Cyber Security Managed Services Market Forecasts to 2028 – Global Analysis By Service (Managed Security Incident & Event Management (SIEM), Compliance & Vulnerability Management, and Other Services), Enterprise Size (Small & Medium Size Enterprise and Lar

Cyber Security Managed Services Market Forecasts to 2028 – Global Analysis By Service (Managed Security Incident & Event Management (SIEM), Compliance & Vulnerability Management, and Other Services), Enterprise Size (Small & Medium Size Enterprise and Large Enterprise), Industry (IT & Telecom, Retail and Others Industries), Deployment Mode and By Geography

According to Stratistics MRC, the Global Cyber Security Managed Services Market is accounted for $14.29 billion in 2022 and is expected to reach $41.36 billion by 2028 growing at a CAGR of 19.3% during the forecast period. Increase in cybercrime actions, cost efficiency, and strict government regulations drive the global managed security services market. Moreover, increase in tendency of mobile devices at workplace, and raise in electronic data fuel the market growth. Though, hesitation to share sensitive data restricts the market growth. Moreover, rising alertness about data security, rising importance of e-business, and demand of services is likely to offer profitable opportunities for development of the market during the forecast period.

According to Hackmageddon, the total number of major global attacks reported in the news was higher in almost every month of 2020. Owing to these circumstances, companies considered opting for cyber security managed services, which positively influence the market growth. Additionally, rapidly evolving technological advancements have lured new variants of attacks. Traditional cyber security services are not able to affect these attacks. MSSPs are enhancing their security services to minimize these attacks and improve the organization's security resilience.

Market Dynamics:

Driver:

Increasing prevalence of work from home and bring-your-own-device (BYOD)

The prevalence of work from home and bring-your-own-device has raised the concerns of cyber threats considerably, creating growth opportunities for managed security services providers. These employees use Smartphone, laptops, tablets, and other personal devices privately on networks to start connections that can be easily compromised. These personal devices are used for corporate information, increasing the potential for cyber attacks and creating a threat to an organization's security posture. Organizations utilize managed cyber security services to diminish the threat landscape to protect an organization from potential harm. Hence, the rise of bring-your-own-device (BYOD) and work from home (WFH) is driving the market.

Restraint:

Availability of only few experts and specialists

The need for sophisticated services and rising online security threats are increasing drastically. Conventional network security services cannot shield organizations from the cloud, extended network, and endpoint security threats. The absence of experts and specialists in the further progress and improvement of security services, are measured major drawbacks.

Opportunity:

Increasing cyber-attacks

Managed Cyber Security Services in Banking are used to protect the banks from cyber-attacks. They help organizations prevent data breaches, find malware and viruses before they enter a network, monitor threats that have been detected by advanced security tools, and ensure the safety of cloud services. It also became an important asset for financial institutions as it ensures safety from various cyber threats like malware attacks, which can lead them to lose customers trust, these services are not only used in banking, and financial institutes but also used in healthcare, telecom and IT, and government and public utilities.

Threat:

Integration of cyber security solutions in a timely manner

Integrations allow the solutions to work in concert with other cyber security technology to offer enterprise-wide network security and data protection, resulting in highly effective incident response and threat detection. Cyber security integration providers exist to take over the day-to-day administration and monitoring needs of an organization, so businesses can focus on larger, strategic security issues. They allow to keep running the organization at peak performance but when the integration of the cyber security is delayed which leads to data theft.

Covid-19 Impact

Due to COVID-19 pandemic, work-from-home and remote working as mandatory and are making employees to connect with unsecured networks. Hackers are taking this opportunity to utilize these as opportunities and mainly penetrate corporate web applications. Hence, persons who are responsible of several industries are in a threat, need to continuously monitor the evolving cyber threats and safeguard their enterprise systems. Owing to this, cybercriminals across the globe certainly are benefiting on this crisis. There has been a rise in attacks, as hackers are using this crisis as bait to imitate brands, thereby misleading employees.

The managed detection response segment is expected to be the largest during the forecast period

The managed detection response segment is estimated to have a lucrative growth, due to outsourced service that provides organizations with risk hunting services and responds to threats once they are discovered. MDR address the problems not only by detecting threats but also by analyzing all the factors and indicators involved in an alert. It also involves a human element, Security providers provide their MDR customers access to their pool of security researchers and engineers, who are accountable for monitoring networks, analyzing incidents, and responding to security cases, which helps the organisations and companies to protect their data from the threats and in turns increases the demand in the global market.

The healthcare segment is expected to have the highest CAGR during the forecast period

The healthcare segment is anticipated to witness the fastest CAGR growth during the forecast period, due to adoption of cyber security solutions and services by healthcare organizations, in order to protect hospital and patient information from cyber-attacks and data breaches. There different segments involved in healthcare cyber security including consulting, risk assessment, design and integration, and training. Rising incidents of hacking and other types of cybercrimes have led to increased adoption of cyber security in the healthcare sector.

Region with highest share

Asia Pacific is projected to hold the largest market share during the forecast period owing to rising funds by government, key players, and foreign investors in various smart city projects, block chain projects, and others. The applications of security services, including managed security services, hardware support and consulting and training will be increased across the region. With rising and falling economic costs, regulatory costs and status costs connected with cyber attacks, there is no sign that the trend for cyber security services will slow. Increasing acceptance of software-defined IT infrastructure and partnership, company, and service upgrades are some factors pushing the Asia Pacific market growth.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the rising incidences of cyber-attacks, the demand for managed security solutions within Europe has risen ever since. The cyber security breaking through the banking sector are quickly increasing, and concerns over stealing of personal data, and other critical information related to the customers are growing. Such incidences have increased the concerns about the security of customer information which is transferred electronically. Moreover, the rules pertaining to the data security have raised the need for development in data security levels. Various other policy have obligated the organizations operating in diverse sectors to boost levels of data security.

Key players in the market

Some of the key players profiled in the Cyber Security Managed Services Market include BDO Global, Secureworks, Inc., Accenture, Atos SE, Capgemini, Raytheon, Wipro, Tata Consultancy Services limited, AT&T Intellectual Property, Trustwave Holdings, Inc, SecurityHQ .

Key Developments:

In February 2022, Tata Consultancy Services launched an integrated suite of cyber defense that provides overall predictive and visibility capabilities to safeguard and respond against advancing risks. It is a complete package of cyber security services offered on a single platform to give leaders agility and confidence to expand their digital enterprises.

In November 2021, AT&T launched a unified, managed cyber security offering intending to help the U.S. federal agencies to protect and modernize their IT infrastructure. This launch aligns with the Trusted Internet Connection (TIC) 3.0 cyber security guidance.

In October 2021, BDO announces launch of Global Value Chain Solutions a new, integrated suite of services that address every element of global supply chain strategy. With ongoing instability in markets across the globe exposing weaknesses and gaps in supply chains, BDO’s new solutions help customers address those problems and unlock new value.

Services Covered:
• Managed Security Incident & Event Management (SIEM)
• Compliance & Vulnerability Management
• Managed Detection Response (MDR)
• Identity & Access Solution
• Other Services

Enterprise Sizes Covered:
• Small & Medium Size Enterprise
• Large Enterprise
• Other Enterprise Sizes

Industries Covered:
• IT & Telecom
• Retail
• Healthcare
• Manufacturing
• Travel & Transportation
• Government
• BFSI
• Energy and Utilities
• Others Industries

Deployment Modes Covered:
• On-Premise
• Cloud
• Other Deployment Modes

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements