Managed Security Services Market To Reach $87.5 Billion By 2030

Managed Security Services Market Growth & Trends

The global managed security services market size is expected to reach USD 87.5 billion by 2030, growing at a CAGR of 15.4% from 2023 to 2030, according to a recent report from Grand View Research, Inc. Factors such as the growing demand for outsourcing services across various BFSI, healthcare, manufacturing, IT & telecommunication industries, and the enterprises focus on their key competencies are expected to drive the market’s growth.

Businesses rely on managed security service providers (MSPs) to avoid the costly burden of maintaining their IT infrastructure and keep pace with constant technological dimensions. By leveraging standardized products, reducing time to market, and improving service quality, managed service providers helps an organization in saving costs.

MSPs have created a vast space in business operations by providing advanced cybersecurity tools to predict and mitigate cyber threats. Additionally, as emerging technologies like artificial intelligence, DevOps, and machine learning gain maturity, organizations are expected to look forward to specialized MSPs to stay at the forefront of innovation. A Managed Security Service Provider (MSSP) offers various sub-functions that cover the overall security needs of an enterprise.

The major sub-segments of MSSs have managed endpoint security that monitors all endpoints across the enterprise and intrusion prevention detection system (IPS) that regularly monitors the network for signs of forced intrusion. Extended Detection, and Response (XDR), gathers security details across endpoints and threat intelligence-related visibility to help detect future attacks provide.

For instance, National Critical Information Infrastructure Protection Centre (NCIIPC) a central government agency was formulated to safeguard vital data that has a significant impact on economic development, Endpoint security that monitors all endpoints across the enterprise, Endpoint security that monitors all endpoints across the enterprise, Endpoint security that monitors all endpoints across the enterprise, and security. However, it is expected that organizations are rigorously aiming to collaborate with service vendors to control the threat landscape and safeguard them from malicious attacks, hence driving the growth of managed security market.

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Managed Security Services Market Report Highlights

• The cloud security segment is anticipated to observe a CAGR of 18.5% during the forecast period. The massive growth of cloud 3.0, Industry 4.0, and digitalization has resulted in the surge of managed cloud security services. Cloud security facilitates 24/7 system protection without any human intervention, real-time alerts, and proactive managed services

• The managed DDoS segment is anticipated to observe a CAGR of 18.7% during the forecast period. The DDoS services enhance operational services that depend on the web is projected to rise owing to the growing demand among enterprises to manage the complexity of resources

• Small and medium-sized enterprises (SMEs) are anticipated to observe a CAGR of 18.1% during the forecast period. An increased zero trust security among small and medium-sized businesses (SMEs) surged the adoption of secured management solutions, owing to the growing importance of managed services

• The manufacturing segment is anticipated to observe a CAGR of 16.4% during the forecast period The growing demand among manufacturers to adopt managed security services for cyber safety and vendors’ data accessibility is fueling the demand for the market

• Asia Pacific is expected to grow at the fastest CAGR of 18.2% from 2023 to 2030, owing to the increasing adoption of managed security services and the growing digitalization of businesses in the region. Countries such as China, India, Japan, and South Korea have implemented privacy legislation and data protection that force enterprises to build robust security management solutions

Managed Security Services Market Segmentation

Grand View Research has segmented the global managed security services market based on security, services, enterprise size, vertical, and region:

Managed Security Services Security Outlook (Revenue, USD Billion, 2018 - 2030)

• Cloud Security

• Endpoint Security

• Network Security

• Data Security

• Others

Managed Security Services Outlook (Revenue, USD Billion, 2018 - 2030)

• Managed SIEM

• Managed UTM

• Managed DDoS

• Managed XDR

• Managed IAM

• Managed Risk & Compliance

• Others

Managed Security Services Enterprise Size Outlook (Revenue, USD Billion, 2018 - 2030)

• Small and medium-sized enterprises

• Large enterprises

Managed Security Services Vertical Outlook (Revenue, USD Billion, 2018 - 2030)

• BFSI

• Healthcare

• Manufacturing

• IT and Telecom

• Retail

• Defense/Government

• Others

Managed Security Services Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East and Africa

  • UAE

  • Saudi Arabia

  • South Africa

List of Key Players in the Managed Security Services Market

• AT&T

• BAE Systems, Inc.

• Cisco

• Check Point Software Technologies

• Fortinet, Inc.

• Fujitsu

• IBM

• Palo Alto Networks

• Rapid 7

• Verizon

• Wipro