Pune India, Dec. 20, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Managed security services market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Managed security services market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the service type, type, security type and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Managed security services market are SecureWorks, Inc., Trustwave Holdings, Inc., AT&T, Broadcom Inc., NTT Security, IBM Corporation, Verizon Communications Inc., Atos SE, Optiv Security, Inc., DXC Technology, Wipro Limited, Accenture, Cipher, BT Group plc among others. Corporation, Verizon Communications Inc., Atos SE, Optiv Security, Inc., DXC Technology among others. To achieve a substantial market share in the worldwide Managed security services market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Through managed security services, third parties offer preventative security measures. These services are tailored to fit the needs and security requirements of a company. Managed security services include ongoing network (cloud-based or on-premises) and application monitoring, analysis, and review. The IT sector's ongoing advancements are contributing to security-related issues. Organizations are working together on R&D initiatives and establishing alliances in order to deliver effective managed security services for rapidly changing IT technologies. Organizations are struggling to manage a variety of complex corporate networks and software applications. They, therefore, use managed service providers to take care of their IT requirements. Managed security services, a type of outsourcing, ensure that cyber defense measures are implemented and managed to safeguard a company's digital assets from ever-changing security threats. Managed security service providers offer security services like as infrastructure creation, data protection, security management, incident response management, regulatory compliance, and continuous monitoring. Organizations utilise MSSPs because they lack internal security expertise or resources and because there is a rising need for continuous security management and monitoring outside of usual business hours. Businesses are able to focus on their core business operations with no interference from security measures thanks to MSSPs' maintenance of an MSSP interface for continuing reporting and communication to businesses.
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Scope of Managed security services market report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Service Type, Type, Security Type and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | SecureWorks, Inc., Trustwave Holdings, Inc., AT&T, Broadcom Inc., NTT Security, IBM Corporation, Verizon Communications Inc., Atos SE, Optiv Security, Inc., DXC Technology, Wipro Limited, Accenture, Cipher, BT Group plc among others. |
Segmentation Analysis
The BFSI segment is expected to be the fastest-growing segment in 2021.
The Service Type segment includes BFSI, Managed IAM, MDR, Managed SIEM and Log Management. The BFSI segment is expected to witness the highest growth rate during the forecast period. Extremely private information, such as user names, passwords, and financial details regarding customers, are stored in the BFSI. Because of this, the sector is largely focused on protecting these resources and crucial data. Financial institutions are aware of the advantages of cutting-edge technical advancements that might be used to improve customer experience and protect their consumers from the effects of a security breach. The BFSI industry is particularly affected by phishing and DDoS attacks aiming to steal login credentials and stop online transactions.
The fully managed segment is expected to be the fastest-growing segment in 2021.
The Type segment includes Fully Managed and Co-managed. The fully managed segment is expected to witness the highest growth rate during the forecast period. Over co-managed services, fully MSS has several benefits, including a managed workforce that can connect to a secure network and communicate remotely, full remote and on-site support, and specialized and qualified knowledge to address security concerns. Instead of spending money to train internal IT experts to address cybersecurity issues and develop a complete IT security architecture, using an MSSP is more cost-effective. IBM (US), Cipher Security (US), Digital Guardian (US), SecureWorks (US), TCS (India), and Nettitude are some of the well-known fully MSSPs (US). Following the COVID-19 pandemic, businesses are having problems monitoring the security of remote employees.
The cloud segment is expected to be the fastest-growing segment in 2021.
The Security Type segment includes Network, Cloud, Endpoint and Application. The cloud segment is expected to witness the highest growth rate during the forecast period. Cloud security solutions provide comprehensive ransomware, internal email, and file-sharing threat protection for the corporate cloud. Integration of cloud security solutions with existing company processes, operational units, and systems is straightforward. Cloud security, which addresses both physical and virtual security, offers a variety of service models for software, platforms, and infrastructures. Cloud application security solutions include risk analysis, application governance, DLP, IAM, encryption, malware detection and prevention, and SIEM. These programmes regulate the usage of sensitive data while ensuring security, compliance, and IT governance. The need for cloud security grows along with the amount of sensitive data stored there.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the Managed security services include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The Asia Pacific region witnessed a major share. Because there aren't enough internal security specialists and security tools aren't readily available, data won't be protected against sophisticated cyberattacks during the forecast period. With the rising usage of cutting-edge technologies like IoT, cloud computing, and operational technologies, the complexity of the IT security architecture increases. Due to the constant evolution of cyber risks and the inability of current security systems to prevent these sophisticated security threats, the market for managed security services in the region is growing.
Country Analysis
- Germany
Germany Managed Security Services market size was valued at USD 0.51 billion in 2021 and is expected to reach USD 0.55 billion by 2029, at a CAGR of 11% from 2022 to 2029. Germany, one of the world's major industrial nations, will see IT-OT convergence as one of its growth trends. The need to protect both IT and operational technology (OT) environments is expected to enhance the use of MSS solutions that meet this demand. The Internet of Things (IoT) security concerns are also projected to fuel the market.
- China
China’s Managed Security Services’ market size was valued at USD 0.84 billion in 2021 and is expected to reach USD 0.93 billion by 2029, at a CAGR of 14% from 2022 to 2029. China's demand for security and surveillance technology has rapidly expanded during the past ten years. The following ten years will see an increase in output and demand. Long-term increases in industrial output, import and export, consumer spending, and capital investment have contributed to the Chinese economy's continued rapid growth. China's economic trends, investment environment, industry development, supply and demand, industry capacity, industry structure, marketing channels, and significant industry participants were all analysed in a recent study.
- India
India's Managed Security Services market size was valued at USD 0.78 billion in 2021 and is expected to reach USD 0.86 billion by 2029, at a CAGR of 13% from 2022 to 2029. As cybercrimes increase in frequency and frequency in India, organizations are under increasing pressure to take preventive action against potential threats. The security lapses at the Indian nuclear power plant show that there is still a possibility of an attack and that the precautions may not have been adequate. Maintaining cybersecurity safeguards that are current and applicable is so essential.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven by rising security breaches and stringent government regulations to stop them.
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