As per the report by Visiongain, the Global Managed Security Services Market was valued at US$27.7 billion in 2022 and is projected to grow at a CAGR of 12.8% during the forecast period 2023-2033.
Visiongain has published a new report entitled Managed Security Services 2023-2033. It includes profiles of Managed Security Services and Forecasts Managed Security Services Market, (COVID-19 Impact Analysis):- Market Segment by Type (Fully Managed Security Services, Co-managed Security Services) Market Segment by Enterprises Size (Large Enterprises, Medium-sized Enterprises, Small-sized Enterprises) Market Segment by Solution Type (Intrusion Detection and Prevention, Threat Prevention, Distributed Denial of Services, Other Solution Type) Market Segment by Vertical (BFSI, Healthcare, Manufacturing, Telecom & IT, Other Vertical) Market Segment by Service Type (Managed IAM, Managed Vulnerability Management, Managed Risk and Compliance, Managed Detection and Response, Managed SIEM and Log Management, Other Service Type) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
Focus on Core Business Functions
Managing security operations can be resource-intensive and time-consuming, diverting attention from core business functions. By outsourcing security to Managed Security Services, organizations can focus on their core competencies and strategic initiatives while leaving the complex and demanding security responsibilities to experts. This allows businesses to allocate their resources more efficiently, driving productivity, innovation, and growth.
Adoption of Cloud Computing and Managed Services
The widespread adoption of cloud computing and managed services has revolutionized the IT landscape. As organizations migrate their infrastructure and applications to the cloud, they require robust security measures to protect their data and assets. Managed Security Services specialize in securing cloud-based environments and provide expertise in cloud security best practices. They help organizations navigate the unique challenges of cloud security, ensuring the confidentiality, integrity, and availability of data in the cloud.
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How has COVID-19 had a significant negative impact on the Managed Security Services Market?
The pandemic has witnessed a surge in cyber attacks, with threat actors exploiting the fear, uncertainty, and disruption caused by the crisis. Cybercriminals have targeted healthcare organizations, remote workers, and critical infrastructure sectors.
Managed Security Services help organizations stay ahead of evolving threats by providing advanced threat intelligence, continuous monitoring, and proactive threat hunting capabilities. MSS providers leverage threat intelligence feeds, security analytics, and incident response expertise to identify and mitigate emerging threats.
For example, MSS providers have responded to the increase in COVID-19-related phishing campaigns by implementing robust email security measures, training employees on phishing awareness, and enhancing network security controls.
Regulatory frameworks and compliance standards continue to evolve, requiring organizations to maintain robust security controls and demonstrate adherence to data protection regulations. The pandemic has not slowed down these requirements, and organizations must stay compliant to avoid penalties and reputational damage.
Managed Security Services assist organizations in achieving and maintaining compliance by conducting regular security assessments, implementing necessary controls, and ensuring adherence to industry-specific regulations such as GDPR, HIPAA, and PCI DSS. MSS providers help organizations navigate complex compliance requirements and provide documentation and reporting capabilities.
The implications beyond COVID-19 on the Managed Security Services market include increased focus on securing remote work environments, endpoint security, cloud security, addressing rising cyber threats, and meeting regulatory compliance requirements. These implications have fuelled the demand for MSS as organizations strive to protect their digital assets, maintain business continuity, and safeguard sensitive information in an evolving threat landscape.
How will this Report Benefit you?
Visiongain’s 439-page report provides 131 tables and 193 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global managed security services market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Managed Security Services. Get financial analysis of the overall market and different segments including type, enterprise size, solution type, vertical, service type, and capture higher market share. We believe that there are strong opportunities in this fast-growing managed security services market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
The Managed Security Services Market Is Driven by the Growing Complexity and Frequency of Cyber Threats
The managed security services market is driven by the escalating sophistication and frequency of cyber threats. Cybercriminals are continuously evolving their tactics, techniques, and procedures to exploit vulnerabilities and gain unauthorized access to organizations' networks and sensitive data. This constant evolution of threats necessitates robust security measures and proactive defense strategies, leading to the increased demand for managed security services.
