Managed Security Services Market by Type (Managed IAM, Managed Firewall, Managed DLP, Managed IDS/IPS, Managed Encryption, Managed SIEM, Managed UTM), Security Type, Organization Size, Deployment Mode, Vertical, and Region - Global Forecast to 2023
“Stringent regulatory compliances and the increasing sophistication levels of cyber-attacks are expected to drive the Managed Security Services (MSS) market”
The global MSS market size is expected to grow from USD 24.05 billion in 2018 to USD 47.65 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period. The market is expected to be driven by various factors, such as the stringent government regulations, the increasing sophistication levels of cyber-attacks, the growing BYOD trend among organizations, and the cost-effectiveness in implementing services. However, the lack of trust on third-party applications that handle the enterprises’ sensitive data is expected to be a major hindrance for enterprises to adopt the different types of MSS.
“Managed encryption segment is expected to grow at the highest rate during the forecast period”
The managed encryption type in the MSS market is expected to grow at the highest rate during the forecast period, due the increasing organizational need to protect the confidentiality and integrity of digital data. Many organizations are moving toward the cloud for cost-savings, agility, and flexibility, and this makes their critical data vulnerable to cyber-attacks. The managed encryption would also protect cloud data from unauthorized access by making the information unreadable. Hence, it is expected to be growing at the highest rate in the market.
“North America is expected to hold the largest market size; and Asia Pacific (APAC) is projected to grow at the highest rate during the forecast period”
North America is expected to hold the largest market size and dominate the MSS market from 2018 to 2023, owing to the early adoption of new and emerging technologies and the presence of a large number of MSSPs in this region. APAC offers significant growth opportunities for MSSPs, owing to the widespread presence of Small and Medium-sized Enterprises (SMEs) and the adoption of MSS by various verticals, such as government and defense, BFSI, and telecom and IT.
The breakdown of primary participants has been given below
By company: Tier 1-20%, Tier 2-45%, and Tier 3-35%
By designation: C-level-48%, Director level-37%, and Others-15%
By region: North America-22%, Europe-45%, APAC-26%, RoW-7%
The following key MSSPs have been profiled in the report:
1. IBM (US)
2. SecureWorks (US)
3. Symantec (US)
4. Trustwave (US)
6. AT&T (US)
7. Atos (France)
8. BAE Systems (UK)
9. BT (UK)
10. CenturyLink (US)
11. DXC (US)
12. Fortinet (US)
13. Fujitsu (Japan)
14. NTT Security (Japan)
15. Wipro (India)
The MSS market has been segmented on the basis of types, security types, organization sizes, deployment modes, verticals, and regions. A detailed analysis of the key industry players has been done to provide key insights into their business overviews, services, key strategies, new product launches, partnerships, agreements and collaborations, business expansions, and the competitive landscape associated with the MSS market.
The report will help market leaders/new entrants in this market in the following ways:
This report segments the MSS market comprehensively and provides the closest approximations of revenue numbers for the overall market and the subsegments across regions.
This report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
This report would help stakeholders better understand their competitors and gain more insights to enhance their position in the market. The competitive landscape section includes vendor comparison of top market players in the MSS market.
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