Managed Security Services Market is accounted for USD 19,698 million in 2020, growing at a robust CAGR of 13.6% during forecast period.

Introduction of the Managed Security Services Market Report

Managed security services can be defined as a services network with a systematic path to manage the organization’s security which can be done in-house or outsourced to a service provider. It provides services such as enabling security checks and audits, continuous monitoring and handling of intrusion detection systems and firewalls and responds to emergencies.

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Market Dynamic 

Key Drivers and Emerging Trends
The factors driving the global Managed Security Services Market is owing to several benefits of managed security services such as continuous security monitors, cost-effectiveness, deep & broad security protection, and others that are expected to boost the growth of this market. For instance, IBM is one of the leading managed security services providers that provide services such as IBM Cloud Pak, QRadar, etc., which demonstrate security impact and value, improve competency, and manage the day-to-day threat management, and ongoing compliance requirements. Additionally, the growing number of cyber-attack activities with strict government rules & regulations and rising of Bring your own device (BYOD) trend among organizations are the major factors boosting the growth of the managed security services market. For instance, according to the FBI, in 2020, the internet crime complains rapidly increased from 467,361 in 2019 to 791,790 in 2020, with losses amounted to USD 4.2 billion in 2020. The increasing demand for threat protection software due to increasing cyber-attacks is attributed to this market’s growth during the forecast period.

Restraint in the Managed Security Services Market

However, lack of technological expertise and skilled workforce in developing economies and lack of trust among third party service providers will hamper the growth of this market. Moreover, with the trend of WFH, the employee uses private network such as broadband, mobile networks etc whose security strength is not known by organizations and could be at risk of malware and other cybersecurity attacks that did not originate within the network of the company. Thus, this augment has hampered the growth of this market.

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Type – Segment Analysis

Based on the Type, detection system/ intrusion prevention system is expected to grow at a higher CAGR rate in the global managed security services market during the forecast period due to its several benefits that include evaluate, monitor threats, and catch intruders and take action in real time which are missed by antivirus software. Additionally, it detects and foil OS fingerprinting attempts which hackers are using to find out the OS target system to launch the specific exploits. Some of the companies offers these services include Cisco Secure Firewall, McAfee’s Network Security Platform, Hillstone S-Series Intrusion Prevention System and among others

Vertical – Segment Analysis

Based on the Vertical, BFSI is projected to grow at a higher CAGR rate in the global managed security services market owing to the advantage of monitoring 24*7, which led to immediate response at the time of security breach. This service provides BFSI to protect the sensitive data of the customer, and it also enhances the protection from online services from cyberattacks. Moreover, several companies are providing services to the BFSI industry for security purposes. For instance, SBA Info Solutions provides several services for the BFSI industry such as it covers Network Security, End Point Protection Loud Security, Identity Access Management etc for protecting the data from cyberattacks.

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Regional – Segment Analysis:

Based on the region, North America region is expected to higher CAGR rate in the global managed security services market due to the growing technology adoption in IT, healthcare, retail and other industries which is expected to boost the managed security services market. Moreover, rise data breach activity in this region will further boost the growth of this market. For instance, according to IBM in 2019, United States has experienced the highest data breach cost in the world which was around USD 8.64 million on average. Furthermore, the presence of leading players such as SecureWorks, Inc, IBM, AT&T Inc and among others in this region have further boosted the growth of this market.

Top Market Players 

Various notable players operating in the market, include, IBM, AT&T Inc., SecureWorks, Inc, DXC Technology Company, BT, Atos SE, Infosys Limited, Verizon, Cipher Security, Wipro Limited, among others.

Key Developments:

• • In Sep 2021, Wipro announced a partnership with the Securonix, a SIEM (Security Information and Event Management) vendor, and the Securonix Security Operations & Analytics Platform provider. The partnership will provide Securonix’s cloud-first SIEM, analytics-driven detection and automated response tools with the Wipro’s to reach global and cybersecurity intelligence capabilities to provide organizations with improved security threat protection.
  • In Dec 2020, Vi Business, the Vodafone Idea Ltd. (VIL) enterprise arm, has announced the launch of Managed Security Service with Fortinet, a global leader in broad, integrated, and automated cybersecurity solutions. This collaboration will provide factors like end-to-end managed service, options of basic and advanced security features and real-time monitoring and management.

