Newark, May 01, 2023 (GLOBE NEWSWIRE) -- The global managed security services market is expected to grow from USD 20.58 Billion in 2020 to USD 76.29 Billion by 2030, at a CAGR of 14% during the forecast period 2021-2030. The managed security services market is primarily driven by rising demand for MSS because of stringent government policies and the necessity to protect various companies from cyber-attacks. Furthermore, the lower implementation costs of these MSS will boost market growth in the coming years.
Request PDF Brochure: https://www.thebrainyinsights.com/enquiry/sample-request/12638
The managed SIEM segment is expected to grow at the fastest CAGR of 15% over the forecast period.
The security type segment is divided into managed SIEM, managed IAM, managed firewall, and MDR. The managed SIEM segment is expected to grow at the fastest CAGR of 15% over the forecast period. Managed SIEM is a service that allows an organization to outsource the deployment, setup, and monitoring of a SIEM software solution to a third-party service provider. The third-party service provider hosts a SIEM application on its servers and monitors the organization's network for potential security threats.
The fully MSS segment is expected to grow at the fastest CAGR of 17% during the forecast period.
The service type segment is divided into co-managed and fully MSS. During the forecast period, the fully MSS segment is expected to grow at the fastest CAGR of 17%.
The BFSI segment dominated the market, accounting for around 8.64 billion of global revenue in 2020.
The vertical segment is divided into BFSI, government, and healthcare. The BFSI segment dominated the market, accounting for around 8.64 billion of global revenue in 2020. MSS are anticipated to assist the BFSI vertical in ensuring the confidentiality of sensitive data, hence assisting in the overall security posture. The most significant benefit of MSS in the BFSI sector is 24-hour, seven-day-a-week monitoring, which allows for quick incident response and remediation in the event of a security breach. The BFSI industry is highly concerned about the security of its clients' sensitive information. As a result, firms in the BFSI field are embracing MSS services in huge numbers to improve the protection of online services against cyberattacks.
Get additional highlights on the growth strategies adopted by vendors and their product offerings: https://www.thebrainyinsights.com/report/managed-security-services-market-12638
Scope of the Report
| Report Attributes | Details |
| Revenue Forecast by 2030 | USD 76.29 billion |
| CAGR | 14% from 2021 to 2030 |
| BFSI Industry Revenue | 42% in 2020 |
| Base Year | 2020 |
| Forecast Year | 2021 to 2030 |
| Key Players | Accenture, AT&T Inc., Atos SE, BT Group plc, Cipher Security, DXC Technology Company, Infosys Limited, International Business Machines Corporation, Kudelski Security, Lumen Technologies, NTT, Nuspire, SecureWorks, Inc., The Herjavec Group, Trustwave Holdings, Inc., Verizon Communications Inc., Wipro Limited |
Regional Segmentation Analysis:
The market is analyzed based on five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. In 2020, the BFSI segment dominated the market, accounting for around 7.10 billion of global revenue. Early MSS adoption, as well as the availability of multiple MSS vendors, are projected to boost market expansion in the region. Security breaches in the region have increased because of the COVID-19 pandemic, with hospitals, medical facilities, and public institutions being the most targeted verticals. During the pandemic, the US Department of Health and Human Services (HHS) was the target of cyber-attacks on its servers, prompting a rush to safeguard the agency's networks with robust security measures. In a survey of Canadian CIOs done by Carbon Black, a cybersecurity firm based in Massachusetts, 82 percent of respondents reported that the number of assaults on Canadian businesses was rapidly increasing. Organizations have been forced to use MSS to protect their assets from intrusions because of these security issues.
Competitive Analysis:
The major players of market include Accenture, AT&T Inc., Atos SE, BT Group plc, Cipher Security, DXC Technology Company, Infosys Limited, International Business Machines Corporation, Kudelski Security, Lumen Technologies, NTT, Nuspire, SecureWorks, Inc., The Herjavec Group, Trustwave Holdings, Inc., Verizon Communications Inc. and Wipro Limited among others.
Procure Complete Report (230 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.thebrainyinsights.com/buy-now/12638/single
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: www.thebrainyinsights.com
