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Managed Security Services Market Growing at 12.8% CAGR Reach USD 77.01 Billion by 2030
The global managed security services market generated $22.45 billion in 2020, and is projected to reach $77.01 billion by 2030, witnessing a CAGR of 12.8% from 2021 to 2030.
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Managed security services (MSS) are considered as a systematic approach to managing an organization's security needs. The services may be conducted in-house or outsourced to a service provider that oversees other companies' network and information system security. Functions of a managed security service include, round-the-clock monitoring and management of intrusion detection systems and firewalls, overseeing patch management & upgrades, performing security assessments & security audits, and responding to emergencies. There are products available from a number of vendors to help organize and guide the procedures involved. This diverts the burden of performing the chores manually, which can be considerable, away from administrators.
Driving Factors Managed Security Services Market
The key factor that drives the growth of the managed security services market includes increasing cybercrime activities, cost effectiveness, and stringent government regulations drive the global managed security services market. In addition, growing trend of mobile devices at workplaces and rise in electronic data fuel the growth of the market. However, hesitation to share sensitive data restricts the market growth. Moreover, growing awareness about data security, growing importance of e-business, and rise in demand for customized services are expected to offer remunerative opportunities for expansion of the managed security services market growth during the forecast period.
Market Segmentation Managed Security Services Market
The managed security services market is segmented on the basis of deployment mode, enterprise size, application, industry verticals, and region. The deployment mode segment includes on-premise and cloud. Enterprise size are divided into large enterprises and small & medium-sized enterprises. The application segment includes Managed IPS & IDS, Distributed Denial of Services (DDoS), Unified Threat Management (UTM), Secured Information and Event Management (SIEM), firewall management, endpoint security, and others. The vertical segment includes BFSI, healthcare, manufacturing, retail, telecom & IT, and others. Region-wise, the managed security services industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on industry verticals, the BFSI segment held the highest market share in 2020, holding nearly two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the manufacturing segment is estimated to register the highest CAGR of 15.3% from 2021 to 2030.
Based on deployment mode, the on-premise segment held the largest market share in 2020, holding around two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. However, the cloud segment is projected to register the highest CAGR of 16.6% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly two-fifths of the total market share, and is estimated to continue its dominant share by 2030. However, Asia-Pacific is projected to manifest the fastest CAGR of 15.6% during the forecast period.
Leading players of the global managed security services industry analyzed in the research include
AT&T Intellectual Property,
BT Group,
Broadcom,
Cisco System Inc.,
Check Point Software Technologies Ltd.,
DXC Technology Company,
SecureWorks Inc.,
Fortinet Inc.,
Hewlett Packard Enterprise Development LP,
IBM Corporation.
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Key Findings of the Study
● By deployment mode, the on-premise segment accounted for the largest managed security services market forecast period.
● Region wise, North America generated highest revenue in managed security services market size.
● On the basis of industry verticals, the BFSI segment generated the highest revenue in 2020.
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