Pune, India, Aug. 14, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global cyber security managed services market size was valued at USD 14.48 billion in 2022 and is projected to grow from USD 15.78 billion in 2023 to USD 32.68 billion by 2030, exhibiting a CAGR of 11% during the forecast period. Organizations are Investing in Business Intelligence Tools and Data Access Tools. Fortune Business Insights presents this information in their report titled "Global Cyber Security Managed Services Market Forecast, 2023-2030."
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Cyber security managed services offer services to manage and monitor security systems, devices, and Software-as-a-Service (SaaS) applications. Increase in the number of cyber security attacks in numerous organizations is propelling the demand for services, which can protect their operations.
Key Industry Development
May 2023: Check Point Software Technologies partnered with Ivanti to integrate the patch management solution of Ivanti Harmony Endpoint protection solution. This integration will provide vulnerability and patch management capabilities to address cyberattacks that exploit system vulnerabilities.
Key Takeaways
- Cyber security managed services market size in North America was USD 6.27 billion in 2022
- On-Premises to Grow at the Highest CAGR Due to Increasing Number of Investments
- Large Organizations to Lead the Segment due to Increase in IT Spending Capacity
- Healthcare to Lead the Segment Due to Increasing Adoption of the Tools
Discover the Leading Players Featured in the Report:
“Companies leading the global cyber security managed services market are BDO Global (Belgium), Secureworks, Inc. (U.S.), Atos SE (France), Wipro (India), IBM Corporation (U.S.), Tata Consultancy Services Limited (India), Trustwave Holdings, Inc. (U.S.), Thrive (U.S.), SecurityHQ (India), ECI (U.S.), Check Point Software Technologies Ltd. (Israel)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 11% |
| 2030 Value Projection | USD 32.68 Billion |
| Base Year | 2022 |
| Cyber Security Managed Services Market Size in 2022 | USD 14.48 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Service, Enterprise Type, Industry and Geography |
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Drivers and Restraints
Rise in the Number of Investments in Self-Service Analytics to Propel Market Growth
Increasing BYOD method and cyber security risks are projected to drive the cyber security managed services market growth. Digitalization and technological changes in businesses have led to implementation and adoption of Bring Your Own Device (BYOD) and Choose Your Own Device (CYOD). Employees using smartphones, tablets, laptops, and other personal devices have networks, which can be easily compromised.
However, implementation of internet security services and solutions and the high cost of updating hinder the adoption of the services, which is expected to impede the market expansion.
Segmentation
By Service
- Managed Detection and Response (MDR)
- Incident Management
- Managed Vulnerability
- Identity and Access Solution
- Others (End Point Management, Data Encryption)
By Enterprise Type
- Small & Medium Size Enterprise
- Large Enterprise
By Industry
- BFSI
- IT & Telecom
- Retail
- Healthcare
- Government
- Manufacturing
- Travel & Transportation
- Energy and Utilities
- Others (Education, Media & Entertainment)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights
North America to Dictate Market Share Due to Growth of Digital Transformation
North America held the majority cyber security managed services market share in 2022 due to the rapid adoption of machine learning and artificial intelligence capabilities. The market reached the valuation of USD 6.27 billion in 2022.
Asia Pacific is projected to have a noteworthy CAGR with increasing number of investments by the governments, major market players, and also investments in block chain projects.
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Competitive Landscape
Partnership and Collaboration Strategies for the Expansion of the Customer Base
Key players of cyber security managed services such as BDO Global, Atos SE, Wipro, Secureworks, Inc., IBM Corporation, Tata Consultancy Services Limited, and Trustwave Holdings, Inc., have been launching specific solutions and services to attract a large customer base, thereby increasing sales.
FAQs
How big is the cyber security managed services market?
The cyber security managed services market size was USD 14.48 billion in 2022. It is expected to reach USD 32.68 billion by 2030.
How fast is the cyber security managed services market growing?
The cyber security managed services market will exhibit a CAGR of 11% during the forecast period, 2023-2030.
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