Managed Security Services Market Glorious Opportunities, Detailed Analysis of Current Industry Trends 2023-2032

As per the report published by The Brainy Insights, the global managed security services market is expected to grow from USD 20.58 Billion in 2020 to USD 76.29 Billion by 2030, at a CAGR of 14% during the forecast period 2021-2030. North America region emerged as the largest market for the global managed security services market with a 34.5% share of the market revenue in 2020. Because of the presence of important companies in this region and their constant advancement for various packaging technologies, North America is expected to contribute the highest market share in this industry.

Managed Security Services Market Size by Security Type (Managed SIEM, Managed IAM, MDR, Managed Firewall), Service Type (Co-managed and Fully MSS), Vertical, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2030

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Leading companies in the industry include AT&T Inc., Atos SE, BT Group plc, Cipher Security, DXC Technology Company, Infosys Limited, International Business Machines Corporation, Kudelski Security, Lumen Technologies, NTT, Nuspire, SecureWorks, Inc., The Herjavec Group, Trustwave Holdings, Inc., Verizon Communications Inc. and Wipro Limited among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The security type segment is divided into managed SIEM, managed IAM, managed firewall, and MDR. During the forecast period, the managed SIEM segment is expected to grow at the fastest CAGR of 15%. The service type segment is divided into co-managed and fully MSS. During the forecast period, the fully MSS segment is expected to grow at the fastest CAGR of 17%. The vertical segment is divided into BFSI, government, and healthcare. In 2020, the BFSI segment dominated the market, accounting for around 42% of global revenue. The banking, finance, and insurance industries are opting for managed security services due to stringent rules on data security and the protection of individuals' information. BFSI is using managed security services on a large scale because these industries deal with sensitive data, and any loss of this data can result in a significant financial loss. In recent years, an increase in the number of cyber-attacks has prompted changes in the BFSI sector, as well as the need to improve security measures. To protect itself against a potential danger, the BFSI industry is primarily focusing on unified threat management, identity and access management, disaster recovery, and IPS/IDS software. The demand for managed security services is being driven by the increasing usage of smartphones, as well as the expansion of BYOD and cloud, particularly in the banking sector.

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The surge in digital information generation and the growing trend of bringing your own device (BYOD), as well as the necessity to safeguard it, are major drivers driving the growth of the managed security services industry. Organizations are increasingly using managed security service providers as the complexity and frequency of security breaches and cyber-attacks grows. This is done to keep track of things and provide better protection.

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