The global managed Security Service Market will grow from USD 23.0 million in 2019 to USD 44.9 billion by 2028, at a Compound Annual Growth Ratio (CAGR of 14.2%).
A growing demand:
Stringent government regulations, a rise in BYOD and CYOD trends, rising security breaches within enterprises, and sophisticated cyberattacks will all be key factors driving the market growth for managed cybersecurity services. The inability to trust third-party apps that handle sensitive information will restrict the managed security services market. The shortage of skilled security professionals who manage complex environments will limit the market growth. MSSPs will be able to tap into new markets thanks to IoT technology and increased demand for security services.
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Covid-19 Impact Analysis:
The market share for managed security services will be positively affected by the introduction of COVID-19. Because managed security services allow companies to address security issues and enable remote workers to access secure information, this is a positive development.
Because of increased internet traffic, many businesses are more at risk of cyberattacks. Security services that are managed must be implemented. Market growth is driven by innovation and improvements in managed services such as endpoint protection and firewall management.
Market growth is partly supported by the increasing acceptance of Bring Your Own Device (BYOD). Bring Your Own Device (BYOD) is an essential digital technology component that will allow your business to be more productive. BYOD allows employees to access and improve their productivity via personal devices. Cisco Systems, Incorporated.
Reports indicate that BYOD can save companies as much as USD350 per person annually. BYOD increases employee accountability, work flexibility, and productivity. Organizations must offer BYOD in conjunction with existing systems to create a more productive work environment.
BYOD, a rising trend in technology used in the workplace, has seen an increase in smart devices. These can be tablets, smartphones, and laptops as well as other gadgets. The security and integrity of data transferred between intelligent devices could be at risk. To protect and monitor these devices, businesses increasingly turn to managed services. This trend will fuel market growth for managed service providers in the future.
The lack of IT Security Professionals hinders the market growth.
The lack of IT and cybersecurity professionals limits the market growth. This can limit organizations’ ability and security to meet their IT security requirements. Because they lack IT security expertise, companies are more vulnerable to cyberattacks. Advanced security solutions have become more important because of the growing cybersecurity threats. This highlights the importance of cybersecurity training to address the skills gap and bring new talent to the workplace, making the organization more secure. The lack of IT Security professionals hinders the market.
Market growth will be restricted by many factors, including the need to hire skilled workers, poorly managed service models and data privacy and security concerns, and the need for significant investments.
Market Key Trends:
Managed security services have two distinct benefits: efficiency and convenience. They also offer high-level security. Due to their popularity, they are increasingly being used by end users. They will continue to expand in the international marketplace. This market will reap the benefits of its ability to reduce IT costs, and enable quick resolution of problems.
Other factors driving this market include rapid adoption and sharing responsibility models to ensure cloud security. A lack of qualified cyber security specialists and changing cybersecurity landscapes drive the demand for managed security service providers worldwide.
Key market developments:
- IBM created the IBM Center for Government Cybersecurity as a collaborative environment that assists federal agencies with cybersecurity threats. It was launched on June 20, 2021.
- Accenture partnered with VMware to establish a new business group for 2021. This will enable companies to migrate faster to cloud computing. The new business group comprises professionals with extensive knowledge and expertise in hybrid cloud and cloud migrations. It also provides cloud-native and modernization services for applications and security.
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The report includes Key Market Players:
- IBM (USA).
- SecureWorks (US).
- Symantec (US)
- Trustwave (US).
- AT&T (US)
- Atos (France)
- BAE Systems (UK)
- BT (UK)
- CenturyLink (USA).
- DXC (USA).
- Fortinet (USA).
- Fujitsu (Japan)
- NTT Security (Japan).
- Wipro (India)
Key Market Segments:
- Network Security
- Terminal Security
- Application Security
- Cloud Security
- Financial Services
- Communications Industry
- Public Sector
Frequently Asked Question (FAQ)
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