CHICAGO, Nov. 15, 2022 /PRNewswire/ -- The Global Managed Security Services Market is expected to grow from an estimated value of USD 27.7 billion in 2022 to 49.6 billion USD by 2027, at a Compound Annual Growth Rate (CAGR) of 12.3% from 2022 to 2027, according to a new report by MarketsandMarkets™. Some factors driving market growth include increased usage of cloud technology and IoT devices in enterprises and growing demand for robust and cost-effective security services to monitor security events.
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By service type, managed detection, and response segment to grow at highest CAGR during forecast period
Managed detection and response (MDR) is an outsourced service that provides organizations with threat-hunting services and responds to threats once they are discovered. It also involves a human element. Security providers provide MDR customers access to their pool of security researchers and engineers, who are responsible for monitoring networks, analysing incidents, and responding to security cases. 24*7 threat monitoring, detection, and response; endpoint threat detection; threat intelligence; threat hunting; security monitoring; and incident analysis and response are some of the key features of MDR services. Using advanced security analytics on endpoints, user behaviour, application, and network, MDR provides deeper detection compared to traditional MSSP. For faster response, MDR also uses AI and machine learning to investigate, auto-contain threats, and orchestrate a response. IBM, Secureworks, Trustwave, RSI Security, ATOS, Accenture, Proficio, CrowdStrike, Cyflare, and Avertium are some key MDR service providers.
By organization size, SMEs segment to grow at highest CAGR during forecast period
MSS is necessary for SMEs to tackle high-security risks as they do not follow any formal security policies. In the case of SMEs, cybersecurity comes into consideration after a cyberattack has already occurred. The increasing demand for security from SMEs to improve their productivity and pool of knowledge base has triggered vendors to provide services at a lower cost. MSS is the best fit for SMEs as cost-effectiveness is its biggest advantage. The adoption and acceptance of MSS by SMEs will help expand their customer base and enhance business efficiency. Governments are also taking initiatives to protect SMEs in their respective countries.
IT spending in the SMEs segment is estimated to increase at a high rate. According to a study, the CAGR for IT spending by SMEs in Europe, the Middle East, and Africa (EMEA) between 2018 and 2023 is expected to be 3.8%, compared to 2.7% for the overall market. This rise is expected to give a boost to MSSPs. Thus, MSSPs are focusing on the SMEs segment to acquire potential customers.
By region, Asia Pacific to grow at significant CAGR during forecast period
Asia Pacific includes major economies, such as China, Japan, India, and other countries. Numerous public and private sector players, ranging from midsize to large, are represented in the region. Organizations in the region have failed to address emerging cybersecurity threats despite a dynamic market that has raised awareness of shifting risks. Because data is ubiquitous and prone to change, its safety is even more important than ever. End users in the era of hybrid working models are concerned about the security risks associated with remote setups, are becoming more susceptible to ransomware attacks, and would rather have their data encrypted. According to the IBM X-Force Threat Intelligence Index 2022, Asia was the most targeted region in recent times, falling prey to 26% of all global attacks in 2021. With effective government regulations and technological advancements, the Managed Security Services Market is witnessing high growth opportunities in this region. Asia Pacific has a mix of developing and developed countries. Government regulations, increasing cybersecurity incidents, and cloud technology adoption in the region are driving market growth here.
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Key Players
Major vendors in the global Managed Security Services Market include IBM (US), AT&T (US), NTT (Japan), Accenture (Ireland), DXC Technology (US), SecureWorks (US), Trustwave (US), Atos (France), Orange Cyberdefense (France), Fujitsu (Japan), Kudelski Security (Switzerland), Proficio (US), CrowdStrike (US), F5 (US), HelpSystems (US), Capgemini (France), Infosys (India), Lumen Technologies (US), Kroll (US), Cipher Security (US), RSI Security (US), SecurityHQ (UAE), TrustNet (US), LightEdge (US), VirtualArmour (US), Lynx Technology (US), Nettitude (US), Nokia Networks (Europe), Teceze (US), Cyflare (US), Ascend Technologies (US), Avertium (US), and DigitalXRAID (US).
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