Managed Security Services Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Managed security services are the services provided by third-party vendors as a proactive security measure, which is simple according to the need and ever-evolving security view of an organization.

Sizing and Forecast
The managed security services market size has grown rapidly in recent years. It will grow from $29.9 billion in 2023 to $34.59 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth in the historic period can be attributed to focus on identity and access management, cost-effective security solutions, regulatory compliance requirements, endpoint security management, increased focus on insider threats.

The managed security services market size is expected to see rapid growth in the next few years. It will grow to $60.96 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to regulatory evolution, expansion of managed detection and response, critical infrastructure protection, . Major trends in the forecast period include cloud security and hybrid environments, blockchain for enhanced security, privacy-preserving technologies, collaboration with industry vertical experts, advanced threat intelligence sharing, automated incident response..

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Segmentation & Regional Insights
The managed security services market covered in this report is segmented –

1) By Type: Network Security, Terminal Security, Application Security, Cloud Security
2) By Deployment Type: On-Premise, Cloud
3) By Organization Size: Large Enterprises, Small and Medium-sized Enterprises (SMEs)
4) By Application: Intrusion Detection and Prevention, Threat Prevention, Distributed Denial of Services, Firewall Management, End-Point Security, Risk Assesme
5) By End User: BFSI, Government and Defense, Retail, Manufacturing, Healthcare and Life Sciences, IT and Telecom, Other End Users

North America was the largest region in the managed security services market in 2023. The regions covered in the managed security services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The rising instances of security breaches are expected to propel the growth of managed security services market going forward. Security breach refers to any incident that results in unauthorized access to computer data, applications, networks, or devices. Managed security services monitor and manage security systems and devices, as a result rising instances of security breaches will increase the demand for managed security services market. For instance, in December 2021, according to the Identity Theft Resource Center (ITRC), a US-based non-profit organization, data breaches increased by 17% in 2021, with 12.91 thousand breaches compared to 11.08 thousand in 2020. Therefore, the increase in security breaches helps to increase the market demand for managed security services.

Key Industry Players
Major companies operating in the managed security services market report are International Business Machines Corporation, Cisco Systems Inc., Nippon Telegraph and Telephone Corporation, Secureworks Inc., BT Managed Security Solutions, Check Point Software Technologies Ltd., Wipro Limited, Accenture plc, Symantec Corporation, DXC Technology Company, Lumen Tech Inc., BAE Systems plc, Nuspire, Fujitsu Limited, Intel Corporation, HCL Technologies Limited, Trustwave Holdings Inc., Hewlett-Packard Development Company L. P., Fortinet Inc., Verizon Communications Inc., Tata Consultancy Services Limited, Capgemini SE, Deloitte Touche Tohmatsu Limited, Infosys Limited, Orange S. A., Foresite MSP LLC, Herjavec Group, NTT Europe Ltd., Armor Defense Inc., Nortek Security & Control LLC

The managed security services market report table of contents includes:

1. Executive Summary

2. Managed Security Services Market Characteristics

3. Managed Security Services Market Trends And Strategies

4. Managed Security Services Market – Macro Economic Scenario

5. Global Managed Security Services Market Size and Growth

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31. Global Managed Security Services Market Competitive Benchmarking

32. Global Managed Security Services Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Managed Security Services Market

34. Managed Security Services Market Future Outlook and Potential Analysis

35. Appendix

Top Major Players:

International Business Machines Corporation

Cisco Systems Inc

Nippon Telegraph and Telephone Corporation

Secureworks Inc

BT Managed Security Solutions

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