Managed Security Services Market Size | Statistics Report 2028

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Managed Security Services Market 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)

Report Code: TIPTE100000665 | No. of Pages: 183 | Category: Technology, Media and Telecommunications | Status: Prebook

The managed security services market is expected to grow from US$ 24.13 billion in 2022 to US$ 50.07 billion by 2028; it is anticipated to grow at a CAGR of 12.9% from 2022 to 2028.

Information and data have become the two most important pillars for any business in the current times. Security of the same has also become the topmost priority for enterprises. This is increasing the demand for solutions such as threat management, vulnerability management, log management, security information & event management (SIEM), and compliance management. Intrusion detection systems (IDS) and intrusion prevention systems are two of the most important tools in information security. For the effective layer of security, these two devices need to be tuned in to the network they are monitoring. Keeping these devices integrated and synced with each other prevents the team from chasing many alerts that are false positives, and improved insights that help in taking the right and immediate actions against threats. Firewalls look only at the data traffic alone, while IDS/IPS system looks at the content within the traffic. When consistently tuned, the system can generate many alerts that should be monitored to ensure they are escalated and investigated further if required or dismissed in the case of false alarms. These advanced solutions are being deployed across enterprises for ensuring the timely detection of threats, thereby contributing to the global managed security services market growth.

Moreover, several e-business initiatives such as virtual customer care and e-commerce depend on unprecedented levels of network access and agility. The more organizations rely on unprecedented data networks and the internet, the more vulnerable they become to security breaches that can harm the system as well as the reputation of the company. Managed VPN solutions provide robust VPN connectivity regardless of connection type and speed and are responsible for defense by securing the traffic flowing in and out of the organization. Branch offices, remote workers, and traveling employees can all connect to headquarters with the help of a site-to-site tunnel without comprising security. 

Strategic Insights

Report Coverage - Managed Security Services Market
Report CoverageDetails
Market Size Value inUS$ 24.13 Billion in 2022
Market Size Value byUS$ 50.07 Billion by 2028
Growth rateCAGR of 12.9% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
No. of Pages183
Historical data availableYes
Segments coveredService Type, Threat Management Type, Deployment Type, Enterprise Type, and Vertical
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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. The increasing adoption of cloud and digital solutions across industries is elevating the risk of various threats like viruses and intrusion. These factors are influencing the rise in demand for threat management solutions, thereby contributing to the managed security services market growth.

Regional Analysis of Managed Security Services Market Size

From the regional perspective, North America held the largest share of the global managed security services market in 2021. The region has a huge presence of companies from different industries. According to the Federal Bureau of Investigation, over the years, these companies have experienced a rise in cyberattacks leading to a loss of ~US$ 6.9 billion each time. These factors have increased the demand for advanced security solutions to ensure the safety of internal business data and other important documents. Moreover, the adoption of the cloud is high across the region. These factors are driving the North America managed security services market size.

Lucrative Regions – Managed Security Services Market Share

Lucrative Regions – Managed Security Services Market Share

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Market Insights – Managed Security Services Market

Deployment Type-Based Insights

Based on deployment type, the managed security services market is segmented into hosted managed security services (MSS) and customer premises equipment (CPE) MSS. The hosted MSS segment accounted for a larger share of the global managed security services market in 2021. The demand for the cloud is growing tremendously for storage applications among businesses. Over the years, enterprises have increased their deployment of the cloud via third-party cloud service providers (CSPs) to manage applications and data within their infrastructure. Moreover, key players in the market are providing built-in security tools that help in protecting business-critical data. Individuals and businesses are attracted to cloud infrastructures as they provide service scalability and further ease the management workload for in-house IT staff. Thus, the increasing adoption of cloud infrastructure is also influencing the demand for advanced hosted security solutions to offer easy access to various specialized tools such as SIEM, IAM, and security intelligence through network forensics, cloud security, and endpoint management. These factors are contributing to the growth of the hosted MSS segment in the global managed security services market.

Players operating in the managed security services market are mainly focused on developing advanced and efficient products.

  • In August 2022, Microsoft Corporation announced its new solutions for threat intelligence and attack surface management.
  • In September 2022, Checkpoint Software launched its new security operation solutions and service suite for improved security across networks, cloud, and endpoints to combat cyberattacks.

The managed security services market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa, and South America. In 2021, North America led the market with a substantial revenue share, followed by Europe. Further, Asia Pacific is expected to register the highest CAGR in the managed security services market from 2022 to 2028.

The key global managed security services market players include AT&T Inc, IBM Corporation, Dell Secureworks Inc, Trustwave Holdings Inc, Verizon Communications Inc. Apart from these, several other managed security services market players were analyzed during the research study. Some of them are Symantec Corporation, Hewlett Packard Enterprise Co, CenturyLink, NTT Corporation, and British Telecommunications.

The List of Companies

1. AT&T Inc.
2. IBM Corporation
3. Dell SecureWorks Inc.
4. Trustwave Holdings
5. Verizon Communications
6. Symantec Corporation
7. Hewlett Packard Enterprise Development LP
8. NTT Security
9. CenturyLink, Inc.
10. BT Group plc

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