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TMCNet:  Managed Security Services Market to Reach US$ 53.22 Billion by 2031: Notes TMR Study

[June 15, 2022]

Managed Security Services Market to Reach US$ 53.22 Billion by 2031: Notes TMR Study

  • Managed security service providers (MSSPs) gaining steady revenue expansion by offering cyber security solutions in enterprises to secure advanced corporate networks
  • Asia Pacific to present enormous lucrative avenues for companies in managed security services market, propelled by the use of MSSPs in securing next-gen IT security infrastructure

ALBANY, N.Y., June 15, 2022 /PRNewswire/ -- Enterprises are keen on adopting managed security services (MSSs) to ensure advanced cyber defence. The managed security services market size is continuously becoming big on the back of the growing role of MSS providers in not only securing organization's digital assets but also of customers and business partners. The global market is forecast to advance at CAGR of 14.2% from 2022 to 2031 (the forecast period).

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The TMR study on the managed security services market found that the identity and access management (IAM) is remarkably lucrative segment. Growing popularity of IAM solutions for enterprise-wide security is driving MSS market segment share. The past few years have witnessed growing numbers of companies across industries allowing work from home (WFH) and bring your own device (BYOD). The panoply of devices has raised the concerns of cyber threats considerably. This has created incredible growth opportunities for top best managed security services providers to capture on in the next few years.

The growing trend of IoT-enabled industries has increasingly made the information systems more complex over the years, as recent managed security services trends highlighted. Thus, the demand for MSS in the manufacturing, automotive, and healthcare industries is growing at a rapid pace, which has steered managed security services growth rate.

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Key Findings of Managed Security Services Market Study

  • Rapid Adoption of Cloud and IoT Result in Massive Uptick in Demand for MSSPs: The growing strategic shift of organizations toward cloud technology has opened up an incredible avenue for players in the managed security services market. In particular, the growing adoption of IoT cloud infrastructure by organizations has accelerated the need for managed security services for next-gen cybersecurity threats. Service providers in the managed security services market are leveraging innovative technology such as AI and machine learning platforms to enable their clients to gain resilience. The increased complexity of IT infrastructure under cloud-based solutions has reinforced lucrative avenues for MSSPs to capitalize on.
  • Cybersecurity Threats in Bring Your Own Devices (BYOD) Present Value-Grab Opportunity: Over the past few decades, bring your own device (BYOD) has been gaining steady momentum in enterprises. Of note, in recent years, with the momentum picking up pace mainly due to work from home workplace trends across businesses in various countries has spurred the revenue streams in the managed security services market.

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Managed Security Services Market: Key Drivers

  • The growing complexity of IT networks on the backdrop of advances in Industry 4.0 is a key driver for the evolution of the managed security services. In part, this can be acribed to the increased inclination toward outsourcing of IT security services.
  • Emphasis on zero-trust security models security approaches among organizations have been expanding the avenue. This has been spurred by the lack of in-house security experts in many enterprises over the years.

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Managed Security Services Market: Regional Growth Dynamics

  • The Asia Pacific managed security services market is expected to witness incredible profitable avenues during the forecast period. The growth is propelled by rise in need for advanced cyber security platforms and solutions. Growing trend of IoT-enabled organizations has spurred the demand.
  • North America is estimated to hold a leading share of the global managed security services market by 2022-end. Early uptake of solutions especially in the healthcare, pharmaceutical, and government sectors will steer the revenue expansion. The presence of multiple providers is also catalyzing the expansion of the regional market.

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Managed Security Services Market: Key Players

Some of the key players in the managed security services market are Fujitsu, Capgemini, BAE Systems, Lumen Technologies, BT Group plc, Accenture, Wipro Limited, Optiv Security, Inc., Atos SE, Verizon Communications Inc., IBM, NTT Security, Broadcom Inc., AT&T, Trustwave Holdings, Inc., SecureWorks, Inc., and Alert Logic, Inc.

Managed Security Services Market Segmentation

  • Security Type
    • Managed IAM
    • Managed Vulnerability Management
    • Managed IDS/IPS
    • Managed Firewall
    • Managed Detection and Response
    • Managed SIEM
    • Others (Managed DDoS, Managed DLP, etc.)
  • Enterprise Size
    • SMEs
    • Large Enterprises
  • End-user
    • BFSI
    • Government and Public Sector
    • Healthcare
    • IT and Telecom
    • Retail & E-commerce
    • Manufacturing
    • Others

Regions

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

Countries

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Russia & CIS
  • Japan
  • China
  • India
  • ASEAN
  • Brazil
  • Mexico
  • GCC
  • South Africa

Browse Latest IT & Telecom Industry Research Reports by TMR

Managed Cyber Security Services Market - Managed Cyber Security Services Market is estimated to bring in US$ 63,524.5 million revenue by the end of 2026; market for managed cyber security Services is projected to register 15.6% CAGR

Cyber Security Consulting Market - In terms of revenue, the global cyber security consulting market is estimated to exceed value of US$ 28.22 Bn by 2031, expanding at a CAGR of 8.4% during the forecast period

VoIP Services Market - The global VoIP services market is expected to surpass the value of US$ 278.53 Bn by the end of 2031, expand at a CAGR of 11.9% from 2021 to 2031

Industrial Control Systems Security Solutions Market - The industrial control systems security solutions market is anticipated to cross value of US$ 54.8 Bn by 2030, expanding at a CAGR of 11.5% during the forecast period

Cloud Application Security & Vulnerability Management Market - Cloud application security & vulnerability management market is expected to register a CAGR of 14% between 2020 and 2030

Hardware Security Module (HSM) Market - Hardware security module (HSM) market is projected to expand at a CAGR of 11.4% during the forecast period from 2020 to 2027

Home Security Solutions Market - Home Security Solutions market is estimated to expand at a CAGR of 24.2% during the forecast period.

Messaging Security Market - Messaging Security Market is likely to advance at a CAGR of 13% from 2019 to 2027, reaching a market size of ~US$ 8 Bn by 2027

Physical Security Services Market - Physical Security Services Market to rise at a CAGR of 11.7% during the forecast period 2017–2022. By 2022, the market could draw a valuation of US$191.7 bn.

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