Rising security breaches and sophisticated cyber-attacks across enterprises are driving the overall growth of the Managed Security Services (MSS) market. The global MSS market size is projected to grow from USD 31.6 billion in 2020 to USD 46.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 8.0% during the forecast period. The market growth is driven by various factors, including the increasing government regulations and rising security breaches across enterprises.
The managed identity and access management segment to grow at a higher CAGR during the forecast period MSS are proactive security measures tailored according to the need and ever-evolving security landscape of organizations.These services include continuous monitoring and analysis, advanced technology, network assessment, and application and security specialists to advice stakeholders in organizations.
Managed Identity and Access Management (IAM) helps in driving automation, managing consumer identities, and establishing a risk-based approach, among others.Some of the companies are integrating technologies such as robotics with IAM.
Single Sign-on (SSO) and Multi-Factor Authentication (MFA) are the two most common systems used in IAM. Hence, the managed IAM segment is expected to be a larger segment during the forecast period.
The healthcare vertical to be the fastest-growing vertical during the forecast period The Banking, Financial, Services, and Insurance (BFSI) vertical is estimated to dominate the MSS market with the largest market size, while the healthcare vertical is the fastest-growing vertical during the forecast period.MSS are expected to help the BFSI vertical in keeping the confidentiality of sensitive data, which will, in turn, help in maintaining the overall security posture.
The biggest advantage of using MSS in the BFSI vertical is 24*7*365 monitoring, which results in immediate incident response and remediation in case of a security breach.The BFSI vertical is very careful about the security of the sensitive data of its customers.
Hence, for enhancing the protection of online services from cyberattacks, companies are adopting MSS in the BFSI vertical.In the healthcare vertical, MSS such as Medical Device Penetration Testing, Network Segmentation for Medical Equipment, Device Inventory and Risk Analysis, Medical Device Risk Assessments, and continuous incident response will play an integral role in securing the entities related to patients as well as hospital data.
Moreover, MSS also helps healthcare organizations comply with stringent Health Insurance Portability and Accountability Act (HIPAA) and Payment Card Industry Data Security Standard (PCI DSS) compliances.
Asia Pacific to hold the highest market share during the forecast period Technological advancements such as cloud, 5G, and IoT have led Small and Medium-sized Enterprises (SMEs) and large enterprises in the Asia Pacific (APAC) region to largely rely on MSS. Also, government regulations, cybersecurity incidents, and cloud technology adoption are driving the adoption of MSS in the region. In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key companies.
The breakup of primary participants is as follows: • By Company Type: Tier 1–25%, Tier 2–40%, and Tier 3–35% • By Designation: C-level Executives– 30%, Directors – 35%, and Others – 35% • By Region: North America – 15%, Europe – 25%, APAC – 30%, Latin America – 20%, and MEA – 10%
Major vendors offering MSS include IBM (US), AT&T (Texas), NTT Data (Japan), Secureworks (US), DXC Technology (US), BT Security (UK), Atos (France), Infosys (India), Verizon (US), Cognizant (US), Cipher Security (US), Wipro (India), Accenture (Ireland), Optiv Security (US), Trustwave (US), The Herjavec Group (Canada), Capgemini (France), CenturyLink Managed Security Services (US), Kudelski Security (Switzerland), and Nuspire (US). The study includes an in-depth competitive analysis of these key market players, along with their profiles, recent developments, and key market strategies.
Research Coverage The market study covers the MSS market size across segments.It aims at estimating the market size and the growth potential of this market across segments categorized into types, deployment modes, organization size, verticals, and regions.
The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall MSS market and its subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their business and plan suitable go-to-market strategies.
The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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