Dublin, May 14, 2024 (GLOBE NEWSWIRE) -- The "Global Managed Security Services Market by Service Type (Managed IAM, MDR, Managed SIEM, Log Management), Type (Fully Managed & Co-managed), Security Type (Network, Cloud, Endpoint, Application), Organization Size, Vertical, & Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global MSS market is expected to grow from USD 30.6 billion in 2023 to USD 52.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 11.5% during the forecast period. The escalating frequency and sophistication of cyberattacks are driving organizations to seek Managed Security Services (MSS) to enhance their cyber defense capabilities. Also, with a chronic shortage of cybersecurity talent, businesses are turning to MSS providers to bridge the skills gap, allowing them to access experienced professionals and advanced technologies without the burden of recruiting and retaining in-house security experts. 
Among security types cloud security segment to grow at the highest CAGR during the forecast period
As enterprises increasingly embrace cloud technologies, the managed security services market for cloud security is skyrocketing due to businesses seeking specialized expertise to navigate cloud-specific threats and complexities while optimizing costs and ensuring compliance with evolving regulations. MSSPs are well-versed in cloud-related compliance requirements and help organizations adhere to industry-specific regulations when operating in the cloud.
Among the organization size, the large enterprise segment holds the highest market share during the forecast period
Large organizations seek to offload the complexities of security management to specialized providers, ensuring round-the-clock protection of their vast digital assets and sensitive data. Furthermore, the cost-effectiveness and scalability of managed services enable large enterprises to optimize their security investments and focus on core business operations.
Among regions, Middle East & Africa is to hold a higher CAGR during the forecast period
The Middle East & Africa region is establishing the foundation for a bright digital future through strong government backing, tactical alliances, and a flourishing network of regional cloud service providers. The boost in cloud-managed security services drives the demand for MSS to provide a secure cloud environment. Also, to tackle this problem of skilled employee shortage, government and private companies are coming up with various initiatives. For instance, the Saudi government is investing heavily in initiatives to enhance digital skills, including a $1.2 billion plan to train 100,000 youths in fields like cybersecurity.
Research Coverage
The market study covers the MSS market across segments. It aims to estimate the market size and the growth potential across different segments, such as service type, type, security type, organization size, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Companies Featured
- IBM
- NTT
- AT&T
- Accenture
- DXC Technology
- SecureWorks
- Trustwave
- Verizon
- Fujitsu
- HPE
- TCS
- Atos
- Orange Cyberdefense
- Rapid7
- Trend Micro
- Kudelski Security
- CrowdStrike
- F5
- Capgemini
- Infosys
- Lumen Technologies
- Kroll
- Cipher
- RSI Security
- SecurityHQ
- LightEdge
- LRQA Nettitude
- Teceze
- CyFlare
- Ascend Technologies
- Avertium
- DigitalXRaid
- TrustNet
Key Attributes
| Report Attribute | Details |
| No. of Pages | 390 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $30.6 Billion |
| Forecasted Market Value (USD) by 2028 | $52.9 Billion |
| Compound Annual Growth Rate | 11.5% |
| Regions Covered | Global |
Premium Insights
- Increased Security Breaches and Sophisticated Cyberattacks to Drive Managed Security Services Market
- Managed SIEM & Log Management Segment to Account for Largest Market by 2028
- Network Security Segment to Lead Market During Forecast Period
- BFSI Segment to Account for Largest Market During Forecast Period
- North America to Account for Largest Market During Forecast Period
- Middle East & Africa to Emerge as Lucrative Market for Investments in Next Five Years
Market Dynamics
- Drivers
- Intensifying Complexity of Cyber Threats
- Evolving Regulatory Landscape and Stringent Government Regulations
- Surge in Cloud Adoption and Prevalence of Hybrid Environments
- Restraints
- Limited Capabilities for Threat-Hunting and Incident-Response Services
- Enterprises' Reluctance to Outsource Operations
- Opportunities
- Growing Adoption of Cloud Technology and IoT Devices
- Rising Demand for Advanced Cybersecurity Measures
- Challenges
- Rising Cyberattacks on Infrastructure of Managed Security Service Providers
- Shortage of Security Professionals
- Limited Capital Funding in Emerging Economies
Technology Analysis
- Key Technologies
- AI/ML and Managed Security Services
- Cloud-based Security Solutions
- Adjacent Technologies
- Zero-Trust Architecture
- IoT and Managed Security Services
- Extended and Detection Response (XDR)
Case Studies
- DXC Technology Helped INAIL Encounter Cyber Threats with Automation and ML
- Lumen Technologies Helped Net Protections Secure Its Network
- Trustwave Helped Augmedix Protect Vital Healthcare Information
For more information about this report visit https://www.researchandmarkets.com/r/aiwdns
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
