The "Global Managed Security Services Market Size By Type, By Security Type, By Organization Size, By Deployment Model, By Vertical, By Geographic Scope And Forecast" report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Managed Security Services Market, including its growth prospects, market trends, and market challenges.
JERSEY CITY, N.J., July 13, 2023 /PRNewswire/ -- The Global Managed Security Services Market is projected to grow at a CAGR of 14.31% from 2021 to 2028, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 19.76 Billion in 2020 and is expected to reach USD 58.15 Billion by the end of the forecast period.
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Browse in-depth TOC on "Managed Security Services Market"
202 - Pages
126 – Tables
37 – Figures
Managed Security Services Market: Promising Growth Driven by Strong Market Drivers and Key Players
The Managed Security Services (MSS) Market, characterized by network services that offer a systematic approach to managing an organization's security requirements, is poised for significant growth in the coming years. MSS encompasses a range of essential services, including continuous monitoring, intrusion detection system and firewall management, security checks and audits, as well as emergency response. These services can be conducted in-house or outsourced to a reputable service provider.
The market for managed security services is expected to witness substantial expansion, primarily fueled by a host of compelling market drivers. The inherent benefits of MSS, such as cost-effectiveness, comprehensive security protection, and continuous security monitoring, are driving its adoption across various industries. Moreover, the increasing prevalence of cyber activities, coupled with stringent government regulations and the rising trend of Bring Your Own Device (BYOD) among organizations, further contribute to the growth of the Managed Security Services Market.
Furthermore, the escalating demand for advanced threat protection in response to the surge in cyber-attacks is set to propel the market forward during the forecast period. However, it is important to acknowledge that certain restraints and challenges may impede market growth. Notably, the lack of trust in third-party applications to securely share sensitive data represents a significant market restraint that needs to be addressed.
Among the market segments, Small and Medium Enterprises (SMEs) are expected to exhibit the highest Compound Annual Growth Rate (CAGR). This growth can be attributed to the increasing awareness of security threats and the subsequent rise in security spending among these organizations. Additionally, the minimal IT staffing available to handle complex threats underscores the importance of managed security services for SMEs. Conversely, Large Enterprises are anticipated to dominate the market share due to their greater need for advanced protection measures.
Geographically, North America is projected to hold the largest market share, primarily due to extensive developments in the IT sector within the region. The presence of advanced infrastructure and technological advancements further contribute to North America's dominance in the market. Conversely, the Asia Pacific region is expected to witness the highest CAGR. This growth is driven by the region's proactive approach towards stricter cyber enforcement and increased IT security spending, particularly in countries such as India and China.
The Managed Security Services Market is home to several key players, including IBM, SecureWorks, BT group, AT&T, Verizon, Trustwave, Symantec, ATOS, Symantec, and BAE Systems. These industry-leading companies play a pivotal role in shaping the market landscape through their financial statements, product benchmarking, SWOT analysis, and key development strategies. Their expertise and commitment to delivering robust security solutions further contribute to the market's growth and maturity.
In conclusion, the Managed Security Services Market is poised for remarkable growth, driven by compelling market drivers and key players' expertise. With an emphasis on cost-effectiveness, comprehensive security protection, and continuous monitoring, managed security services offer organizations a strategic approach to safeguarding their digital assets. As the demand for advanced threat protection continues to rise, the market presents lucrative opportunities for businesses worldwide.
To get market data, market insights, financial statements and a comprehensive analysis of the Global Managed Security Services Market, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Managed Security Services Market into Type, Security Type, Organization Size, Deployment Model, Vertical, And Geography.
- Managed Security Services Market, by Type
- Managed Identity and Access Management
- Managed firewall
- Managed risk and compliance management
- Managed antivirus/anti-malware
- Managed vulnerability management
- Managed Security Information and Event Management
- Managed encryption
- Managed disaster recovery
- Managed Data Loss Prevention
- Managed Unified Threat Management
- Managed Intrusion Detection System/ Intrusion Prevention System
- Managed Distributed Denial of Service mitigation
- Others
- Managed Security Services Market, by Security Type
- Managed Application Security
- Managed Cloud Security
- Managed Endpoint Security
- Managed Network Security
- Managed Security Services Market, by Organization Size
- Large Enterprise
- Small & Medium Enterprise
- Managed Security Services Market, by Deployment Model
- On-premises
- Cloud
- Managed Security Services Market, by Vertical
- BFSI
- Energy and Utilities
- Government and Defense
- Healthcare
- Manufacturing
- Retail
- Telecom and IT
- Others
- Managed Security Services Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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