Managed Security Services Market Global Demand Analysis & Opportunity Outlook 2035” which delivers detailed overview of managed security services in terms of market segmentation by solution type, security type, deployment mode, enterprise size, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
Managed Security Services Market Statistics
- USD 25 billion revenue in 2022
- Record USD 62 billion revenue by 2035
- The market size slated to observe 14% growth rate through 2023-2035
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The Internet has been one of the most transformative and fast-growing technologies. According to The World Bank, as of 2020, 60% of the population. Increasing internet penetration is driving the need to manage internet security, especially for organizations. This is a key factor driving the global managed security services market, which is estimated to generate a revenue of approximately USD 58 Billion by 2035 by growing at a CAGR of nearly 15% over the forecast period, i.e., 2023 – 2035.
The growth of the market can also be attributed to growing trends of BYOD among organizations. The market is segmented by solution type into identity & access management, firewall management, intrusion detection & prevention, distributed denial of services, endpoint security, unified threat management, secured information & event management, out of which, the intrusion detection & prevention segment is anticipated to hold the largest share on the back the capability of this solution to secure network and monitor network traffic for signs of possible attacks.
Geographically, the global managed security services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, North America is anticipated to hold the largest market share owing to owing to increasing cases of security breach in the region. Additionally, Asia-Pacific region is estimated to witness fastest growth during the forecast period.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
According to recent study by Research Nester, the market size is anticipated to surpass USD 62 Bn by 2035 and is projected to expand at CAGR of over 14% from 2023 to 2035.
Major players include in the global Keyword market:
- IBM,
- SecureWorks, Inc.,
- Verizon,
- Trustwave Holdings, Inc.,
- Broadcom Inc.,
- AT&T Inc.,
- BAE Systems,
- CIPHER,
- Accenture,
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The detailed segments and sub-segment of the market are explained below:
By Deployment Mode
On-premises
Cloud
By Solution Type
Identity & Access Management
Firewall Management
Intrusion Detection & Prevention
Distributed Denial of Services
Endpoint Security
Unified Threat Management
Secured Information & Event Management
By Security Type
Network Security
Cloud Security
Endpoint Security
Application Security
By Enterprise Size
Small & Medium-sized Enterprises
Large Enterprises
By End User
BFSI
IT & Telecommunications
Government & Defense
Manufacturing
Healthcare
Retail
Energy and Utilities
Others
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Growing Incidences of Security Breach in Organizations Resulting in Data Loss to Boost Market Growth
Cyber security breaches are growing continuously in both frequency and sophistication. Organizations are frequently falling victim to attacks leading to disruption in operation and losing significant revenue and reputation. Keeping up with the incredibly fast evolving cyber threats, organizations choose to shift to outsourced security resources to gain security expertise and lessen the expenditure.
With organisations leveraging the flexibility of hybrid cloud benefits to create a unified security approach and manage their security strategy efficiently, demand for managed security services is increasing exponentially. These factors are majorly fostering the growth of the global managed security services market.
However, lack of capital resources in mostly SMEs, skilled IT professionals to handle challenging situations, and reluctance and trust issues on third-party applications to share sensitive data are expected to operate as barriers to the growth of global managed security services market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global managed security services market which includes company profiling of NTT Limited, among others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global managed security services market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
The COVID-19 pandemic has forced people to follow social distancing and enterprises to implement work-from-home or remote working.
All these norms are essential to protect our lives from a dreaded coronavirus but as a result of implementing the work-from-home technique, the business system and confidential corporate information have become more vulnerable to cyber-attacks.
In other words, the COVID-19 pandemic has impacted the IT security landscape.After absorbing the initial shock of lockdowns, threat actors are active again with changed tactics.
In recent times, a significant rise in the percentage of malware campaigns is seen among COVID-19 related attack vectors.
What’s more, around 80% of all malicious campaigns have a COVID-19 angle these days.
For example, phishing emails pretending to stem from healthcare institutions, government, and WHO (World Health Organization) contain malicious URLs or attachments.
