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Managed Security Services Market Report and Forecast 2024-2032

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    Report

  • 171 Pages
  • May 2024
  • Region: Global
  • Expert Market Research
  • ID: 5973906
According to the report, the global managed security services market size reached a value of USD 31.67 billion in 2023. Aided by the escalating frequency and sophistication of cyber threats, coupled with the increasing digitisation of business operations, the market is projected to further grow at a CAGR of 13.5% between 2024 and 2032 to reach a value of USD 99 billion by 2032.

Managed Security Services (MSS) refer to outsourced cybersecurity solutions provided by third-party service providers to organisations seeking to enhance their security posture, detect and respond to cyber threats, and mitigate security risks effectively.

Several factors drive the managed security services market growth, underpinning the critical role of managed security services in safeguarding organisations' digital assets and mitigating cyber risks. Firstly, the escalating volume and complexity of cyber threats, including malware, ransomware, phishing attacks, and data breaches, have propelled organisations to seek specialised expertise and advanced technologies to fortify their cyber defences. Managed security services offer round-the-clock monitoring, threat detection, incident response, and remediation capabilities, empowering organisations to detect and mitigate threats in real-time, bolstering their resilience against cyber-attacks.

As per the managed security services market analysis, the expanding attack surface resulting from the proliferation of digital endpoints, cloud infrastructure, Internet of Things (IoT) devices, and remote workforce environments has heightened the demand for comprehensive security solutions and proactive threat intelligence. Managed security services providers offer holistic security solutions that encompass endpoint security, network security, cloud security, identity and access management, and security information and event management (SIEM), providing organizations with integrated and cohesive defence strategies tailored to their unique risk profiles and compliance requirements.

As per the managed security services market outlook, regulatory compliance mandates and industry standards impose stringent security requirements on organisations across sectors such as finance, healthcare, government, and critical infrastructure, driving the adoption of managed security services to achieve compliance, demonstrate due diligence, and protect sensitive data and assets. Managed security services providers offer expertise in navigating regulatory landscapes, implementing security controls, and conducting compliance audits and assessments, enabling organizations to maintain regulatory compliance and mitigate legal and reputational risks.

The global managed security services market presents abundant opportunities for innovation, collaboration, and value creation, fuelled by emerging trends and evolving customer needs. One such opportunity lies in the integration of advanced technologies such as artificial intelligence (AI), machine learning (ML), and automation into managed security service offerings. AI and ML algorithms enable predictive analytics, anomaly detection, and behavioural analysis, enhancing threat detection capabilities and enabling proactive threat hunting and response, thereby reducing response times, minimising false positives, and maximising operational efficiency.

Furthermore, the rise of hybrid and multicloud environments, fuelled by digital transformation initiatives and cloud adoption trends, presents opportunities for managed security services providers to offer cloud-native security solutions and managed detection and response (MDR) capabilities tailored to cloud workloads, applications, and infrastructure, which can boost the managed security services market share. Managed security services for cloud environments encompass cloud security posture management (CSPM), workload protection, data encryption, and identity and access controls, ensuring robust security and compliance in dynamic and distributed cloud ecosystems.

Additionally, the convergence of managed security services with managed detection and response (MDR), threat intelligence, and incident response capabilities enables organisations to adopt a proactive and intelligence-driven approach to security operations, enhancing visibility, detection, and response capabilities across the cyber kill chain. Managed security services providers offer threat hunting, incident investigation, and response orchestration services, empowering organisations to rapidly detect, contain, and remediate security incidents, minimising impact and disruption to business operations and propelling the managed security services market expansion.

Market Segmentation

The market can be divided based on deployment type, service type, security type, service provider, end-use, and region.

Market Breakup by Deployment Type

  • Cloud
  • On-Premise

Market Breakup by Service Type

  • Managed SIEM
  • Managed UTM
  • Managed DDoS
  • Managed XDR
  • Managed IAM
  • Managed Risk and Compliance
  • Others

Market Breakup by Security Type

  • Network Security
  • Cloud Security
  • End Point Security
  • Application Security

Market Breakup by Service Provider

  • Managed Security Specialists
  • IT Services Providers
  • Telecom Service Providers

Market Breakup by End Use

  • BFSI
  • Retail
  • Government and Defence
  • Healthcare and Life Sciences
  • Manufacturing
  • IT and Telecom

Market Breakup by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global managed security services market. Some of the major players explored in the report are as follows:
  • Broadcom, Inc.
  • Secureworks Inc.
  • Fortra, LLC
  • Trustwave Holdings, Inc.
  • Verizon Communications Inc.
  • BAE Systems plc
  • IBM Corporation
  • Wipro Limited
  • Cisco Systems, Inc.
  • Others

