Global Managed Security Services Market 2023-2030

Global Managed Security Services Market 2023-2030

Global Managed Security Services Market Size, Share & Trends Analysis Report by Type (Managed IoT Security, Managed Security Service Providers (MSSPs), and Telecom Service Provider), by Service Type (Firewall Management, Cloud Security, End-Point Security, Risk Assessment, and Others), by Deployment Type (On-Premise, and Cloud), and by Vertical (BFSI, Government and Defense, Retail, Manufacturing, Healthcare and Life Sciences, IT and Telecom, and Others), Forecast Period (2023-2030)

The global managed security services market is anticipated to grow at a CAGR of 13.9 % during the forecast period (2023-2030). The market’s growth is attributed to Increase in web application attacks across the globe. Web application attacks are among the most prevalent and harmful cyber dangers in usage currently, rendering specialized solutions such as individuals provided by Fastly necessary to protect companies and their digital assets. For instance, in March 2023, Fastly, Inc. launched Fastly Managed Security Service, a superior, 24/7 threat detection and response service committed to assisting enterprises in significantly reducing the risk of web application attacks and related business losses owing to lost transactions. Providing users with safe digital experiences. Delivers thorough visibility and the experienced individuals required to promptly identify and eliminate potential risks.

Segmental Outlook

The global managed security services market is segmented on the type, service type, deployment type, and vertical. Based on the type, the market is sub-segmented into managed IoT security, managed security service providers (MSSPs), and telecom service provider. Based on the service type, the market is sub-segmented into firewall management, cloud security, end-point security, risk assessment, and others. Based on the deployment type, the market is sub-segmented into on-premise, and, cloud. Furthermore, on the basis of vertical, the market is sub-segmented into BFSI, government and defense, retail, manufacturing, healthcare and life sciences, it and telecom, and others. The BFSI subcategory is expected to capture a significant portion of the market share within the vertical segment. This is attributed to owing to MSSs' significance in the finance and banking sectors. To protect the accounts of their consumers from unauthorized financial transfers and password intrusions, institutions such as banks utilize complex safety measures.

The Cloud Sub-Segment is Anticipated to Hold a Considerable Share of the Global Managed Security Services Market

Among the deployment type, the cloud sub-segment is expected to hold a considerable share of the global managed security services market. The segmental growth is attributed to the adoption of the cloud and complexity. Cloud Detection and Response services needs to be utilized in order to protect cloud settings as a result of the rapidly use of cloud services, that has rendered cybersecurity more complex. For instance, in August 2023, Kivu Consulting introduced two new managed security services: Cloud Detection and Response and Identity Threat Detection and Response. The service provides features such as the identification of cloud accounts, infrastructure misconfigurations, and compliance violations. Additionally, Kivu's service is able to detect and prevent cloud account and control plane threats, in addition to resolve vulnerabilities and misconfigurations in cloud workloads. Finally, the service offers runtime detection and response capabilities for container and function-based applications.

Regional Outlook

The global managed security services market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the rise in outsourcing needs among various tech behemoths. Regional expansion is expected to be supported by managed service options that meet individual demands and the rising demand for cloud computing, network security, and data protection.

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Managed Security Services Market

Among all regions, the Asia-Pacific regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the rising security management across the region. Organizations can effectively manage and secure their networked devices with the help of solutions such as Secure Device Manager, ensuring that the devices remain safe from attacks. For instance, in December 202, Vi Business under the ‘Vi Secure’ portfolio collaborated with FirstWave Cloud Technology and Trend Micro, new security products named Web Security, Email Security, and Maximum Device Security products have been developed. Through agreements with Fortinet, IBM, and Netscout Arbor, it additionally includes other essential products such as Cloud Firewall, Managed Security Services, Secure Device Manager, and Managed DDoS solutions.

Furthermore, in recent years, several countries have implemented data sovereignty regulations, including India, that requires organizations to store certain types of data within their national borders. This has led to an increased demand for data center infrastructure and managed security services in order to ensure compliance with the law. In August 2021, Trend Micro Incorporated launched its Cloud One regional data center in India, to uphold data sovereignty and safeguard data privacy in the country.

Market Players Outlook

The major companies serving the global managed security services market include Broadcom, Inc., Capgemini Services SAS, CenturyLink, Fortra, Fujitsu Ltd., and Others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2022, Fujitsu Ltd. collaborated with InPhySec. The acquisition reflects the most recent development in Fujitsu's globally M&A strategy and expands on the services provided by recently acquired companies Versor, oobe, and Enable Professional Services to support customers as they participate on digital transformation projects.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global managed security services market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.