The global managed security services market size was US$ 33.3 billion in 2021. The global managed security services market is forecast to reach US$ 62.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 7.2 percent during the forecast period from 2022-2030. 

MSSPs (Managed Security Service Providers) provide a wide variety of security services to businesses. It includes infrastructure setup through security management and incident response. 

Factors Influencing

• The global managed security services market is forecast to grow due to the growing demand for managed security services in the BFSI industry. Banks and financial institutions have to maintain data protection from fraud to ensure financial safety. Thus, the global managed security services market would grow significantly in this sector. 
• Increasing cases of cybercrime are forecast to fuel the demand for managed security services during the forecast period. Moreover, the cost-effectiveness of the managed security services would emerge as a major factor contributing to the growth of the industry. 
• Favorable government initiatives are forecast to surge the growth of the global managed security services market. Governments throughout the world are introducing a variety of new information security legislations to maintain security. As a result, it would benefit the market players in the global managed security services market. 
• The high cost associated with the managed security services may hamper the growth of the global managed security services market during the study period. 

COVID-19 Impact Analysis

The COVID-19 outbreak forced institutions to adopt work-from-home methods to keep working. Thus, it increased the demand for IT security functions from third-party service providers. Moreover, prominent players in the managed security services market have witnessed high demand from all industries in order to protect the data from fraud. Moreover, service providers have been focusing on introducing advanced services to grow the demand for managed security services among the end-users. Thus, it would propel the growth of the global managed security services market post-pandemic. 

Regional Analysis

As a result of technology growth such as cloud, 5G, and IoT, prominent enterprises in the Asia Pacific (APAC) region are adopting managed security solutions. Moreover, the growth of the Asia-Pacific managed security system market is driven by favorable government laws, increasing cybercrime, and the introduction of innovative cloud technologies. 

Competitors in the Market

• IBM 
• AT&T. 
• NTT Security
• SecureWorks 
• DXC Technology 
• BT 
• Atos 
• Infosys
• Verizon
• Cognizant 
• Cipher Security 
• Wipro (India)
• Accenture 
• Optiv Security
• Trustwave 
• Herjavec 
• TCS 
• Capgemini 
• CenturyLink 
• Kudelski Security
• Nuspire 
• Other prominent players

Market Segmentation

By Application

• IPS and IDS
• Distributed Denial of Services (DDoS)
• Unified threat management (UTM)
• Secured information & event management (SIEM)
• Endpoint Security
• Firewall management
• Others

By Organization Size

• Small and medium-sized business
• Large businesses

By Deployment Mode

• Hosted or cloud-based managed security services
• On-premise or Customer Premise Equipment (CPE) managed security services

By Verticals

• Banking Financial Services & Insurance (BFSI)
• Healthcare
• Manufacturing
• Retail
• Telecom and information technology
• Others

By Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America