Managed Security Services Market to be Worth $75.1 Billion by 2030

Meticulous Research® -a leading global market research company, published a research report titled, 'Managed Security Services Market by Service Type (Managed Detection and Response, Managed Identity and Access Management), Security Type (Cloud Security, Endpoint Security), Sector (BFSI, and Healthcare), and Geography - Global Forecast to 2030.'

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According to this latest publication from Meticulous Research®, the managed security services market is projected to reach $75.1 billion by 2030, at a CAGR of 18% from 2023-2030. The growth of the managed security services market is driven by the growing adoption of managed security services in the BFSI sector, rising cybercrimes and ransomware attacks, the rising trend of BYOD (bring your own device) in enterprises, and government initiatives aimed at encouraging the adoption of managed security services. However, the lack of trust among enterprises in giving full control of their system architecture to third-party service providers restrains the growth of the managed security services market. Furthermore, the rising demand for advanced cybersecurity measures and the increasing adoption of cloud-based solutions among SMEs are expected to create growth opportunities in the market. However, one of the major challenges for the players operating in this market is the lack of awareness and misconceptions regarding managed security services among potential customers.

The managed security services market is segmented by service type (managed identity and access management, managed detection and response, managed threat hunting, managed security information and event management, managed firewall, and other service types), security type (cloud security, application security, endpoint security, network security, and other security types), organization size (large enterprises, small & medium-sized enterprises), and sector (BFSI, retail, IT & telecommunications, government, healthcare, energy & utilities, manufacturing, and other sectors.) The study also evaluates industry competitors and analyzes the market at the regional and country levels.

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Based on service type, the managed security services market is segmented into managed identity and access management, detection and response, threat hunting, security information and event management, firewall, and other service types. In 2023, the managed detection and response segment is expected to account for the largest share of the managed security services market. The large market share of this segment is attributed to the rising need to monitor network traffic for signs of a possible attack, growing security breaches and cyber-attacks, growing demand for data protection in various sectors, and the rising trend of BYOD in enterprises.

However, the managed identity and access management segment is slated to register the highest CAGR during the forecast period. The rising security breaches and identity-related fraud, the rising need for identity and access management for IoT devices, and the rising adoption of cloud-based identity management services are expected to support the growth of this segment.

Based on security type, the managed security services market is segmented into cloud security, application security, endpoint security, network security, and other security types. In 2023, the network security segment is expected to account for the largest share of the managed security services market. The large market share of this segment is attributed to the rising number of data & security breaches, the increasing demand for filtering & monitoring network traffic, the growing need for network security and privacy, and the rising need to protect connected network infrastructure.

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However, the cloud security segment is slated to register the highest CAGR during the forecast period. The rising need to protect data and connected devices from cyberattacks, malware, hackers, and unauthorized user access through cloud-based security services and the increasing demand for advanced threat detection services across industries are expected to support the growth of this segment.

Based on organization size, the managed security services market is segmented into large enterprises and small & medium-sized enterprises. In 2023, the large enterprises segment is expected to account for the larger share of the managed security services market. The large market share of this segment is attributed to the strong IT infrastructure of large enterprises, the management of security platforms by skilled IT personnel, and the growing adoption of advanced technologies such as cloud, AI, and machine learning.

However, the small & medium-sized enterprises segment is slated to register the highest CAGR during the forecast period. The rising awareness about the significance of managed security services and the increasing adoption of cloud security solutions among SMEs are expected to support the growth of this segment.

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Based on sector, the managed security services market is segmented into BFSI, retail, IT & telecommunications, government, healthcare, energy & utilities, manufacturing, and other sectors. In 2023, the BFSI segment is expected to account for the largest share of the managed security services market. The large market share of this segment is attributed to the rising fraudulent activities, rising adoption of managed security services for various financial processes, rising demand for fraud detection, and surging need for improving the agility of work and customer experience.

However, the healthcare segment is slated to register the highest CAGR during the forecast period. The rising adoption of telemedicine devices and remote healthcare services, the rising number of cyberattacks, and the increasing need for securing connected medical devices and effective managed security service measures are expected to support the growth of this segment.

Based on geography, the managed security services market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the managed security services market. North America's major market share is attributed to the presence of prominent players offering advanced managed security services to various sectors. Furthermore, the growing adoption of managed security services in BFSI, retail, and IT & telecommunications sectors; growing adoption of advanced technologies; and rising demand for data security are also contributing to the growth of the managed security services market in North America.

However, Asia-Pacific is projected to register the fastest growth rate during the forecast period. The rapid growth of this market is driven by the growth in regional economies, growing awareness regarding managed security services among small and medium-sized organizations, and the expanding retail and BFSI sector, especially in China, Japan, South Korea, and India.

Key Players:

The key players operating in the managed security services market are IBM Corporation (U.S.), Secureworks, Inc. (U.S.), AT&T Inc. (U.S.), NTT Corporation (Japan), Trustwave Holdings, Inc. (U.S.), Atos SE (France), CrowdStrike Holdings, Inc. (U.S.), Lumen Technologies (U.S.), F5, Inc. (U.S.), Fortinet, Inc. (U.S.), Kroll, LLC. (U.S.), CIPHER SECURITY LLC (U.S.), Nettitude Limited (U.S.), Ascend Technologies, LLC (U.S.), and Avertium, LLC (U.S.).

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Key Questions Answered in the Report:

Which are the high-growth market segments in terms of service type, security type, organization size, and sector?
What is the historical market size for managed security services across the globe?
What are the market forecasts and estimates for 2023-2030?
What are the major drivers, restraints, opportunities, challenges, and trends in the global managed security services market?
Who are the major players in the global managed security services market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global managed security services market?
What are the different strategies adopted by major market players?
What are the geographic trends and high-growth countries?
Who are the local emerging players in the global managed security services market, and how do they compete with other players?

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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

This release was published on openPR.