Managed Security Services Global Market Report 2024

Managed security services involve proactive security measures provided by third-party vendors, tailored to the specific security needs and evolving threat landscape of an organization.

The main types of managed security services encompass network security, terminal security, application security, and cloud security. Network security involves policies, processes, and practices to prevent, detect, and monitor unauthorized access, misuse, modification, or denial of a computer network and its accessibility. These services can be deployed on-premise or in the cloud, catering to organizations of various sizes, including large enterprises and small and medium-sized enterprises (SMEs). Managed security services find applications in intrusion detection and prevention, threat prevention, distributed denial of services, firewall management, end-point security, and risk assessment across industries such as BFSI, government and defense, retail, manufacturing, healthcare and life sciences, IT and telecom, and other sectors.

The managed security services market research report is one of a series of new reports that provides managed security services market statistics, including managed security services industry global market size, regional shares, competitors with a managed security services market share, detailed managed security services market segments, market trends and opportunities, and any further data you may need to thrive in the managed security services industry. This managed security services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The managed security services market size has grown rapidly in recent years. It will grow from $29.9 billion in 2023 to $34.59 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth observed during the historic period in the field of managed security services can be attributed to several factors, including a heightened focus on identity and access management, the adoption of cost-effective security solutions, compliance with regulatory requirements, management of endpoint security, and an increased emphasis on addressing insider threats.

The managed security services market size is expected to see rapid growth in the next few years. It will grow to $60.96 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The anticipated growth in the forecast period for managed security services can be attributed to factors such as the evolution of regulatory requirements, the expansion of managed detection and response capabilities, and a focus on critical infrastructure protection. Major trends expected in the forecast period include an increased emphasis on cloud security and hybrid environments, the incorporation of blockchain for enhanced security, the adoption of privacy-preserving technologies, collaboration with industry vertical experts, advanced threat intelligence sharing, and the implementation of automated incident response mechanisms.

The managed security services market is poised for growth, driven by the escalating instances of security breaches. Security breaches encompass incidents leading to unauthorized access to computer data, applications, networks, or devices. Managed security services, designed to monitor and manage security systems and devices, are expected to witness increased demand in response to the rising occurrences of security breaches. Notably, data breaches surged by 17% in 2021, totaling 12.91 thousand breaches compared to 11.08 thousand in 2020, as reported by the Identity Theft Resource Center (ITRC). Consequently, the surge in security breaches is anticipated to fuel the demand for managed security services.

The growth of the managed security services market is further expected to be driven by the increasing prevalence of cybercrime activities. Cybercrime involves criminal acts carried out using computer systems, networks, or digital devices as primary tools for unlawful activities. Managed security services play a pivotal role in helping businesses mitigate exposure to cyber threats through services such as system monitoring, penetration testing, security compliance audits, and intrusion detection. Notably, the average frequency of data breaches and cyberattacks rose by 15.1% in 2021 compared to the previous year, as reported by Forbes. Additionally, Gartner's research highlighted a 17.5% growth in spending on data security, reaching $3.5 billion in 2021. Hence, the increase in cybercrime activities contributes to the growth of managed security services.

A key trend gaining traction in the managed security services market is strategic collaborations among major companies in the sector. These collaborations aim to bolster their market position through partnership agreements. For instance, in September 2021, Atos, a France-based information technology service company, collaborated with Integrity, a US-based managed security services provider, to develop a bug bounty program and provide automatic detection and remediation services. Moreover, a collaboration between Atos and Ooredoo in July 2021 is focused on delivering cybersecurity threat detection and response services for the Qatar Smart Program 'TASMU. ' These strategic collaborations enhance the capabilities of managed security services companies.

To maintain their competitive position, major companies in the managed security services sector are actively introducing innovative products. Managed security services (MSS) involve cybersecurity services delivered by third-party vendors to monitor, manage, and respond to security threats on behalf of organizations. For instance, in August 2023, Schneider Electric, a France-based company specializing in digital automation and energy management, launched managed security services tailored for operational environments. This product addresses the growing cyber threats in digital and operational contexts, helping clients implement robust cybersecurity processes and proactively manage risks.

In September 2021, PwC, a UK-based professional services company, acquired Avaleris for an undisclosed amount, strengthening its cybersecurity portfolio and enhancing its reputation with clients. Avaleris, a Canada-based company, specializes in providing managed security services.

Major companies operating in the in the managed security services market report are International Business Machines Corporation, Cisco Systems Inc., Nippon Telegraph and Telephone Corporation, Secureworks Inc., BT Managed Security Solutions, Check Point Software Technologies Ltd., Wipro Limited, Accenture plc, Symantec Corporation, DXC Technology Company, Lumen Tech Inc., BAE Systems plc, Nuspire, Fujitsu Limited, Intel Corporation, HCL Technologies Limited, Trustwave Holdings Inc., Hewlett-Packard Development Company L. P., Fortinet Inc., Verizon Communications Inc., Tata Consultancy Services Limited, Capgemini SE, Deloitte Touche Tohmatsu Limited, Infosys Limited, Orange S. A., Foresite MSP LLC, Herjavec Group, NTT Europe Ltd., Armor Defense Inc., Nortek Security & Control LLC

North America was the largest region in the managed security services market in 2023. The regions covered in the managed security services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the managed security services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The managed security services market includes revenues earned by entities by providing security services such as managing firewalls, monitoring and handling of interference detection systems, intrusion detection, scanning, and anti-virus services, The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.