider

• Managed Security Specialists
• IT Services Providers
• Telecom Service Providers

Market Breakup by End Use

• BFSI
• Retail
• Government and Defence
• Healthcare and Life Sciences
• Manufacturing
• IT and Telecom

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global managed security services market. Some of the major players explored in the report by Expert Market Research are as follows:

• Broadcom, Inc.
• Secureworks Inc.
• Fortra, LLC
• Trustwave Holdings, Inc.
• Verizon Communications Inc.
• BAE Systems plc
• IBM Corporation
• Wipro Limited
• Cisco Systems, Inc.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.