Pune, India, Oct. 17, 2022 (GLOBE NEWSWIRE) -- The global cyber security managed services market size was valued at USD 12.52 billion in 2021. The market is projected to grow from USD 13.52 billion in 2022 to USD 25.77 billion by 2029, exhibiting a CAGR of 9.7% during the forecast period.
This information is provided by Fortune Business Insights, in its report, titled, “Cyber Security Managed Services Market Share, 2022-2029.”
Managed Services Related to Investment Security are Growing amid COVID-19 Pandemic that Boosted Market Expansion
Individuals and companies are required under COVID-19 norms to accept remote working. Virtual Private Network (VPN) servers have become essential for businesses as more workers choose to work from home. Attributed to this, cybercriminals across the world are surely profiting from this issue. Spam, ransomware, and phishing assaults have increased as a result of hackers using this crisis as a pretext to impersonate brands and trick employees.
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| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 9.7% |
| 2029 Value Projection | USD 25.77 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 12.52 Billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 150 |
Segments:
Increasing Demand for Security Systems and Public Safety will Drive Cyber Security Managed Services Market Growth
By service, the market is segmented into Managed Detection and Response (MDR), incident management, managed vulnerability, identity and access solutions, and others (endpoint management, data encryption).
Rising Security Concern in Large Enterprises is Driving Market
Based on enterprise size, the market is segmented into SMEs and large enterprise.
Among these, large enterprise segment held the major market share in 2021, and SMEs are expected to grow at the highest CAGR during the 2022-2029.
Increasing Demand for Digital Privacy Systems and Robust Security across IT & Telecom to Drive Market Forward
By industry, the market is segmented into BFSI, IT & telecom, retail, healthcare, government, manufacturing, travel & transportation, energy & utilities, and others.
Among these, healthcare segment held the major market share in 2021. Across the healthcare industry, internet security solutions aid in providing data protection for customer healthcare records.
Geographically, the market is segmented across five major regions, North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Report Coverage:
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy.
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Drivers and Restraints:
Trend of Zero Strategy Implementation to Surge Development of Global Market
Due to pandemic interruptions, there have been major adjustments in cyber security managed services during the last few years. Zero Trust is becoming a more popular and successful cybersecurity strategy for companies throughout the world. Based on all available information and signals, this security model assumes a breach and assesses the security of endpoints, networks, identities, and other resources. To achieve least privileged access and lessen cyber dangers, contextual real-time policy enforcement is necessary. Rapid attack prevention, correction, and detection are made possible by evolving technology leveraging massive datasets and behavior analytics.
Regional Insights:
North America to Take the Lead Supported by Machine Learning Adoption
In 2021, North America held the largest cyber security managed services market share. The market in the region is anticipated to be driven by the quick development of managed security services with the implementation of machine learning and artificial intelligence capabilities.
Asia Pacific is projected to rise with a spectacular CAGR during the forecast period owing to developing governments, presence of key players, and foreign investor investments in numerous blockchain, smart city, and other projects.
The European market displayed decent growth backed by the rising usage of software-defined IT infrastructure and partnerships, collaboration, and service upgrades.
Competitive Landscape:
Key Players Declare Innovative Product Launches to Sustain Market Growth
The chief cyber security managed services players utilize a variety of tactics to reinforce their position as the industry's top businesses. One such critical tactic is the acquisition of businesses to surge brand value among customers. Periodically launching novel products after conducting a thorough analysis of the market and its target audience is another important strategy.
Key Industry Development:
February 2022: IBM unveiled a cybersecurity hub in Bengaluru, its second center globally, for Asia Pacific clients. This hub provides IBM-managed security services, research, India software labs, consulting, and admission to the company’s incident response team as well as a garage.
Companies Mentioned in the Cyber Security Managed Services Market Report:
- BDO Global (Belgium)
- Secureworks, Inc. (U.S.)
- Atos SE (France)
- Wipro (India)
- IBM Corporation (U.S.)
- Tata Consultancy Services Limited (India)
- AT&T Intellectual Property (U.S.)
- Trustwave Holdings, Inc. (U.S.)
- Thrive (U.S.)
- SecurityHQ (India)
- ECI (U.S.)
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Major Points in TOC:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Cyber Security Managed Services Key Players Market Share Insights and Analysis, 2021
- Global Cyber Security Managed Services Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Services (USD)
- Managed Detection and Response (MDR)
- Incident Management
- Managed Vulnerability
- Identity and Access Solution
- Others (End Point Management, Data Encryption, Etc.)
- By Enterprise Size (USD)
- SMEs
- Large Enterprises
- By Industry (USD)
- BFSI
- IT & Telecom
- Retail
- Healthcare
- Government
- Manufacturing
- Travel & Transportation
- Energy and Utilities
- Others (Education, Media & Entertainment, Etc.)
- By Region (USD)
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
- North America Cyber Security Managed Services Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Services (USD)
- Managed Detection and Response (MDR)
- Incident Management
- Managed Vulnerability
- Identity and Access Solution
- Others (End Point Management, Data Encryption, Etc.)
- By Enterprise Size (USD)
- SMEs
- Large Enterprises
- By Industry (USD)
- BFSI
- IT & Telecom
- Retail
- Healthcare
- Government
- Manufacturing
- Travel & Transportation
- Energy and Utilities
- Others (Education, Media & Entertainment, Etc.)
- By Country (USD)
- United States
- Canada
- Mexico
- South America Cyber Security Managed Services Market Size Estimates and Forecasts, By Segments, 2018-2029
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