In 2023, the sophistication of cyber threats continued to increase, with emerging techniques such as zero-day exploits, file less malware, and AI-powered attacks gaining prominence. These advanced threats bypass traditional security measures and require specialized expertise to detect and mitigate effectively. Managed security service providers equipped with advanced threat detection technologies, threat intelligence capabilities, and skilled cybersecurity professionals are crucial in combating these evolving threats.
Compliance with Security Regulations and Industry Standards Is a Crucial Driver for the Adoption of Managed Security Services
Compliance with security regulations and industry standards is a significant driver for the adoption of managed security services. Organizations across various sectors face stringent data protection and privacy regulations that require them to implement robust security measures and safeguard sensitive information. Managed security service providers (MSSPs) play a crucial role in helping organizations navigate complex compliance landscapes and ensure adherence to regulatory requirements.
In 2023, regulatory frameworks such as the California Consumer Privacy Act (CCPA) and Brazil's General Data Protection Law (LGPD) gained traction, driving organizations to strengthen their data protection practices. These regulations require organizations to implement comprehensive security measures, conduct regular risk assessments, and have incident response capabilities in place. Managed security services assist organizations in aligning their security practices with regulatory requirements, conducting audits, and providing documentation necessary for compliance.
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Where are the Market Opportunities?
The Rapid Adoption of Cloud Computing Presents a Vast Opportunity for Managed Security Service Providers
The rapid adoption of cloud computing presents a vast opportunity for managed security service providers. As organizations migrate their data and applications to the cloud, there is an increased need for robust cloud security solutions and services to protect sensitive information and ensure compliance.
In 2023, the growing adoption of cloud computing continued to drive the demand for managed security services. Organizations across industries recognized the benefits of the cloud, including reduced infrastructure costs, improved scalability, and increased agility. However, they also faced unique security challenges in the cloud, such as misconfigurations, unauthorized access, and data breaches. Managed security service providers seized this opportunity by offering specialized cloud security services tailored to the needs of their clients.
The Increasing Demand for Managed Detection and Response (MDR) Services Presents a Significant Opportunity for MSSPs
The increasing demand for Managed Detection and Response (MDR) services presents a significant opportunity for managed security service providers. As organizations recognize the importance of quick detection and response to cyber threats, the need for specialized services that combine advanced technologies with skilled security analysts is on the rise.
In 2023, the demand for managed detection and response services continued to grow across industries. Organizations faced an increasing volume and complexity of cyber threats, including sophisticated malware, targeted attacks, and ransomware campaigns. These threats often bypass traditional security controls, emphasizing the need for proactive threat hunting and rapid incident response. Managed security service providers capitalized on this opportunity by offering comprehensive MDR solutions that combined advanced technologies with skilled security analysts.
Competitive Landscape
The major players operating in the managed security services market are Accenture plc, AT&T Inc., Capgemini SE, CrowdStrike Holdings, Inc., DXC Technology, F5, Inc, Fujitsu Limited, International Business Machines Corporation, Kroll Inc., Kudelski Security, Nippon Telegraph and Telephone Corporation, Orange Cyberdefense, Proficio, Secureworks Inc., Trustwave Holdings. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- 24 April 2023, IBM (NYSE: IBM) unveiled a new security suite aimed at unifying and speeding up the security analyst experience throughout the incident lifecycle. The IBM Security QRadar Suite represents a significant evolution and expansion of the QRadar brand, spanning all core threat detection, investigation, and response technologies, with significant investment in portfolio innovation.
- 25 April 2023, The U.S. Air Force has received a highly inventive, commercially managed cybersecurity solution with partnership between AT&T* and Trinity Cyber, Inc. A Secure Internet Gateway, the proposed remedy, is anticipated to significantly improve cybersecurity defences and lower risks for Air Force networks.
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To find more Visiongain research reports on the IT sector, click on the following links:
- Network Security Market Report 2023-2033
- Airport Security Market Report 2023-2033
- Border Security Market Report 2023-2033
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