Managed Security Services Market Dramatically With A Whooping CAGR Of 19.4% with Leading Players Verizon, IBM, Symantec, At & T, Dell Secureworks, Deloitte, Cisco, Ericsson, Trustwave Holdings – Outlook Till 2023

The Global managed security services market was valued at USD 19.4 billion in 2017 and is expected to reach a value of USD 46.1 billion by 2023 at a CAGR of 14.9% over the forecast period (2018 - 2023). Managed security services (MSS) are provided by managed security service providers (MSSPs) to manage and monitor the security aspects of their customers’ IT infrastructure. These services often enable the client organizations to reduce expenditure on either customer-premises equipment (CPE) or in-house security specialists while receiving effective security management. The need for threat-intelligence has been significantly increased in many major sectors. However, there has been a strong demand from the government, BFSI, and service provider customers. Many large organizations running their own security operation centers (SOCs) look at threat-intelligence services offered by experienced MSSPs. As customers are requesting for more proactive security measures to defend against the evolving cyber threats, MSSPs are adopting advanced security analytics platforms to better detect and anticipate potential threats. These new security analytics platforms also feature advanced functionalities, such as forensics, incident response across entire systems from networks, and endpoints in different environments, for e.g. on-premises, virtual, or cloud services.

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Key Developments in the Market

• January 2018 - Verizon acquired Niddel, a machine learning based automated threat hunting company, to expand its portfolio of managed security detection and response services.
• January 2018 - Cisco Computing was selected by Ameritas, an insurance company for upgrading its data centers to improve agility and operational efficiency along with increasing the IT infrastructure.
• February 2017 - Deloitte launched manage digital identity service and manage threat service which are designed to augment digital transformation and security prioritization of enterprise assets.

The major players include –

VERIZON COMMUNICATIONS, IBM CORPORATION, SYMANTEC CORPORATION, AT & T, DELL SECUREWORKS INC., DELOITTE, CISCO SYSTEMS INC., ERICSSON, TRUSTWAVE HOLDINGS INC., ACCENTURE PLC, HP ENTERPRISE, COMPUTER SCIENCES CORPORATION, amongst other

Growing Cyber-Crimes and Increasing Complexity of Attacks is Driving the Market

The increasing complexity of protecting infrastructure against advanced threats or cyber-attacks is compelling businesses to adopt managed security services. In major sectors like BFSI, healthcare, and IT & telecommunications, targeted attacks have become increasingly complex. Well-funded intruders have developed sophisticated evasion techniques, to remain undetected by the traditional security appliances and software deployed by organizations. To decrease intruder evasion, many large enterprises are opting cloud-based managed services packages which specifically include the managed security services. Cyber intelligence and powerful behavioral analytics platforms represent the main defense that an organization can draw upon to mitigate the risks posed by advanced cyber-threats. MSSPs have an advantage over internal information technology (IT) departments because MSSPs have a greater visibility into the threat landscape.

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Distributed Denial-of-Services (DDoS) is the Fastest Growing Segment

The distributed denial-of-service (DDoS) protection market is majorly driven, due to the increase in frequency, size, and advancement in DDoS attacks with the accessibility of easy-to-use tools. Large enterprises are also concerned about the loss of productivity and goodwill when attacks occur, this is a driving factor for them to deploy DDoS protection services. These services are driven by the increasing number of mobile and IoT devices, which force service providers to update their current security defense systems by deploying new and sophisticated solutions provided by vendors in order to maintain continuity in services for their customers. Several large enterprises are investing heavily in R&D activities in order to develop optimal protection and firewalls against such distributed denial-of-service attacks.

APAC is the Fastest-growing has the Largest Market Share

Asia-Pacific is expected to have the highest growth rate, during the forecast period, due to the increasing number of enterprise establishments. This increase in the number of businesses results in outsourcing of IT-related functions, owing to their huge advantages. The Indian MSS market has been rapidly gaining traction over the last few years. The key driving force for this can be attributed to the Indian government’s strong emphasis on the development of e-governance and digitization. Strong governmental support is expected to be the critical element in building robust growth momentum of the MSS market. With the u2018Digital India’ initiative, the usage of IoT-related applications has increased across the country. The growing demand for cybersecurity professionals has resulted in the enterprises to seek external services to enhance their security capabilities. The shortage of talented security professionals has further prompted enterprises to outsource their security tasks to MSSPs, contributing to the greater adoption of MSS in the country.

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