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Global Managed Security Service Provider Market, by Application (Firewall Management, End-point Security, Distributed Denial of Service, Unified Threat Management, and Antivirus or Antimalware, Among Others), by Deployment Type (Cloud-based, Hybrid, On-premises), by Organization Size (Small and Medium Sized Enterprises and Large Enterprises), by End User (BFSI, Government & Defense, Telecom & IT, Education, Retail, Healthcare and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) – Size, Share, Outlook, and Opportunity Analysis, 2018 – 2026.
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Managed security service refers to network security services, which offers intrusion detection, management of IT security functions, remote monitoring, scanning and anti-viral services, etc. The company providing these services is called a Managed Security Service Provider (MSSP). MSSP provides outsourced monitoring and management of security devices and systems. The provider ensures that IT systems are operational, and offers true security-as-a-service (SaaS), ensuring that the people and systems are safe, secure, and compliant. A service provider will leverage multi-tenant solutions to achieve operational efficiencies, but must fully evaluate the multi-tenancy capabilities of security tools used on behalf of their customers to ensure that the tools itself is secure and do not allow data leakage between clients.
Competitive Landscape:
Major players operating in the global managed security service provider market are Rapid7, Inc., Trustwave Holdings, Inc., CenturyLink, Inc., Symantec Corporation, SecureWorks, Inc., Solutionary, Inc., Fortinet, Inc., AT&T, Inc., Verizon Communications, Inc., IBM Corporation, Computer Services Corporation, and Hewlett Packard Enterprise Company, among others.
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Key Market Drivers:
Rising security breaches and sophisticated cyber-attacks across enterprises is expected to aid in the growth of the managed security service provider market during the forecast period. For instance, in December 2020, Vi Business launched managed security service that delivers next generation Firewalls with advanced security features offering the first line of defense for any cyber-attack, thus ensuring that enterprise network is protected.
Moreover, rising adoption of cloud technology and IoT devices and surge in BYOD, CYOD, and WFH trends is expected to augment the growth of the managed security service provider market. For instance, in March 2021, IBM Corporation launched a suite of services designed to help organizations manage their cloud security strategy, policies, and controls across hybrid cloud environments, and to help create unified security approach across their cloud ecosystems.
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➤ North America: United States, Mexico and Canada
➤ South & Central America: Argentina, Chile, Brazil and Others
➤ Middle East & Africa: Saudi Arabia, UAE, Israel, Turkey, Egypt, South Africa & Rest of MEA.
➤ Europe: UK, France, Italy, Germany, Spain, BeNeLux, Russia, NORDIC Nations and Rest of Europe.
➤ Asia-Pacific: India, China, Japan, South Korea, Indonesia, Thailand, Singapore, Australia and Rest of APAC.
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COVID-19 Impact Analysis:
Market players, such as IBM, Cognizant, Accenture, and AT&T, are still offering security services to their existing customers. However, acquisition of new contracts and new customers is one of the factors that is slowing down the growth in the market during the global pandemic (the outbreak of COVID-19). However, some end-use industries and large organizations such as IT firms, healthcare, and banks, are collaborating with managed security service providers for a robust and secure infrastructure due to surge in cyber-attacks. This in turn is expected to boost the growth of the market.
Key Takeaways:
- The managed security service provider market is expected to exhibit a CAGR of XX % during the forecast period due to the need for threat detection and intelligence at an early stage. For instance, in January 2022, Deloitte expanded upon existing capabilities to launch Managed Extended Detection and Response (MXDR) by Deloitte, an integrated, unified, composable, and modular managed detection and response security-as-a-service (SaaS), platform with managed security services including advanced, military-grade threat hunting, detection, response and remediation capabilities.
- Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the managed security service provider market owing to the rising cybercrime, increase in number of security breaches and cyber-attacks, stringent regulations to increase the adoption of MSS solutions, rising adoption of cloud services, and surge in WFH trends in these regions.
For instance, in June 2020, the UK government planned to invest £10 million to boost the development of new cybersecurity technology solutions. Nine grant winners will share the fund from the government’s Digital Security by Design program, which aims to improve the resilience of UK organizations to cyber-attacks.
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➤ What is the estimated growth rate of the market for the forecast period of 2022-2028?
➤ What will the market size be in the anticipated time frame?
➤ What are the primary aspects that will determine the Managed Security Service Provider Market‘s fate over the forecast period?
➤ What are the major market players’ winning strategies for building a strong presence in the Managed Security Service Provider Market industry?
➤ What are the primary market trends influencing the Managed Security Service Provider Market’s growth in various regions?
➤ What are the biggest dangers and difficulties that are likely to stymie the Managed Security Service Provider Market’s growth?
➤ What are the most critical opportunities for market leaders to succeed and profit?
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1. Market Overview
Research Objective and Assumption
Research Objectives
Assumptions
Abbreviations
2. Market Preview
Report Description
Market Definition and Scope
Executive Summary
Market Snippet, By Function
Market Snippet, By Application
Market Snippet, By Region
Coherent Opportunity Map (COM)
3.Market Dynamics, Regulations, and Trends Analysis
Market Dynamics
Drivers
Restraints
Market Opportunities
Regulatory Scenario
Industry Trend
Merger and Acquisitions
New system Launch/Approvals
Value Chain Analysis
Porter’s Analysis
PEST Analysis
Continue…
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