Table of Contents

1 Preface2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Managed Security Services Market Analysis
8.1 Key Industry Highlights
8.2 Global Managed Security Services Historical Market (2018-2023)
8.3 Global Managed Security Services Market Forecast (2024-2032)
8.4 Global Managed Security Services Market by Deployment Type
8.4.1 Cloud
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 On-Premise
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Managed Security Services Market by Service Type
8.5.1 Managed SIEM
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Managed UTM
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Managed DDoS
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Managed XDR
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Managed IAM
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
8.5.6 Managed Risk and Compliance
8.5.6.1 Historical Trend (2018-2023)
8.5.6.2 Forecast Trend (2024-2032)
8.5.7 Others
8.6 Global Managed Security Services Market by Security Type
8.6.1 Network Security
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Cloud Security
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 End Point Security
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Application Security
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.7 Global Managed Security Services Market by Service Provider
8.7.1 Managed Security Specialists
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 IT Services Providers
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Telecom Service Providers
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.8 Global Managed Security Services Market by End-Use
8.8.1 BFSI
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Retail
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Government and Defence
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Healthcare and Life Sciences
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Manufacturing
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
8.8.6 IT and Telecom
8.8.6.1 Historical Trend (2018-2023)
8.8.6.2 Forecast Trend (2024-2032)
8.9 Global Managed Security Services Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
9 North America Managed Security Services Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Managed Security Services Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Managed Security Services Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Managed Security Services Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Managed Security Services Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Broadcom, Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Secureworks Inc.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Fortra, LLC
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Trustwave Holdings, Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Verizon Communications Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 BAE Systems plc
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 IBM Corporation
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Wipro Limited
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Cisco Systems, Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Managed Security Services Market: Key Industry Highlights, 2018 and 2032
2. Global Managed Security Services Historical Market: Breakup by Deployment Type (USD MillionBillion), 2018-2023
3. Global Managed Security Services Market Forecast: Breakup by Deployment Type (USD MillionBillion), 2024-2032
4. Global Managed Security Services Historical Market: Breakup by Service Type (USD MillionBillion), 2018-2023
5. Global Managed Security Services Market Forecast: Breakup by Service Type (USD MillionBillion), 2024-2032
6. Global Managed Security Services Historical Market: Breakup by Security Type (USD MillionBillion), 2018-2023
7. Global Managed Security Services Market Forecast: Breakup by Security Type (USD MillionBillion), 2024-2032
8. Global Managed Security Services Historical Market: Breakup by Service Provider (USD MillionBillion), 2018-2023
9. Global Managed Security Services Market Forecast: Breakup by Service Provider (USD MillionBillion), 2024-2032
10. Global Managed Security Services Historical Market: Breakup by End Use (USD MillionBillion), 2018-2023
11. Global Managed Security Services Market Forecast: Breakup by End Use (USD MillionBillion), 2024-2032
12. Global Managed Security Services Historical Market: Breakup by Region (USD MillionBillion), 2018-2023
13. Global Managed Security Services Market Forecast: Breakup by Region (USD MillionBillion), 2024-2032
14. North America Managed Security Services Historical Market: Breakup by Country (USD MillionBillion), 2018-2023
15. North America Managed Security Services Market Forecast: Breakup by Country (USD MillionBillion), 2024-2032
16. Europe Managed Security Services Historical Market: Breakup by Country (USD MillionBillion), 2018-2023
17. Europe Managed Security Services Market Forecast: Breakup by Country (USD MillionBillion), 2024-2032
18. Asia Pacific Managed Security Services Historical Market: Breakup by Country (USD MillionBillion), 2018-2023
19. Asia Pacific Managed Security Services Market Forecast: Breakup by Country (USD MillionBillion), 2024-2032
20. Latin America Managed Security Services Historical Market: Breakup by Country (USD MillionBillion), 2018-2023
21. Latin America Managed Security Services Market Forecast: Breakup by Country (USD MillionBillion), 2024-2032
22. Middle East and Africa Managed Security Services Historical Market: Breakup by Country (USD MillionBillion), 2018-2023
23. Middle East and Africa Managed Security Services Market Forecast: Breakup by Country (USD MillionBillion), 2024-2032
24. Global Managed Security Services Market Structure

Companies Mentioned

  • Broadcom, Inc.
  • Secureworks Inc.
  • Fortra, LLC
  • Trustwave Holdings, Inc.
  • Verizon Communications Inc.
  • BAE Systems plc
  • IBM Corporation
  • Wipro Limited
  • Cisco Systems, Inc.

Methodology

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Table Information