USD 31.37 billion
Global Managed Security Services Market Size, Share, Growth Analysis, By Deployment Type(Cloud-based and on-premises), By Organization Size(Small and medium-sized enterprises (SMEs) and large enterprises) - Industry Forecast 2024-2031
Report ID:
SQMIG45A2137 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|
Tables:
59 |
Figures:
75
Global Managed Security Services Market Insights
Global Managed Security Services Market size was valued at USD 31.37 billion in 2022 and is poised to grow from USD 35.82 billion in 2023 to USD 103.64 billion by 2031, at a CAGR of 14.2% during the forecast period (2024-2031).
Global Managed Security Services Market is a rapidly growing industry that provides businesses with comprehensive security solutions to protect against cyber threats. The purpose of this market is to help organizations manage their security risks effectively and efficiently, while also reducing the burden of managing security in-house. The market is driven by several factors, including the increasing frequency and severity of cyber-attacks, the growing adoption of cloud-based services, and the need for compliance with data protection regulations. However, there are also restraints that can hinder the growth of the market, such as the lack of awareness about managed security services among small and medium-sized businesses and the high cost of implementing these services. Nevertheless, the key trends in this market include the adoption of artificial intelligence and machine learning for threat detection and response, as well as the increasing demand for managed security services in industries such as healthcare and finance. The opportunities in this market are significant for businesses looking to enhance their security posture. Managed security services providers can offer a range of services, including threat monitoring, incident response, and vulnerability management, which can help organizations mitigate security risks and improve their overall security posture. Additionally, managed security services can help businesses reduce costs associated with managing security in-house and provide access to specialized expertise that may not be available internally.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Large Enterprises
Fastest Growth
Large Enterprises
Growth Rate
14.2% CAGR
Global Managed Security Services Market 2021-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Managed Security Services Market Size By Organization Size 2021-2030 ($ Bn)
Global Managed Security Services Market Size By Organization Size 2021-2030 (%)
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Global Managed Security Services Market Segmental Analysis
Global Managed Security Services Market is segmented on the basis of deployment type, organization size, and region. By deployment type, the market is segmented into cloud-based and on-premises. By organization size, the market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Managed Security Services Market Analysis by Deployment Type
The cloud-based deployment mode emerges as the largest segment, capturing the attention of organizations worldwide. The cloud-based segment in the MSS market has experienced remarkable growth, both in terms of market size and adoption rates. With the cloud-based deployment model, businesses can leverage the power of scalable and flexible security solutions delivered through the cloud infrastructure. This eliminates the need for substantial upfront investments in hardware and software infrastructure, making it an attractive proposition for organizations of all sizes. The cloud-based MSS market has witnessed exponential growth due to several key factors. Firstly, the increasing prevalence of cyber threats and the need for robust security measures have prompted organizations to seek efficient and cost-effective solutions. Cloud-based managed security services offer seamless scalability, allowing businesses to quickly adapt to evolving threats and scale their security measures as needed.
The cloud-based model offers enhanced accessibility and ease of management. Organizations can easily access and manage their security services from anywhere, without being constrained by geographical boundaries. This enables businesses to streamline their operations, improve efficiency, and focus on their core competencies while leaving security management to expert service providers. Furthermore, the cloud-based deployment mode provides continuous monitoring, rapid threat detection, and real-time response capabilities. By leveraging advanced technologies like machine learning and artificial intelligence, cloud-based MSS providers can analyze massive volumes of data to identify and mitigate potential security risks effectively.
Global Managed Security Services Market Analysis by Organization Size
Large enterprises represent the largest segment in the global MSS market, commanding a significant share of the overall market. These organizations typically have expansive operations, diverse IT infrastructure, and substantial security requirements. They prioritize robust security solutions to safeguard their sensitive data, intellectual property, and customer information from cyber threats. With their extensive resources and established market presence, large enterprises have been at the forefront of investing in managed security services. They recognize the importance of proactive threat detection, incident response, and continuous monitoring, which are crucial elements of effective managed security services. This has led to a strong demand for MSS offerings tailored to the specific needs of large enterprises. The attractiveness of this segment lies in its size and potential for revenue generation. Large enterprises have the capacity to allocate significant budgets to enhance their cybersecurity posture, making them an attractive target for MSS providers. Additionally, due to their complex IT environments and regulatory compliance requirements, large enterprises often require customized solutions, which can further drive growth opportunities for MSS providers.
