Managed Security Services Market worth $52.9 billion by 2028 – Exclusive Report by MarketsandMarkets™

Increased demand for cloud-based solutions, the adoption of Zero Trust architecture, the integration of AI and ML technologies, and an emphasis on industry-specific solutions, SMEs, and regulatory compliance are expected to characterize the Managed Security Services Market in the future. Furthermore, driving market expansion and change will be the convergence of IT operations and security, the introduction of MDR services, and the security of IoT and OT environments.

CHICAGO, Feb. 14, 2024 /PRNewswire/ — The global Managed Security Services Market size is expected to grow from USD 30.6 billion in 2023 to USD 52.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 11.5% during the forecast period, according to a new report by MarketsandMarkets™. The escalation of cyberattacks and sophisticated breaches across enterprises are driving organizations to seek expert help in navigating the complex and ever-evolving threat landscape. Also, the stringent government regulations are demanding robust data security further driving the global Managed Security Services Market.

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Scope of the Report

The type fully managed segment is expected to grow at the highest CAGR during the forecast period.

The fully managed segment is expected to see continued growth in the coming years as organizations seeking complete control and minimal involvement in security operations opt for fully managed MSS. This provides hands-off security with minimal resource allocation from the in-house team. Organizations can align their resources and efforts with strategic initiatives rather than dedicating significant resources to security operations.

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The SMES segment is expected to grow at the highest CAGR during the forecast period.

SMEs often lack the in-house cybersecurity expertise to manage and protect their digital assets effectively. MSS provides access to skilled professionals who can address their security needs without requiring internal expertise in a myriad of applications, services, and content for businesses and consumers.

Middle East& Africa is likely to emerge as the fastest-growing segment during the forecast period.

The Middle East & Africa Managed Security Services Market anticipates sustained explosive growth, driven by government policies, cloud adoption, the talent gap, and a growing focus on digitalization, with businesses across the region increasingly relying on MSS partners to navigate the complex cyber landscape and safeguard their valuable assets.

Top Key Companies in Managed Security Services Market:

The major vendors covered in the  MSS market are IBM (US), NTT (Japan), Accenture (Ireland), DXC Technology (US), Secureworks (US), Trustwave (US), Atos (France), Orange Cyberdefense (France), Fujitsu (Japan), AT&T (US), Verizon (US), Capgemini (France), HPE (US), Cisco (US), TCS (India), Kudelski Security (Switzerland), F5(US), Infosys (India), Lumen Technologies (US), Crowdstrike (US), Kroll (US), Nokia Networks (Finland), Trend Micro (Japan), Cipher Security (US), RSI Security (US), SecurityHQ (UAE), TrustNet (US), LightEdge (US), Nettitude (US), Teceze (US), CyFlare (US), Ascend Technologies (US), Avertium (US), DigitalXRAID (UK).

Recent Developments:

• In November 2023, Rapid7 chose TruVisor as its exclusive distributor for cybersecurity solutions in the ASEAN and India regions. This partnership aims to enhance their joint customers’ cybersecurity capabilities through Rapid7’s security platforms. This strategic collaboration is significant in the growing cybersecurity market in these regions.
• In November 2023, Accenture acquired Innotec Security, a privately held company specializing in cybersecurity-as-a-service, cyber resilience, and cyber risk management, expanding its capabilities and footprint in Spain. Innotec Security was previously owned by parent company Entelgy Group. The acquisition of Innotec Security—which also has a presence in Barcelona, Seville, and the Basque Country—will add 500 cybersecurity professionals to Accenture Security’s workforce of 20,000 professionals globally, making Accenture Security one of the top managed security services (MSS) players in Spain.
• In August 2023, DXC Technology signed an IT Infrastructure Services Agreement with AT&T; under the agreement, DXC will manage AT&T’s midrange IT infrastructure, which spans AT&T’s enterprise compute, storage, backup, and recovery environments. DXC will also provide system, database, storage administration, hardware architecture, and maintenance across these environments.
• In June 2023, Secureworks unveiled the Taegis XDR (Extended detection and response), and Taegis Managed XDR for OT (operational technology) offerings to help industrial organizations protect against cyber threats. Taegis XDR combines IT security telemetry with OT intelligence and uses analytics and machine learning to help organizations identify threats and prioritize the most serious ones.

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Managed Security Services Market Advantages:

• Managed security service providers (MSSPs) are companies that specialise in cybersecurity and offer access to highly qualified personnel and cutting-edge security technologies that can be difficult for businesses to maintain internally.
• It may be less expensive to outsource security to MSSPs than to create and maintain an internal security infrastructure. MSSPs frequently provide various pricing options so that businesses can pay for just the services they really use.
• Data breaches are prevented and the effects of security incidents are lessened thanks to MSSPs’ round-the-clock monitoring and response capabilities, which can identify and neutralise security threats instantly.
• MSSPs help organisations keep ahead of changing cybersecurity risks by using threat intelligence and analytics to proactively identify and mitigate emerging attacks.
• By putting in place security policies and controls that comply with industry standards and laws, MSSPs help businesses achieve and maintain regulatory compliance while lowering the risk of fines for non-compliance.
• Rather of necessitating large investments in new infrastructure or resources, managed security services may expand with the changing demands of businesses, supporting expansion and shifts in the threat landscape.
• Organisations can increase productivity and efficiency by focusing on their main business activities instead of handling complex security operations by outsourcing security to MSSPs.
• MSSPs make investments in and use state-of-the-art security tools and technologies, giving clients access to the newest threat detection and prevention capabilities that might be too complex for them to adopt on their own.

Report Objectives

• To describe and forecast the global Managed Security Services Market by service type, type, security type, organization size, vertical, and region
• To forecast the market size of five main regions: North America, Europe, the Asia Pacific, Middle East & Africa, and Latin America
• To analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market
• To provide detailed information related to major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
• To analyze the opportunities in the market for stakeholders and provide the competitive landscape details of major players
• To profile the key players of the Managed Security Services Market and comprehensively analyze their market shares and core competencies
• To track and analyze competitive developments, such as mergers and acquisitions (M&A), new product developments, partnerships, and collaborations in the market

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