Managed Security Services Market Overview, Competitive Analysis, Key Trends And Outlook 2024 To 2033

The managed security services market size has grown rapidly in recent years. It will grow from $29.9 billion in 2023 to $34.59 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth in the historic period can be attributed to focus on identity and access management, cost-effective security solutions, regulatory compliance requirements, endpoint security management, increased focus on insider threats.

The managed security services market size is expected to see rapid growth in the next few years. It will grow to $60.96 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to regulatory evolution, expansion of managed detection and response, critical infrastructure protection, . Major trends in the forecast period include cloud security and hybrid environments, blockchain for enhanced security, privacy-preserving technologies, collaboration with industry vertical experts, advanced threat intelligence sharing, automated incident response..

Market Overview -
Managed security services are the services provided by third-party vendors as a proactive security measure, which is simple according to the need and ever-evolving security view of an organization.

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Elevating Security Breaches Fueling The Growth Of Managed Security Services Market
The rising instances of security breaches are expected to propel the growth of managed security services market going forward. Security breach refers to any incident that results in unauthorized access to computer data, applications, networks, or devices. Managed security services monitor and manage security systems and devices, as a result rising instances of security breaches will increase the demand for managed security services market. For instance, in December 2021, according to the Identity Theft Resource Center (ITRC), a US-based non-profit organization, data breaches increased by 17% in 2021, with 12.91 thousand breaches compared to 11.08 thousand in 2020. Therefore, the increase in security breaches helps to increase the market demand for managed security services.

Competitive Landscape -
Major companies operating in the managed security services market report are International Business Machines Corporation, Cisco Systems Inc., Nippon Telegraph and Telephone Corporation, Secureworks Inc., BT Managed Security Solutions, Check Point Software Technologies Ltd., Wipro Limited, Accentur*e plc, Symantec Corporation, DXC Technology Company, Lumen Tech Inc., BAE Systems plc, Nuspire, Fujitsu Limited, Intel Corporation, HCL Technologies Limited, Trustwave Holdings Inc., Hewlett-Packard Development Company L. P., Fortinet Inc., Verizon Communications Inc., Tata Consultancy Services Limited, Capgemini SE, Deloitte Touche Tohmatsu Limited, Infosys Limited, Orange S. A., Foresite MSP LLC, Herjavec Group, NTT Europe Ltd., Armor Defense Inc., Nortek Security & Control LLC

Fostering Market Growth Through Strategic Collaborations In Managed Security Services
Strategic collaborations have emerged as a key trend gaining popularity in the managed security services market. Major companies operating in the managed security services sector are entering into new collaboration agreements to strengthen their position in the market. For instance, in September 2021 Atos, a France-based information technology service company partnered with Integrity, a US-based company operating in managed security services. This collaboration aids in the creation and development of a bug bounty program, as well as the provision of automatic detection and remediation services to customers. Further, in July 2021 Atos, a France-based information technology service company partnered with Ooredoo, a Qatar-based company operating in managed security services. This collaboration agreement will create important cybersecurity threat detection and response services for the Qatar Smart Program 'TASMU' which aims to improve the quality of life for Qatari citizens, residents, and visitors.

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Key Segments -
The managed security services market covered in this report is segmented -
1) By Type: Network Security, Terminal Security, Application Security, Cloud Security
2) By Deployment Type: On-Premise, Cloud
3) By Organization Size: Large Enterprises, Small and Medium-sized Enterprises (SMEs)
4) By Application: Intrusion Detection and Prevention, Threat Prevention, Distributed Denial of Services, Firewall Management, End-Point Security, Risk Assesme
5) By End User: BFSI, Government and Defense, Retail, Manufacturing, Healthcare and Life Sciences, IT and Telecom, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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