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Managed Security Services Market by 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.’
Report ID: MRICT - 104862 Pages: 250 Jun-2024 Formats*: PDF Category: Information and Communications Technology Delivery: 24 to 72 Hours Download Free Sample ReportThe 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 IT infrastructure has become more complex and heterogeneous with the introduction of new platforms, BYOD policies, CYOD trends, business applications, and other technologies. The rapid advancements in mobile computing have led to the growing popularity of BYOD and CYOD trends in corporate environments. With the growing adoption of BYOD, organizations are subscribing to cybersecurity solutions to protect devices, such as laptops, smartphones, tablets, and desktops, from cyber threats. There is a rising need to secure the devices inside the office premises and secure those with remote access to the corporate network. These factors significantly increased spending on managed security services, which is expected to drive the market's growth.
The BFSI sector is highly dependent on IT infrastructure for delivering services, such as mobile, online, and core banking. Identity fraud is a major concern when performing financial transactions through online banking portals and insurance apps. With consistent technological advancements across BFSI channels, banks and other financial services institutions face business outages or system failures, data breaches, and cyber-attacks. For instance, according to the VMware Carbon Black Threat Data report in May 2020, cyberattacks against banks and financial institutions increased by 238% globally between February 2020 and April 2020 amidst the COVID-19 crisis. To overcome such challenges, managed security services are an optimum solution for banks to use a cloud computing environment for faster recovery time, advanced threat detection, and data restoration. Hence, banks and financial institutions are investing heavily in incorporating managed security services to improve work agility and customer experience.
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The rising security breaches & identity-related frauds, the growing need for identity and access management for IoT devices, and the increasing adoption of cloud-based identity management services are expected to support the growth of this segment. In addition, the benefits offered by managed security services, such as eliminating weak passwords, mitigating insider threats, advanced tracking of anomalies, multi-factor security, and reducing service cost, further support the growth of this segment.
Based on security type, the cloud security segment is projected to register the highest CAGR during the forecast period. The rising adoption of cloud data backup; 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 sector, the healthcare segment is projected 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 services measures are expected to support the growth of this segment.
The swift integration of cutting-edge and ever-evolving technology has empowered healthcare organizations to achieve more with fewer resources. However, the increased transmission of vast amounts of data in healthcare also heightens the risk of cyber threats. Given the sensitive nature of this data and the expanding attack surface, prioritizing effective cybersecurity is paramount for all healthcare organizations.Consequently, managed security services are deployed in various capacities to safeguard healthcare organizations' digital assets and fortify their IT infrastructure. There are several applications where managed services are applied in the healthcare industry, as follows:
Amid mounting cybersecurity apprehensions within the healthcare sector, managed security service providers are ramping up their offerings tailored specifically for healthcare organizations. As an illustration, in August 2022, Happiest Minds Technologies Ltd. (India) rolled out cybersecurity services targeting the healthcare vertical. These cybersecurity solutions for healthcare deliver comprehensive security services across the industry spectrum. They leverage a robust and established framework designed to address regulatory mandates, adhere to digital security standards, and integrate leading-edge tools and technologies. Such growing developments help to increase the growth of managed security services in healthcare during the forecast period.
Asia-Pacific to be the Fastest-growing Regional Market
The market in Asia-Pacific is slated to record the fastest growth rate during the forecast period. The infrastructural growth in APAC, especially in China, South Korea, Japan, and India; the rapid growth of regional economies; the rising adoption of advanced technologies such as cloud, AI, and machine learning; growing awareness regarding managed security services among small & medium-sized organizations; and government initiatives promoting the adoption of advanced managed security services contribute to the rapid growth of this regional market.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants in the last 3 to 4 years. 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.).
Particular |
Details |
Number of Pages |
250 |
Format |
|
Forecast Period |
2024-2030 |
Base Year |
2021 |
CAGR |
18% |
Estimated Market Size (Value) |
$75.1 billion by 2030 |
Segments Covered |
By Type
By Security Type
By Organization Size
By Sector
|
Countries Covered |
North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, RoE), Asia-Pacific (Japan, China, India, South Korea, Singapore, RoAPAc) Latin America (Brazil, Mexico, RoLATAM), Middle East & Africa (UAE, Israel, RoMEA) |
Key Companies |
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.). |
Key Questions Answered in the Report:
The Managed Security Services Market involves outsourced services that protect companies from various cybersecurity threats. These services include network monitoring, threat intelligence, vulnerability management, and incident response, allowing businesses to mitigate risks and ensure data protection.
As of 2024, the market is expected to grow significantly and reach a value of $75.1 billion by 2030.
The market is projected to grow at a CAGR of 18% during the forecast period from 2024 to 2030, driven by increasing cyber threats, adoption of cloud-based security, and demand for robust cybersecurity in key sectors like BFSI and healthcare.
The market size is expected to reach $75.1 billion by 2030 from its value in 2024, demonstrating strong growth driven by cybersecurity demands.
Major players include:
Key trends include the increasing use of cloud-based security services, the growth of identity and access management services, and the rising demand for advanced threat detection to combat the growing complexity of cyberattacks.
Globally, the market is poised for significant growth due to increasing digitalization, rising cybercrime, and governments’ focus on strengthening cybersecurity. North America currently dominates, but Asia-Pacific is expected to experience the fastest growth.
The market is expected to grow at a CAGR of 18% from 2024 to 2030.
The market is projected to grow at a CAGR of 18% during 2024–2030.
?????North America holds the highest market share due to the high adoption of cybersecurity measures across industries like BFSI and healthcare. However, Asia-Pacific is expected to grow the fastest due to increasing awareness and adoption of managed security services
Published Date: Jul-2024
Published Date: Jun-2024
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Published Date: Jan-2024
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