SME is the fastest-growing segment. Small and medium-sized enterprises are increasingly recognizing the critical need for robust cybersecurity solutions as they become more digitalized and face a growing number of cyber threats. SMEs, despite their smaller scale, are not immune to cyberattacks, and a single security breach can have severe consequences for their operations and reputation. Aware of these risks, SMEs are now actively seeking cost-effective and comprehensive security solutions that can alleviate their security concerns and allow them to focus on their core business activities. The growth potential in this segment is immense. According to industry reports, SMEs represent a significant portion of the global business landscape, accounting for a substantial number of enterprises worldwide. As awareness about cybersecurity risks continues to rise among SMEs, the demand for managed security services tailored to their unique requirements is set to skyrocket. Moreover, advancements in cloud-based security solutions, scalable service models, and managed detection and response (MDR) capabilities make MSS more accessible and affordable for SMEs. This further fuels the market growth, as SMEs can now access enterprise-grade security services without having to bear the cost burden of establishing an in-house security team.
Global Managed Security Services Market Size By Organization Size 2021(%), 2023 (%)
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Global Managed Security Services Market Regional Insights
North America dominated the global MSS market, fueled by its mature cybersecurity ecosystem, technological advancements, and high awareness of the importance of data security. The region boasts a robust infrastructure, strong regulatory frameworks, and a large pool of MSS providers. Leading companies like IBM Security and Symantec (now part of Broadcom) have established a strong presence in this region. North America holds a substantial market share, accounting for approximately 40% of the global MSS market.
Asia Pacific is the fastest growing region in the global MSS market, driven by rapid digital transformation, expanding IT infrastructure, and an increasing number of cyber threats. Countries like China, India, Japan, and South Korea are witnessing substantial investments in cybersecurity measures, driving the demand for managed security services. With the rise of e-commerce, fintech, and other digital industries, businesses in the region are recognizing the need for robust security solutions. Regional players like NTT Security and Tata Consultancy Services (TCS) are gaining prominence. Asia Pacific is expected to witness significant growth in the coming years and is projected to capture a considerable market share.
Global Managed Security Services Market Size By Geography, 2021-2030, 2024-2031
- Largest
- Fastest
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Global Managed Security Services Market Dynamics
Global Managed Security Services Market Drivers
Increasing Cybersecurity Threats
- The growing frequency and sophistication of cyber-attacks are driving the demand for managed security services. Organizations are facing various threats such as data breaches, ransomware attacks, and insider threats. This has led to a greater need for advanced security measures and expertise to protect sensitive data and critical infrastructure. For example, the rise in ransomware attacks like the Colonial Pipeline incident in 2021 highlighted the need for robust managed security services to prevent and respond to such incidents.
Compliance and Regulatory Requirements
- Organizations across various industries are subject to an increasing number of regulations and compliance requirements related to data security and privacy. Meeting these regulations can be complex and challenging, leading organizations to seek managed security services to ensure compliance and mitigate risks. For instance, the General Data Protection Regulation (GDPR) in the European Union has prompted organizations to enhance their security practices and seek MSS providers to help meet compliance requirements.
Global Managed Security Services Market Restraints
Cost Considerations
- Managed security services often come with a significant cost, including setup, monitoring, and ongoing maintenance fees. This cost factor can be a restraint for organizations, especially smaller businesses with limited budgets. While MSS can provide cost savings in terms of avoiding potential breaches or reputational damage, the upfront investment can be a deterrent for some organizations, leading them to opt for alternative security solutions or in-house security operations.
Integration and Scalability Challenges
- Integrating managed security services into existing IT infrastructure and ensuring compatibility with other security tools can present challenges. Organizations may face complexities in implementing and managing multiple security solutions and integrating them seamlessly. Additionally, scalability can be a concern, especially for rapidly growing organizations that require flexible and scalable security solutions. Managing the integration and scalability aspects can become a restraint for some organizations considering MSS.
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Global Managed Security Services Market Competitive Landscape
Global Managed Security Services (MSS) Market is dynamic and characterized by the presence of numerous companies offering a range of security services and solutions. These companies compete based on factors such as technology innovation, service offerings, industry expertise, global reach, and customer satisfaction. Some key players in the MSS market have established themselves as leaders in the MSS market through their extensive service portfolios, strong customer relationships, and continuous investments in research and development. They offer a wide range of managed security services, including threat monitoring and detection, vulnerability management, incident response, compliance management, and security consulting. In addition to these established players, there are also several emerging and niche players in the MSS market, providing specialized services and catering to specific industry verticals or geographic regions. The market is also witnessing collaborations, partnerships, and acquisitions as companies strive to enhance their capabilities, expand their market presence, and offer comprehensive security solutions to their clients.
