Managed Security Services Market

Managed Security Services Market by Deployment Type (On-Premise and Cloud), Solution Type (Intrusion Detection and Prevention, Threat Prevention, Distributed Denial of Services, Firewall Management, End Point Security, and Risk Assessment), Managed Security Service Provider (IT Services Providers, Managed Security Specialists, and Telecom Service Providers), End-user Vertical (BFSI, Government & Defense, Retail, Manufacturing, Healthcare & Life Sciences, and IT & Telecom), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: ICT-SE-1395
  • Author: Growth Market Reports
  • Rating: 4.9
  • Total Reviews: 2
  • No. Of Pages: 210
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The managed security services market size was USD 27.70 billion in 2020 and is estimated to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to factors such as deep & broad security protection, cost-effectiveness, and continuous security monitors.

Managed security services (MSS) are provided by managed security service providers (MSSPs) to monitor and manage the security prospect of their customers. These services aid the client organizations to reduce expenditure on either in-house security specialists or customer-premises equipment (CPE) while receiving effective security management.

Managed Security Services Market Key Takeaways

There are some threats which pose a threat to the enterprise. Threat intelligence refers to building a strong shield against the attacker in the entire network chain. It also provides context and information about attack methodologies, including the tools used to obscure a break in, the kind of data being stolen or malware being planted, how an attack hides inside network traffic or evades detection, and how an attack communicates back to its controller. Furthermore, organizations are putting their reputation at risk by not addressing security awareness. In a survey conducted by Cisco of 2000 respondents, 9% refused to have any dedicated cyber security professionals at their organizations,

The Covid-19 pandemic had an adverse impact on the managed security services. The demand for security solutions has declined owing to the ongoing crisis; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.

Market Trends, Drivers, Restraints, and Opportunities

  • Increasing need for better cyber solutions are expected to drive the market during the forecast period.
  • Rising implementation of mobility strategies and BYOD, and data disclosure mandates are some of the key factors propelling the growth of managed security services market.
  • Growing demand for profound security protection, constant unassailable monitoring and cast effectiveness are estimated to fuel the market in coming years.
  • R&D investment and technological advancement in managed security services market are expected to offer lucrative opportunities for the market players.

Scope of the Report

The report on the managed security services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Managed Security Services Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Deployment Type (On-Premise and Cloud), Solution Type (Intrusion Detection and Prevention, Threat Prevention, Distributed Denial of Services, Firewall Management, End Point Security, and Risk Assessment), Managed Security Service Provider (IT Services Providers, Managed Security Specialists, and Telecom Service Providers), End-user Vertical (BFSI, Government & Defense, Retail, Manufacturing, Healthcare & Life Sciences, and IT & Telecom)

Regions

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Verizon Communications Inc; IBM Corporation; Broadcom Inc. (Symantec Corporation); At&T Inc.; and Secureworks Inc

Market Segment insights

The cloud segment is projected to constitute a large market share

Based on deployment type, the managed security services market is segregated into on-premise and cloud. The cloud segment is expected to account for a key share of the market during the forecast period owing to increasing focus of service providers on cloud-based services rather than on-premise services and the rise in security spending in the area of cloud implementations.

The intrusion detection and prevention segment is expected to register a substantial CAGR

Based on solution type, the managed security services market is divided into intrusion detection and prevention, threat prevention, distributed denial of services, firewall management, end point security, and risk assesment. The intrusion detection and prevention segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing increasing number of cyber-attacks all over the world are predicted to bolster the demand for various types of security. Furthermore, it monitors network traffic for signs of a possible attack. When it detects potentially dangerous activity, it takes action to stop the attack. Often this takes the form of resetting connections or blocking network traffic and dropping malicious packets. It also sends an alert to security administrators about the potential malicious activity. Additionally, the main contributors to the successful deployment and operation of an IDS or IPS are the deployed signatures and the network traffic that flows through it.

Managed Security Services Market By Solution Type

The managed security specialists segment is anticipated to expand at a rapid pace

Based on managed security service provider, the market is segregated into IT services providers, managed security specialists, and telecom service providers. The managed security specialists segment is expected to dominate the market as they monitors network traffic for signs of a possible attack, efficient to handle these threats, and rising need for advanced protection.

