New York, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The global managed security services market is expected to grow from USD 25.4 billion in 2022 to USD 89.97 billion by 2033, at a compound annual growth rate (CAGR) of 11.6% during the forecast period. The growth of the MSS market is being driven by a number of factors, including the increasing frequency and severity of cyberattacks, the growing adoption of cloud-based services, and the need for compliance with data protection regulations.
Managed security services (MSS) are a type of cybersecurity service that provides organizations with an outsourced solution for managing their security needs. MSS providers typically offer a wide range of services, including security monitoring, incident response, vulnerability management, and security consulting.
Introduction
The global managed security services market is a dynamic and evolving sector within the broader cybersecurity industry. Managed security services (MSS) encompass a range of offerings that organizations leverage to protect their digital assets, networks, and sensitive information from evolving cyber threats.
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Market Overview
Managed security services involve the outsourcing of security-related functions to third-party service providers. These services encompass threat detection and response, security information and event management (SIEM), firewall and intrusion detection system (IDS) management, vulnerability assessment, and compliance monitoring, among others. Organizations across various sectors, including finance, healthcare, government, and critical infrastructure, rely on MSS to enhance their cybersecurity posture.
Market Dynamics
Several key dynamics are influencing the growth of the global managed security services market:
- Increasing Cyber Threat Landscape: The rising frequency and sophistication of cyberattacks are prompting organizations to seek advanced security solutions and expertise.
- Shortage of Cybersecurity Talent: A shortage of skilled cybersecurity professionals is driving organizations to outsource security functions to MSS providers.
- Complex Regulatory Environment: Evolving data protection and privacy regulations require organizations to maintain robust cybersecurity measures, boosting the demand for MSS.
- Technological Advancements: The integration of artificial intelligence (AI), machine learning (ML), and automation into MSS enhances threat detection and response capabilities.
- Digital Transformation: As organizations undergo digital transformation, the need for scalable and adaptive security solutions becomes paramount.
Market Trends
Some of the key trends in the global managed security services market include:
- The increasing adoption of cloud-based MSS: Cloud-based MSS is becoming increasingly popular, as it offers a number of advantages over on-premises MSS, such as scalability, flexibility, and cost-effectiveness.
- The use of artificial intelligence (AI) and machine learning (ML) for security monitoring: AI and ML are being increasingly used by MSS providers to improve the efficiency and effectiveness of security monitoring.
- The growing demand for managed security services in emerging markets: The demand for managed security services is growing in emerging markets, such as Asia Pacific and Latin America, due to the increasing digitization of businesses in these regions.
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Competitive Landscape
The global managed security services market is highly competitive, featuring both established players and emerging vendors.
Key market players include
- IBM Corporation
- Cisco Systems
- Symantec Corporation
- Fortinet
- Computer Science Corporation
- Accenture PLC
- AT&T Inc.
- Intel Corporation
- Checkpoint Software Technologies Limited
- Trustwave Holdings
- Others
Recent Developments
- IBM : 2023 - Unveiled a new security suite called IBM Security QRadar Suite, which aims to unify and speed up the security analyst experience throughout the incident lifecycle.
- AT&T : 2023 - Partnered with Trinity Cyber, Inc. to provide the U.S. Air Force with a highly inventive, commercially managed cybersecurity solution.
- AWS : 2023 - Launched the AWS Level 1 MSSP Competency, which sets a new baseline standard for managed security services that protect, monitor, and respond to security events of essential AWS resources.
- Accenture : 2022- Acquired Symantec's cybersecurity services business to incorporate flexibility into security services.
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Market Segmentation
The global MSS market can be segmented by:
- Service type: The MSS market is segmented by service type into security monitoring, incident response, vulnerability management, security consulting, and other services. Security monitoring is the largest segment, accounting for over 30% of the market share in 2022.
- Deployment type: The MSS market is segmented by deployment type into on-premises, cloud-based, and hybrid. Cloud-based MSS is the fastest-growing segment, accounting for a CAGR of over 20% during the forecast period.
- Organization size: The MSS market is segmented by organization size into small and medium-sized enterprises (SMEs) and large enterprises. Large enterprises account for the majority of the market share, but SMEs are expected to grow at a faster rate during the forecast period.
- Industry: The MSS market is segmented by industry into BFSI, healthcare, IT and telecom, retail, manufacturing, and others. BFSI is the largest segment, accounting for over 25% of the market share in 2022.
Regional Analysis
North America is the largest market for managed security services, followed by Europe and Asia Pacific. North America accounts for over 35% of the global market share, due to the presence of a large number of MSS providers and the high adoption of cloud-based services in the region. Europe and Asia Pacific are expected to grow at a faster rate during the forecast period, due to the increasing digitization of businesses in these regions.
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