Segments covered in the Report:
The global Managed Security Services Market has been segmented on the basis of Type, Vertical, Service Type, Organization Size and regions. Based on Type, the market is segmented into Intrusion Detection System/ Intrusion Prevention System, Identity and Access Management, Risk and compliance management, Security Information and Event Management, Data Loss Prevention, Unified Threat Management and Others. Based on Vertical, the market is segmented into Manufacturing, Government, Retail, Telecommunication, IT and Enterprises, BFSI, Energy and Utilities, Healthcare and Other. Based on Service Type, the market is segmented into Co-managed security services and Fully managed security services. Based on Organization Size the market is segmented into SMEs and Large Enterprises.

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Key questions answered in this research report:

• • At what pace is global Managed Security Services Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Managed Security Services Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Managed Security Services Market?
  • Which Type generated maximum revenues in 2020 and identify the most promising Type during the forecast period?
  • What are the various Vertical of global Managed Security Services Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Managed Security Services Market by Type

• • Intrusion Detection System/ Intrusion Prevention System
  • Identity and Access Management
  • Risk and compliance management
  • Security Information and Event Management
  • Data Loss Prevention
  • Unified Threat Management
  • Others

Global Managed Security Services Market by Vertical

• • Manufacturing
  • Government
  • Retail
  • Telecommunication
  • IT and Enterprises
  • BFSI
  • Energy and Utilities
  • Healthcare
  • Others

Global Managed Security Services Market by Service Type

• • Co-managed security services
  • Fully managed security services

Global Managed Security Services Market by Organization Size

• • SMEs
  • Large Enterprises

Global Managed Security Services Market by Region

• • North America Managed Security Services Market (Option 1: As a part of the free 25% customization)
    • North America Managed Security Services Market by Type
    • North America Managed Security Services Market by Vertical
    • North America Managed Security Services Market by Service Type
    • North America Managed Security Services Market by Organization Size
    • US Managed Security Services Market All-Up
    • Canada Managed Security Services Market All-Up
  • Europe Managed Security Services Market (Option 2: As a part of the free 25% customization)
    • Europe Managed Security Services Market by Type
    • Europe Managed Security Services Market by Vertical
    • Europe Managed Security Services Market by Service Type
    • Europe Managed Security Services Market by Organization Size
    • UK Managed Security Services Market All-Up
    • Germany Managed Security Services Market All-Up
    • France Managed Security Services Market All-Up
    • Spain Managed Security Services Market All-Up
    • Rest of Europe Managed Security Services Market All-Up
  • Asia-Pacific Managed Security Services Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Managed Security Services Market by Type
    • Asia-Pacific Managed Security Services Market by Vertical
    • Asia-Pacific Managed Security Services Market by Service Type
    • Asia-Pacific Managed Security Services Market by Organization Size
    • China Managed Security Services Market All-Up
    • India Managed Security Services Market All-Up
    • Japan Managed Security Services Market All-Up
    • Rest of APAC Managed Security Services Market All-Up
  • RoW Managed Security Services Market (Option 4: As a part of the free 25% customization)
    • RoW Managed Security Services Market by Type
    • RoW Managed Security Services Market by Vertical
    • RoW Managed Security Services Market by Service Type
    • RoW Managed Security Services Market by Organization Size
    • Brazil Managed Security Services Market All-Up
    • South Africa Managed Security Services Market All-Up
    • Saudi Arabia Managed Security Services Market All-Up
    • UAE Managed Security Services Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Managed Security Services Market All-Up

Major Players Operating in the Market Name (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • IBM
  • AT&T Inc.
  • SecureWorks, Inc
  • DXC Technology Company
  • BT
  • Atos SE
  • Infosys Limited
  • Verizon
  • Cipher Security
  • Wipro Limited