Managed Security Services Market Outlook, Segments, Geography, Dynamics, Recent Developments, and Strategic Insights by 2031

The managed security services market size is projected to reach US$ 67.93 billion by 2031 from US$ 29.16 billion in 2023. The market is expected to register a CAGR of 11.2% during 2023–2031. The growing demand for next-generation security services and increasing demand for end-to-end security are likely to remain key trends in the market.

Managed Security Services Market Analysis

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 an effective layer of security, these two devices need to be tuned into 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 to ensure the timely detection of threats, thereby contributing to the global managed security services market growth.

Managed Security Services Market Overview

Managed security services (MSS) are cybersecurity services that protect both public and private networks and their devices. Third-party providers often operate these services on a consumption-based model, and they include security features like firewalls and real-time intrusion detection and analysis. Managed security service assists firms in identifying, prioritizing, and addressing both vulnerabilities and security threats.

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.

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Managed Security Services Market: Strategic Insights

Managed Security Services Market

• 
  CAGR (2023 - 2031)

  11.2%
• Market Size 2023
  US$ 29.16 Billion
• Market Size 2031
  US$ 67.93 Billion

Market Dynamics

GROWTH DRIVERS

• Growing Adoption of BYOD and CYOD in the Workspace

FUTURE TRENDS

• The growing demand for next-generation security services and increasing demand for end-to-end security

OPPORTUNITIES

• AI-driven Threat Detection and Response

Key Players

• AT&T Inc
• IBM Corporation
• Dell Secureworks Inc
• Trustwave Holdings Inc
• Verizon Communications Inc
• Symantec Corporation
• Hewlett Packard Enterprise Co
• CenturyLink
• NTT Corporation
• British Telecommunications

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Service Type

• Threat Management [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]
• Vulnerability Management
• Log Management
• SIEM
• Compliance Management

Security

• Cloud Security
• Endpoint Security
• Network Security
• Application Security

Deployment Type

• On-premise and Cloud

Enterprise Size

• Large Enterprises and SMEs

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Managed Security Services Market Drivers and Opportunities

AI-driven Threat Detection and Response to Favor Market

Artificial intelligence (AI) has evolve in a new era of cybersecurity. AI-driven managed security services can identify and predict possible threats more precisely. AI-driven managed security services uses machine learning algorithms that examine data trends in real time. AI-enhanced threat detection enables firms to proactively protect their systems, detecting potential breaches before they happen, which increases its adoption among enterprises. Hence, driving the market.

Increasing Number of Cybercrime Activities Worldwide

Cybercrime is rapidly rising across the globe owing to the increase in the adoption of cloud services and bring your own device trend among offices. Businesses suffer huge losses owing to the rise in cybercrimes. Digital transformation across society is changing the way of business transactions. Many businesses conduct banking and financial transactions through online services. Cybercriminals are continuously attacking BFSI sectors to gain sensitive information for their monetary profit. This led the BFSI sector to become the most favorable destination for cyber criminals and extremely vulnerable to various forms of cyber-attacks. Phishing, distributed denial of service (DDoS), and ransomware are the most popular cyber-attacks the BFSI sector has witnessed in the last two years. Hence, the demand for managed security services in the BFSI sector is increasing, thereby contributing to the managed security services market growth.

Managed Security Services Market Report Segmentation Analysis

Key segments that contributed to the derivation of the managed security services market analysis are solution, service, application, deployment type, and vertical.

• Based on service type, the managed security services market is divided into threat management, vulnerability management, log management, SIEM, and compliance management. The threat management segment is sub-segmented into 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. The log management segment is anticipated to expand during the forecast period.
• By security, the market is segmented into cloud security, endpoint security, network security, and application security. The cloud security segment held a larger market share in 2023.
• On the basis of deployment type, the managed security services market is divided into on-premise and cloud. The cloud segment is anticipated to expand during the forecast period.
• Based on enterprise size, the market is bifurcated into large enterprises and SMEs. The large enterprises segment held a larger market share in 2023.
• In terms of vertical, the managed security services market is segmented into retail, manufacturing, BFSI, IT & telecom, healthcare, government, energy & utility, media, and others. The BFSI segment held a larger market share in 2023.

Managed Security Services Market Share Analysis by Geography

The geographic scope of the managed security services market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

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.

Managed Security Services Market Report Scope

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Managed Security Services Market News and Recent Developments

The managed security services market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the managed security services market are listed below:

• In August 2022, Microsoft Corporation announced its new solutions for threat intelligence and attack surface management. (Source: Microsoft Corporation, Company Website, September 2022)
• 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. (Source: Checkpoint Software, Company Website, September 2022)

Managed Security Services Market Report Coverage and Deliverables

The “Managed Security Services Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Managed security services market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Managed security services market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Managed security services market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the managed security services market
• Detailed company profiles