Managed Security Services Market Size to reach $47240 Million by 2027 | Valuates Reports

The global Managed Security Services market size is projected to reach USD 47240 Million by 2027, from USD 21030 Million in 2020, at a CAGR of 11.8% during 2021-2027. Major factors driving the growth of managed security service market size, growing instances of security breaches and an increasing number of threats that pose a danger to large and small organizational structures are expected to be the key drivers of the industry.

Managed Security Services provides industry-leading software, innovations, and expertise to help protect the information assets around the clock, often at a fraction of the cost of in-house security resources. This cost-saving feature of MSS is expected to increase the growth of the managed security service market size.

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The need to take the requisite steps in advance to ensure overall security posture and technical advances in cloud and IoT has improved potential cases of usage across vertical lines. Stringent regulatory compliances and the increasing sophistication levels of cyber-attacks are expected to drive the Managed Security Services (MSS) market.

North America is expected to hold the largest market size and dominate the MSS market from 2018 to 2023, owing to the early adoption of new and emerging technologies and the presence of a large number of MSSPs in this region.

Increased adoption by the BFSI sector is expected to fuel the managed security market size during the forecast period. Regulatory requirements for the safety of sensitive citizens' data require all banks and financial institutions to maintain strict data security. In addition, these organizations are searching for an effective data protection mechanism to preserve their brand image.

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Major Players in the Managed Security Services Market

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

Managed Security Services Market by Type

o Network Security
o Terminal Security
o Application Security
o Cloud Security

Managed Security Services Market by Application

o Financial Services
o Communications Industry
o Public Sector
o Media
o Retail
o Manufacturing
o Medical
o Other

Multi-factor Authentication (MFA) Market: https://reports.valuates.com/market-reports/QYRE-Auto-1225/global-multi-factor-authentication-mfa

Authentication Services Market: https://reports.valuates.com/market-reports/QYRE-Othe-3T357/authentication-services

SOC as a Service Market: https://reports.valuates.com/market-reports/QYRE-Othe-4P349/soc-as-a-service

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This release was published on openPR.