Managed Security Services Market Projected to Grow $47.6 billion by 2023

According to research report "Managed Security Services Market by Type (Managed IAM, Managed Firewall, Managed DLP, Managed IDS/IPS, Managed Encryption, Managed SIEM, Managed UTM), Security Type, Organization Size, Deployment Mode, Vertical, and Region - Global Forecast to 2023", is expected to grow from USD 24.05 billion in 2018 to USD 47.65 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period.

The demand for MSS is expected to be driven by stringent government regulations and the increasing instances of cyber-attacks on enterprises. Moreover, the growing BYOD trend among organizations and the cost-effectiveness in implementing services are expected to increase the demand for MSS during the forecast period.

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The managed encryption services segment is expected to grow at the highest CAGR during the forecast period.

The managed encryption services segment is expected to grow at the highest CAGR during the forecast period due to the wide adoption of encryption solutions and services by organizations. The increased adoption and growth of email platforms and the rising cyber threats which threaten the integrity and confidentiality of these platforms are expected to drive the growth of the segment. However, the managed IAM segment is estimated to hold the largest market size in 2018 in the MSS market, as there is a greater demand for BYOD security solutions in the enterprise segment.

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The Banking, Financial Services, and Insurance (BFSI) vertical is expected to hold the largest market size during the forecast period

The BFSI vertical is a prime target for cybercrimes and digital frauds. The use of sophisticated cyber-attacking tools and the inability of cybersecurity solutions to detect attacking elements result in huge financial losses for the BFSI vertical. Moreover, mobile banking has also led to an increase in fraud incidents, wherein attackers have gained access to customer information and data. The MSS providers help the BFSI vertical by offering intelligent gathering mechanism, threat intelligence tools, IDS/IPS, encryption, and data loss prevention tools to mitigate any kind of fraudulent attacks. Hence, this vertical is expected to hold the largest market size in the MSS market by vertical.

APAC is expected to be the fastest growing region in the global security as a service market during the forecast period.

The Asia-Pacific (APAC) region is expected to grow at the highest CAGR during the forecast period. APAC comprises a mix of developed and developing countries. The region is highly concerned with increasing security spending, owing to the ever-growing threat landscape. In recent years, the APAC region has witnessed significant economic growth, political transformation, and social change. Due to the increasing sophistication levels of threats, India, Japan, and Singapore have all updated or introduced new national cybersecurity policies. With the evolving threat landscape, the demand for cybersecurity and MSS is expected to grow in the APAC region. North America is expected to account for the largest market share in the overall MSS market, due to the presence of major MSS market players in the region.

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The major MSS vendors include IBM (US), SecureWorks (US), Symantec (US), Trustwave (US), Verizon (US), AT&T (US), Atos (France), BAE Systems (UK), BT (UK), CenturyLink (US), CIPHER (US), DXC (US), Fortinet (US), Fujitsu (Japan), NTT Security (Japan), and Wipro (India).

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