Top Player’s Company Profiles in Global Managed Security Services Market
- IBM Corporation (US)
- Secureworks (US)
- AT&T Inc. (US)
- Verizon Communications Inc. (US)
- Symantec Corporation (US)
- Trustwave Holdings Inc. (US)
- Wipro Limited (India)
- NTT Security Corporation (Japan)
- DXC Technology Company (US)
- Accenture plc (Ireland)
- Cisco Systems, Inc. (US)
- Fortinet, Inc. (US)
- Optiv Security Inc. (US)
- Dell Technologies Inc. (US)
- HCL Technologies Limited (India)
- BT Group plc (United Kingdom)
- Check Point Software Technologies Ltd. (Israel)
- BAE Systems plc (United Kingdom)
- Tata Consultancy Services Limited (India)
- Fujitsu Ltd. (Japan)
Global Managed Security Services Market Recent Developments
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In March 2024, Fortra announced a strategic partnership with Lookout, a cloud security company focused on data protection. The goal is to provide customers with comprehensive security coverage safeguarding data across various threats. Additionally, Fortra introduced its new Digital Guardian Secure Service Edge solution, powered by the Lookout Cloud Security Platform. This Security Service Edge (SSE) offering ensures ongoing user and device risk posture checking, enabling flexible and detailed zero-trust access based on application and data sensitivity.
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In November 2023, Accenture completed the acquisition of Innotec Security, a privately held firm known for its skill in cybersecurity-as-a-service, cyber resilience, and cyber risk management. This acquisition expands Accenture's capabilities and presence in Spain. Innotec Security was previously under the ownership of the parent company Entelgy Group.
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In November 2023, Bloomberg uncovered a strategic partnership with Databricks, a leading Data and AI company. This collaboration enables shared customers to effortlessly access Bloomberg's vast array of data offerings through Data License and the cloud-based data management solution Data License Plus (DL+).
Global Managed Security Services Key Market Trends
- Cloud-based Managed Security Services: The adoption of cloud computing and the shift towards cloud-based security services are significant trends in the MSS market. Cloud-based MSS provides organizations with scalability, flexibility, and easy deployment without the need for significant infrastructure investments. It enables organizations to leverage advanced security tools and techniques, such as cloud-based threat intelligence and machine learning-based security analytics. The trend towards cloud-based MSS is driven by the need for agility, cost-effectiveness, and the ability to defend against evolving cyber threats.
- Managed Detection and Response (MDR): MDR is an emerging trend in the MSS market that focuses on proactive threat detection, response, and incident management. MDR combines advanced threat detection technologies with human expertise to provide real-time monitoring and response to security incidents. It enables organizations to detect and respond to threats more effectively, minimizing the impact of potential breaches. MDR services often leverage technologies like behavior analytics, threat hunting, and automated incident response. The growing complexity of cyber threats and the need for rapid incident response are driving the adoption of MDR services in the MSS market.
Global Managed Security Services Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Managed Security Services (MSS) Market analysis, increasing frequency and complexity of cyber threats, coupled with the growing adoption of digital transformation initiatives across various industries, are driving the demand for MSS. Organizations are seeking comprehensive security solutions to protect their critical assets and sensitive data, leading to a rising preference for outsourced security services. MSS providers offer expertise in threat detection, incident response, vulnerability management, and compliance, providing cost-effective and scalable solutions to businesses of all sizes. The market analysis suggests that factors such as the need for proactive threat intelligence, regulatory compliance requirements, and the shortage of skilled cybersecurity professionals are further fueling the demand for managed security services globally. The market is witnessing innovation and advancements in technologies such as artificial intelligence, machine learning, and automation, enhancing the capabilities of security solutions. As a result, the global market presents promising opportunities for both established vendors and new entrants to capitalize on the growing demand and offer robust, tailored security services to enterprises across various sectors.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 31.37 billion |
| Market size value in 2031 | USD 103.64 billion |
| Growth Rate | 14.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Managed Security Services Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Managed Security Services Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Managed Security Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Managed Security Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Managed Security Services Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Managed Security Services Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Managed Security Services Market Report Snapshots
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