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Managed Security Services Market Size to Hit USD 72.37 Billion at a 13.9% CAGR by 2030 - Report by Market Research Future (MRFR)

Market Research Future
Market Research Future

Managed Security Services Market Growth Boost by Rise in CYOD and BYOD Trends Globally

New York, US, Sept. 28, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Managed security services Market, By Service Type, By Organization size, By Deployment, By End-User - Forecast 2030”, the market will reach USD 72.37 Billion at a 13.9% CAGR by 2030.

Managed Security Services Market Drivers 

Organizations all around the world are adopting new trends, like BYOD and CYOD, such as tablets, laptops, and smartphones, for their employees due to the advent of digitalization and the quick changes in technology. Employees' private networks—such as those used by their smartphones, computers, and tablets—are vulnerable to intrusion. As a result of the usage of these personal devices to access business data, the likelihood of cyber-attacks rises, endangering the general security posture of enterprises. Thus, the rise in CYOD and BYOD trends will boost market growth over the forecast period.

Key Players 

Eminent industry players profiled in the global managed security services market report includes are,

  • IBM (US)

  • Fortinet (US)

  • Rapid 7 (US)

  • BT Group (UK)

  • Dell SecureWorks

  • Accenture

  • Solutionary Inc. (US)

  • Verizon Communications (US)

  • CenturyLink (US)

  • Symantec Corporation (US)

  • Wipro

  • HP Enterprises (US)

  • CSC (US)

  • Deloitte

  • AT&T (US)

  • Trustwave (US) and Others.

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Managed Security Services Market Opportunities 

Rise in Cybercrime Activities Globally to offer Robust Opportunities 

Globally, cybercrime is on the increase. Businesses still rely on outdated data protection methods in spite of the sophistication of attacks rising and the complexity of the IT network. BYOD, social media, cellphones, and cloud service usage, among other technical developments and behaviors, have dramatically exacerbated the difficulty of maintaining data security. These days, there are more and more well-funded, capable, coordinated, and motivated entities driving organized cybercriminal operations. Cybercrime causes significant financial costs for businesses as well as harm to their reputation. Additionally, there is a surge in cyber-attacks on the systems of healthcare facilities, their medical equipment, and patient personal data, which is crucial for hospitals and patient privacy. Healthcare networks frequently host a large number of endpoints running outdated software. Due to the difficulty of fixing these endpoints, maintaining an acceptable security posture is expensive. Healthcare endpoint security is now more crucial than ever for safeguarding data, preventing unauthorized system modifications, and avoiding the introduction of dangerous malware. This will offer robust opportunities for the market over the forecast period.

Report Scope:

Report Metrics

Details

Market Size by 2030

USD 72.37 Billion

CAGR during 2022-2030

13.9%

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Key Market Opportunities

The Managed Security Services Market shares detailed analysis of the market strategy, market share, analysis, key development strategies, and the factors influencing the growth of security services.

Key Market Drivers

Managed Security Services Market is booming in recent years due to the services providing to industries that deal with simple and complex data.

Deep security protection, broad area coverage, monitoring services, and cost-effectiveness are the major drivers of the managed security market.

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Restraints and Challenges 

Lack of Competent Security Professionals to act as Market Restraint 

The lack of competent security professionals for handling challenging environments may act as a market challenge over the forecast period.

Managed Security Services Market Regional Analysis 

North America to Head Managed Security Services Market 

Due to the quick adoption of managed security solutions by numerous enterprises and organizations as a result of rising security threats for sensitive information, North America is predicted to account for the highest share of the global managed security service market. According to estimates, North America holds the largest market share in the MSS sector. The region's MSS market is anticipated to increase due to early acceptance of the technology and the presence of numerous providers offering MSS solutions. Hospitals, public institutions, and medical facilities have been the most frequently targeted sectors as a result of the COVID-19 epidemic. It is vital to defend the agency's systems with robust security solutions after the US Department of Health and Human Services (HHS) suffered attacks on its servers during the epidemic. In a poll of Canadian CIOs, Massachusetts-based cyber-security firm Carbon Black found that 82% of them believed that the amount of assaults on Canadian businesses was rising quickly.

Organizations have been driven to implement MSS to protect their assets from intrusions as a result of these security issues. By the end of 2022, this region is anticipated to hold the greatest market share for managed security services. Multiple MSSPs' accessibility and the region's early adoption of managed security services products are key drivers driving the industry. The COVID-19 pandemic has escalated cyber-threats in the area. The government, pharmaceutical, and healthcare industries are the most frequently targeted by cyber criminals. The University of California paid the NetWalker ransomware operators a US$ 1.14 million ransom in June 2020. The School of Medicine's IT network was successfully penetrated by NetWalker, allowing access to data and encrypted systems.

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APAC to Have Admirable Growth in Managed Security Services Market 

As more businesses outsource security solutions for larger organizations, the Asia Pacific area is expected to experience considerable development in the worldwide managed security services market. Because there are not many internal security experts and there aren't many security tools available to safeguard data from sophisticated cyber-attacks, the managed security services market in Asia Pacific is anticipated to grow at the highest CAGR throughout the forecast period. The complexity of the IT security infrastructure rises with the increased adoption of cutting-edge technologies like IoT, cloud computing, and operational technologies. The region's market for managed security services is expanding as a result of evolving cyber threats and existing security systems' incapacity to stop these sophisticated security threats. Given the enormous increase in cyberattacks and threats that has occurred in this region over recent years, the Asia-Pacific region is not far behind in the demand for MSS.

Additionally, as technology advancements like IoT, cloud computing, and 5G become more prevalent, SMEs and large businesses in the Asia Pacific (APAC) area are becoming more and more dependent on MSS. Additionally, the expansion of managed security services in the area is being aided by cyber-security incidents, favorable regulatory legislation, and a growing focus on cloud computing.

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Managed Security Services Market Segmentation 

The global managed security services market is bifurcated based on end user, deployment, organization size, and service type.

By service, the managed security services market is segmented into endpoint security, DDOS, IPS and IDS.

By organization size, large enterprise will lead the market over the forecast period.

By deployment, the managed security services market is segmented into on premise and cloud.

By end user, BFSI will dominate the market over the forecast period.

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