New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Managed Security Services Market Size, Share, Growth and Global Forecast to 2028 - COVID-19 Impact and Global Analysis By Service Type (Threat Management, Vulnerability Management, Log Management, SIEM, and Compliance Management), Threat Management Type [Managed Firewall, Managed IDS/IPS, Managed Virtual Private Network (VPN), Managed Anti-Virus and Malware, Managed Gateway Security, Managed Identity Access Management (IAM), Managed Data Loss Prevention (DLP), and Others], Deployment Type (Hosted MSS and CPE MSS), Enterprise Size (Large Enterprises and SMEs), Vertical (Retail, Manufacturing, BFSI, IT & Telecom, Healthcare, Government, Energy & Utility, Media, and Others)”, the global managed security services market growth is driven by increasing adoption of cloud and digital solutions across industries is elevating the risk of various threats like viruses and intrusion and rise in demand for threat management solutions.
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Global Managed Security Services Market – Report Scope:
| Market Size Value in | USD 24.13 Billion in 2022 |
| Market Size Value by | USD 50.07 Billion by 2028 |
| Growth rate | CAGR of 12.9% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 183 |
| Historical data available | Yes |
| Segments covered | Service Type, Threat Management Type, Deployment Type, Enterprise Type, and Vertical |
Global Managed Security Services Market: Competitive Landscape and Key Developments
AT&T Inc, IBM Corporation, Dell Secureworks Inc, Trustwave Holdings Inc, Verizon Communications Inc, Symantec Corporation, Hewlett Packard Enterprise Co, CenturyLink, NTT Corporation, and British Telecommunications are among the key managed security services market players operating across the globe.
In October 2022, Check Point Software announced the launch of its global Managed Security Service Provider (MSSP) Program to speed up its managed security service partner growth across the globe.
In November 2022, CyberRes announced the launch of its MSSP partner program. This partnership aims to enhance the company's service offerings globally in collaboration with various security solution providers.
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Managed security service providers (MSSPs) are exploring new technologies to gain more intelligent insights into the behavior of malware and other threats. Few MSSPs have integrated their existing managed security services with network sandboxing technology to gain access to the behavior of malicious activities in a virtual environment. Network sandboxing technology generates huge volumes of reporting information than traditional tools. This huge data comprises activities and incidents of malicious threats executed in a virtual environment; it is difficult to analyze. Advanced automated security event and log correlation rules are applied to filter out the false positives. The real threats are then analyzed using managed security services technology to understand the behavior and business impact of reaming positive threats. A detailed incident report is generated with specific remediation recommendations. This helps MSSPs focus their resources on true incidents rather than false positives and saves time.
Security regulations and compliances are becoming more complex these days, and organizations have to conduct business in keeping these security regulations and compliances in place. Understanding these complex security regulations and compliances for different businesses has hindered the growth of organizations. Risk compliances are continuously evolving with more complex policies, and emerging legal requirements and industry standards are changing the business landscape. MSSPs are always required to adhere to the current and updated compliance landscape. This is putting tremendous pressure on MSSPs to upgrade their technologies as per these regulations and compliances.
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Impact of COVID-19 Pandemic on Global Managed Security Services Market Growth:
The COVID-19 pandemic positively impacted the managed security services market size owing to the rise in demand for advanced security solutions among global industries. The initial phase of the pandemic recorded slow growth in the demand for MSS owing to temporary closure of businesses. However, with businesses gaining momentum since Q2 of 2020, the demand for security solutions increased across the globe among industries such as manufacturing, retail, energy & power, and healthcare offering lucrative business opportunities to the managed security services market players. These factors positively impacted the managed security services market growth
Global Managed Security Services Market: Service Type Overview
Based on service type, the managed security services market size is segmented into threat management, vulnerability management, log management, security information & event management (SIEM), and compliance management. The threat management segment accounted for the largest share of the global managed security services market in 2021. Threat Management, commonly known as unified threat management (UTM), is an approach to security management that allows the administrator to manage a comprehensive variety of security-related applications and components through a single management console. UTM is a cloud service that is an evolution over the traditional firewall, which provides various security functions, such as network firewalls, intrusion detection, gateway antivirus, gateway anti-spam, VPN, content filtering, load balancing, data loss prevention, and on-appliance reporting, in a single package. UTM for enterprise includes advanced features such as identity-based access control, load balancing, intrusion prevention, SSL and SSH inspection, and application awareness.
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The managed security services market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The APAC market is expected to grow at the highest CAGR during the forecast period. Growth of enterprise mobility, adoption of BYOD, and distributed IT environment are fueling the demand for identity & access management solutions and services in various verticals. Moreover, the high adoption of cloud services in APAC demanded more robust and comprehensive compliance management. All these factors are expected to create more demand for managed IAM services in APAC, thereby contributing to the APAC managed security services market growth over the forecast period.
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