Managed Security Services Market By Managed Security Service Provider

The BFSI segment is expected to account for a key share of the market

Based on end-user vertical, the managed security services market is segregated into BFSI, government & defense, retail, manufacturing, healthcare & life Sciences, and IT & telecom. The BFSI segment is projected to expand at a significant pace as this sector is continuously visualizing the regional, terrorism, instability, criminal networks, physical risks, and modern threats originating from cyber-sabotage and opaque sources.

Asia Pacific is expected to dominate the market

In terms of regions, the market is broadly classified into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is anticipated to expand at a robust CAGR during the forecast period. The progression towards stricter cyber enforcement and increased IT security spending in countries such as India and China is expected to drive the market growth in near future.

Market in North America is expected to hold key share of the market owing to the extensive developments in the IT sector in this region

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Managed Security Services Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Managed Security Services Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Managed Security Services Market - Supply Chain
  4.5. Global Managed Security Services Market Forecast
     4.5.1. Managed Security Services Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Managed Security Services Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Managed Security Services Market Absolute $ Opportunity
5. Global Managed Security Services Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Managed Security Services Market Size and Volume Forecast by End Users
     5.3.1. BFSI Government & Defense Retail, Manufacturing Healthcare & Life Sciences  
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Managed Security Services Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Managed Security Services Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Managed Security Services Demand Share Forecast, 2019-2026
7. North America Managed Security Services Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Managed Security Services Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Managed Security Services Market Size and Volume Forecast by End Users
     7.4.1. BFSI Government & Defense Retail, Manufacturing Healthcare & Life Sciences  
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Managed Security Services Demand Share Forecast, 2019-2026
8. Latin America Managed Security Services Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Managed Security Services Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Managed Security Services Market Size and Volume Forecast by End Users
     8.4.1. BFSI Government & Defense Retail, Manufacturing Healthcare & Life Sciences  
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Managed Security Services Demand Share Forecast, 2019-2026
9. Europe Managed Security Services Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Managed Security Services Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Managed Security Services Market Size and Volume Forecast by End Users
     9.4.1. BFSI Government & Defense Retail, Manufacturing Healthcare & Life Sciences  
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Managed Security Services Demand Share Forecast, 2019-2026
10. Asia Pacific Managed Security Services Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Managed Security Services Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Managed Security Services Market Size and Volume Forecast by End Users
     10.4.1. BFSI Government & Defense Retail, Manufacturing Healthcare & Life Sciences  
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Managed Security Services Demand Share Forecast, 2019-2026
11. Middle East & Africa Managed Security Services Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Managed Security Services Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Managed Security Services Market Size and Volume Forecast by End Users
     11.4.1. BFSI Government & Defense Retail, Manufacturing Healthcare & Life Sciences  
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Managed Security Services Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Managed Security Services Market: Market Share Analysis
  12.2. Managed Security Services Distributors and Customers
  12.3. Managed Security Services Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Verizon Communications Inc IBM Corporation Broadcom Inc. (Symantec Corporation) At&T Inc  
Segments Covered in the Report
The managed security services market has been segmented on the basis of:-

Deployment Type
  • On-Premise
  • Cloud
Solution Type
  • Intrusion Detection
  • Prevention
  • Threat Prevention
  • Distributed Denial of Services
  • Firewall Management
  • End Point Security
  • Risk Assesment
Managed Security Service Provider
  • IT Services Providers
  • Managed Security Specialists
  • Telecom Service Providers
End-user Vertical
  • BFSI
  • Government & Defense
  • Retail, Manufacturing
  • Healthcare & Life Sciences
  • IT & Telecom
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Companies
  • Verizon Communications Inc
  • IBM Corporation
  • Broadcom Inc. (Symantec Corporation)
  • At&T Inc
  • Secureworks Inc

Key players competing in the managed security services market include Verizon Communications Inc; IBM Corporation; Broadcom Inc. (Symantec Corporation); At&T Inc.; and Secureworks Inc

Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instance,

  • In January 2019, New Delhi based security services provider Security and Intelligence Services obtained 60% share in a Singapore company for about INR 350 crore. It also obtained 51% stake in Uniq Detective and Security Services in December 2018. The acquisition aided SIS increase its market share by close to 75% in the Bangalore region, one of the fastest growing markets for security services.
  • In January 2019, Verizon Communications ended its acquisition of ProtectWise a Colorado-based company which provides cloud-delivered Network Detection and Response. This acquisition allows Verizon to expand its product offering in Network Detection and Response and bring additional talent to the company.
Managed Security Services Market By Key Players
 

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