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Managed Security Services Market to Exhibit a Remarkable CAGR of 12.3% by 2027, Key Drivers, Size, Share, Applications and Opportunity Analysis| IBM, AT&T, DXC Technology

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Managed Security Services Market to Exhibit a Remarkable CAGR of 12.3% by 2027, Key Drivers, Size, Share, Applications and Opportunity Analysis| IBM, AT&T, DXC Technology

December 01
18:21 2022
Managed Security Services Market to Exhibit a Remarkable CAGR of 12.3% by 2027, Key Drivers, Size, Share, Applications and Opportunity Analysis| IBM, AT&T, DXC Technology
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).
Managed Security Services Market by Service Type (Managed IAM, MDR, Managed SIEM and Log Management), Type (Fully Managed & Co-managed), Security Type (Network, Cloud, Endpoint, Application), Organization Size, Vertical & Region – Global Forecast to 2027

MarketsandMarkets forecasts the global Managed Security Services Market 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%. Increasing demand for secure IT infrastructure during the COVID-19 pandemic and a shift from the traditional working model to the work-from-home model are some factors driving the MSS market growth.

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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, analyzing 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 behavior, 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.

What is MSS?

MarketsandMarkets defines MSS as “the management of an organizations security infrastructure from an outside or third-party location. Outsourced security services, third-party security services, and as-a-service are the terms associated with MSS.”

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Competitive Overview:

The MSS market is led by globally established players such as IBM (US), AT&T (US), NTT (Japan), Accenture (Ireland), DXC Technology (US), Atos (France), Infosys (India), Capgemini (France), and others. These players have adopted various growth strategies such as partnerships, agreements, collaborations, acquisitions, and product developments to increase their market presence.

IBM is the worlds largest technology company and the second-most valuable company as a global brand. It manufactures and sells computer hardware and software and offers infrastructure, hosting, and consulting services in areas ranging from mainframe computers to nanotechnology. IBM operates through segments such as cognitive solutions, global business services, technology services and cloud platforms, systems, and global financing. Its main area of operation is finding solutions for its wide range of clients using advanced technology. Its clients comprise individual users, specialized businesses, and institutions, such as government, IT, defense, and educational organizations. The cybersecurity services offered by IBM include data security services, security intelligence and operations, consulting, secure engineering and application security, and security strategy risk and compliance. The company offers solutions to various industries, such as IT, healthcare, life sciences, government, telecom, automobile, manufacturing, FMCG, chemicals & petroleum, electronics, energy & power, media and entertainment, mining, retail, BFSI, travel & transportation, and education. It has a presence in North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

Apart from large vendors, some SMEs and start-ups, such as Cipher Security (US), RSI Security (US), SecurityHQ (UAE), and TrustNet (US), among others, are also evolving in the MSS market.

Cipher Security is part of a publicly traded group called Prosegur. Founded in 2000, the company was acquired in 2019 and now functions as the cybersecurity division of the group. The firm offers a wide range of services: Managed Detection and Response (MDR), Managed Security Services (MSS), Cyber Intelligence Services (CIS), Red Team Services (RTS), Governance, Risk and Compliance (GRC), and Cybersecurity Technology Integration (CTI). It also runs an elite cyber intelligence lab that develops high-end technology and threat intelligence that support its offered solutions and services. The company is accredited by international certifications and quality standards such as ISO 20000, ISO 27001, SOC I and SOC II, PCI QSA, and PCI. It operates across the financial services, manufacturing, healthcare, logistics, gaming, energy, and utility sectors.

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