The global managed security service market is forecast to grow from USD 23.0 billion in 2019 to USD 44.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 14.2%.

Growing Demand:

Stringent government regulations, a rise in trends like BYOD, CYOD, and WFH, as well as rising security breaches and sophisticated cyberattacks within enterprises, are some of the significant factors that will drive market growth for managed security services. The managed security services market will be constrained by the inability to trust third-party apps that manage sensitive information of enterprises. It is expected that the lack of skilled security professionals who can handle challenging environments will also be a significant obstacle to the market’s growth. MSSPs will be able to tap new markets due to the increasing use of IoT and cloud technology, as well as the demand for cost-effective and robust security services by enterprises to manage and monitor security events.

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Covid-19 Impact Analysis:
The spread of COVID-19 is expected to influence the managed security service market share positively. This is because managed security services will enable enterprises to address security problems and allow remote workers to access secure information.
Additionally, many businesses are now more vulnerable to cyberattacks due to increased internet traffic. Managed security services must be implemented. Market growth has been driven by innovations and improvements in managed security services like firewall management and endpoint protection.
Driving Factors:
Market Growth is supported by the growing acceptance of Bring Your Own Device (BYOD).
The Bring Your Own Device (BYOD) is an essential digital technology component that will allow you to be productive in all areas of your business. BYOD enables employees to access their data and improve productivity using personal devices. Cisco Systems, Incorporated.

reports that BYOD could save companies up to USD350 per team member annually. BYOD can increase employee accountability and work flexibility, leading to greater productivity. Organizations have to offer BYOD options in combination with their existing systems to create a more work-friendly environment.

BYOD is a growing trend that has seen an increase in smart devices used in the workplace. These include tablets, smartphones, laptops, and other gadgets. Data moving between intelligent devices would raise security and integrity concerns. Businesses increasingly use managed services to protect and monitor these devices. This trend will drive market growth for managed services in the coming years.

Restraining Factors:

The lack of IT Security Professionals inhibits market growth.

Market growth is limited by the lack of IT and cybersecurity professionals. This shortage can hamper organizations’ ability to meet their IT security demands. Companies are more vulnerable to cyberattacks because they lack IT security skills. Due to increasing cybersecurity threats, advanced security solutions are becoming more critical. This highlights the need to provide cybersecurity training to fill the cybersecurity skills gap, bring new talent into work, and make the organization safer. The lack of IT Security professionals impedes the market growth.

Market growth is expected to be limited by many factors, including the need for skilled workers, ineffectively managed service models, data privacy and security issues, and the requirement for significant investments.

Market Key Trends:

Managed security services offer two unique benefits: convenience and effectiveness. They also provide high-level security. Their popularity has led to their increasing use among end users. They will continue to grow in the international market shortly. The market will benefit from its ability to lower IT costs and allow for quick resolutions of problems.

Other factors driving the market include the rapid adoption of the public cloud and the shared responsibility model to ensure security in the cloud. The growing market is driving demand for managed security services worldwide due to a lack of qualified cyber security professionals and the changing contours of cybersecurity.

Key market developments:

  • IBM created the IBM Center for Government Cybersecurity, a collaborative environment to assist federal agencies in addressing cybersecurity threats. It was announced on June 20, 2021.
  • Accenture has partnered with VMware to create a new business group in 2021. This will help companies move faster to the cloud. The new business group brings professionals with deep expertise and knowledge in hybrid cloud and cloud migrations. It also offers cloud-native and modernization of applications, security, and other industry issues.

Key Market Players included in the report:

  • IBM (US)
  • SecureWorks (US)
  • Symantec (US)
  • Trustwave (US)
  • Verizon(US)
  • AT&T (US)
  • Atos (France)
  • BAE Systems (UK)
  • BT (UK)
  • CenturyLink (US)
  • DXC (US)
  • Fortinet (US)
  • Fujitsu (Japan)
  • NTT Security (Japan)
  • Wipro (India)

Key Market Segments:
Type

  • Network Security
  • Terminal Security
  • Application Security
  • Cloud Security

Application

  • Financial Services
  • Communications Industry
  • Public Sector
  • Media
  • Retail
  • Manufacturing
  • Medical
  • Other

Frequently Asked Questions (FAQ):

  • How big is the managed security service market?
  • What is the future CAGR for the managed security services market?
  • What are the main factors that drive the managed security service market?
  • Which segment of security contributes the largest to managed security services?
  • Which region is most attractive to vendors in the managed security services market?
  • What are the leading players in managed security services?

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