Global Managed Security Services Market, By Type (Managed Identity and Access Management (IAM), Managed Antivirus/Anti-Malware, Managed Firewall, Managed Risk and Compliance Management, Managed Vulnerability Management, Managed Security Incident and Event Management (SIEM), Managed Intrusion Detection Systems/Intrusion Prevention Systems (IDS/IPS), Managed Unified Threat Management (UTM), Managed Encryption and Others), Deployment Modes (On-Premises and Cloud), Organization Size (Small and Medium-Sized Enterprises (SMEs) and Large Enterprises), Vertical (Banking, Financial Services, and Insurance (BFSI), Government, Retail, Healthcare, IT, Telecom, Utilities, Manufacturing and Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2029.
Market Analysis and Insights of Managed Security Services Market
Surge in the adoption of advanced technologies such as artificial intelligence, growing adoption of cloud based services especially by small and medium scale enterprises and rising cases of security breaches and intellectual property thefts are the major factors attributable to the growth of the managed security services market. Data Bridge Market Research analyses that the managed security services market will exhibit a CAGR of 11.96% for the forecast period of 2022 -2029. Therefore, the managed security services market value would stand tall by USD 64.37 billion by 2029.
Managed security service refers to the management of IT security functions by third-party service providers. The major aim behind this is to protect an organization’s crucial information setup against a number of security attacks and malicious practices. Managed security services are effective in continuously monitoring and handling of intrusion detection systems.
Rising demand for effective and efficient database protection solutions and systems will emerge as the major market growth driving factor. Surging number of organizational data thefts and cybercriminals, growing number of small and medium scale enterprises especially in the developing economies, rising digitization of economies and surge in the adoption of cloud technology and internet of things devices will further aggravate the growth of the market. Increasing internet penetration and growing public expenditure for the development of IT infrastructure are some other factors bolstering the growth of the market.
However, lack of skilled workforce and technological expertise in underdeveloped and developing economies and lack of trust among enterprises in giving full control of their system architecture to third party service providers will act as a growth restraint for the market. Also, governments across the world are developing numerous stringent information security regulations and this will yet again hamper the market growth rate. Lack of a strong IT infrastructure in the underdeveloped economies will also hamper the market growth rate.
This managed security services market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on managed security services market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Managed Security Services Market Scope and Market Size
The managed security services market is segmented on the basis of type, deployment modes, organization size and vertical. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- Based on type, the managed security services market is segmented into managed identity and access management (IAM), managed antivirus/anti-malware, managed firewall, managed risk and compliance management, managed vulnerability management, managed security incident and event management (SIEM), managed intrusion detection systems/intrusion prevention systems (IDS/IPS), managed unified threat management (UTM), managed encryption and others.
- Based on deployment modes, the managed security services market is segmented into on-premises and cloud.
- Based on organization size, the managed security services market is segmented into small and medium-sized enterprises (SMEs) and large enterprises.
- Based on vertical, the managed security services market is segmented into banking, financial services, and insurance (BFSI), government, retail, healthcare, IT, telecom, utilities, manufacturing and others.
Managed Security Services Market Country Level Analysis
The managed security services market is segmented on the basis of type, deployment modes, organization size and vertical.
The countries covered in the managed security services market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the managed security services market and will continue to flourish its trend of dominance during the forecast period owing to the huge volume of organizational data, earliest adoption of MSS and the presence of several vendors that provide MSS solutions. Asia-Pacific will continue to undergo substantial gains during the forecast period. This is because of the growing expenditure for the development of IT infrastructure, rising security and privacy concerns and surging number of small scale businesses.
The country section of the managed security services market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Managed Security Services Market Share Analysis
The managed security services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to managed security services market.
The major players operating in the managed security services report are IBM, AT&T, DXC Technology Company, BT, Atos SE, Infosys Limited, Verizon, Cognizant, CIPHER, Wipro Limited., Accenture, Optiv Security Inc., Trustwave Holdings, Inc., Hervajec Group, Capgemini, CenturyLink, Kudelski Security, Nuspire LLC, NTT DATA Corporation, SecureWorks, Inc. and Broadcom among others.
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