#Managed Security Services Market

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Managed Security Services Procurement Intelligence: Unlocking Opportunities

The global managed security services category is anticipated to grow at a CAGR of 15.4% from 2023 to 2030. It is witnessing growth owing to the factors such as rising adoption of services offered in the category due to increase in security breaches, stricter government laws pertaining to data security, rise in complex cyberattacks, growing requirement for economical & reliable platform to monitor security incidents, and rising need for security intelligence & early threat detection tools. However, restricted capacity to offer services for incident response and thread hunting, and insufficient technical know-how and skilled manpower may hinder the growth of global category. In addition, these services can be very helpful to the enterprises that need specialized security deployments because of their very large or complicated architecture or because they have particular implementation requirements involving several systems.

Technologies that are driving the global category include cloud-based security, AI (artificial intelligence) & ML (machine learning), MDR (managed detection & response), zero trust security, DevSecOps, IoT (internet of things), blockchain, and email authentication. Cloud-based security, such as CASBs (cloud access security brokers) CSPM (cloud security posture management), and CWPP (cloud workload protection platforms), are now being offered by managed security services providers (MSSPs). These services give enterprises visibility into their security posture and assist them in safeguarding their cloud environments. In addition, the delivery of security services is being revolutionized by AI and ML. By utilizing these technologies, MSSPs may automate security procedures, identify and address threats more quickly, and lower the possibility of human mistake. MSSPs are offering predictive analytics and threat intelligence through AI and ML, which can assist enterprises in staying ahead of new threats.

The category for managed security services is fragmented and highly competitive with the presence of several global players offering plethora of services. The category has become more active as clients continue to grow internationally and strategic players pick up new competencies. In addition, enhancing and broadening the scope of offerings has emerged as a prime investment opportunity for private enterprises, uniting several small and medium-sized firms to augment the magnitude and cooperate with these divisions. It is projected that the industry will witness a large number of joint ventures, mergers & acquisitions, and service introductions as businesses continue to make strategic investments in order to satisfy client demands. Buyers in the industry possess high negotiating capability as the presence of large pool of service providers offers them opportunity to select the best option based on number of services and price.

Order your copy of the Managed Security Services Procurement Intelligence Report, 2023 - 2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

Software & hardware costs (expenses associated with purchasing and managing security tools, such as antivirus, firewalls, intrusion detection systems, etc.), labor costs, and services cost (expenses associated with consulting and support) are the major cost components for managed security services category. Key factors that influence the price of the services offered in the category includes how big a business or network is, the intricacy of a business enterprise’s network architecture, and the quantity and gravity of the risks that the business could encounter. Furthermore, the pricing model that players in the industry follow include per-data usage pricing (costing over USD 9 - USD 499 per user / device / month), per-device pricing (costing over USD 74 - USD 249 per user / device / month), per-user pricing (costing over USD 74 - USD 249 per user / device / month), cloud-based pricing (costing over USD 124 - USD 299 per user / device / month), and tiered pricing (costing over USD 29 - USD 149 per user / device / month).

North America region dominates the global managed security services category, holding over 34.4% of global market share. Growth of the category in the region is being propelled by the presence of numerous managed security services providers (MSSPs), and growing demand from various tech titans for outsourcing services. It is supplemented by managed service options that better address individual demands and the rising need for data protection, network security, and cloud computing. In addition, the Asia-Pacific region is anticipated to witness the fastest growth rate over the projected timeframedue to the dearth of internal security specialists and the short supply of security equipment to shield data from sophisticated cyberattacks. Furthermore, assessing the specialization and relevant experience possessed by an MSSP, ensuring that an MSSP leverages latest technologies & tools that offer effective security, looking for customer feedback / testimonials of MSSP, and comparing prices offered for different services by MSSPs are some of the best sourcing practices considered in this category.

Managed Security Services Procurement Intelligence Report Scope

• Managed Security Services Category Growth Rate: CAGR of 15.4% from 2023 to 2030

• Pricing Growth Outlook: 5% - 10% increase (Annually)

• Pricing Models: Fixed pricing, competition-based pricing

• Supplier Selection Scope: Cost and pricing, Past engagements, Productivity, Geographical presence

• Supplier Selection Criteria: Geographic service provision, industries served, years in service, certifications, managed identity & access management, managed antivirus / antimalware, managed firewall, managed risk & compliance management, managed security incident & event management, managed unified threat management, and others

• Report Coverage: Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model

Browse through Grand View Research’s collection of procurement intelligence studies:

• Web Hosting Services Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

• Payment Processing Solutions Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Key Companies 

• Accenture plc

• Alert Logic, Inc.

• Atos SE

• Broadcom Inc.

• CIPHER Security Limited

• DXC Technology Company

• Fujitsu Limited

• International Business Machines (IBM) Corporation

• NTT DATA Group Corporation

• Secureworks, Inc.

• Trustwave Holdings, Inc.

• Wipro Limited

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.

Our services include (not limited to):

• Market Intelligence involving – market size and forecast, growth factors, and driving trends

• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships

• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing

• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions

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Navigating the Landscape of Managed Security Services: A Comprehensive Analysis

In an increasingly interconnected digital world, the importance of robust cybersecurity measures cannot be overstated. Managed Security Services (MSS) emerge as a cornerstone of defense against evolving cyber threats, offering organizations proactive, comprehensive, and outsourced solutions to safeguard their digital assets and mitigate security risks.

Understanding the Significance of Managed Security Services

Evolution of Cybersecurity Landscape

The cybersecurity landscape has undergone a rapid evolution in response to the proliferation of cyber threats and the growing complexity of digital ecosystems. Traditional security approaches are no longer sufficient to address the dynamic and sophisticated nature of modern cyber attacks, prompting organizations to seek proactive and adaptive solutions to protect their sensitive data and infrastructure.

Role of Managed Security Services

Managed Security Services (MSS) encompass a suite of outsourced security solutions and expertise aimed at detecting, preventing, and responding to cybersecurity threats. By partnering with MSS providers, organizations can augment their internal capabilities with specialized tools, technologies, and expertise to effectively manage and mitigate security risks across their digital footprint.

Exploring Market Dynamics and Trends

Rise in Cyber Threat Landscape

The proliferation of cyber threats, including malware, ransomware, phishing attacks, and data breaches, has elevated the importance of managed security services in safeguarding organizations' digital assets and maintaining regulatory compliance. As cybercriminals become increasingly sophisticated and persistent, organizations must adopt proactive security measures to detect and mitigate threats in real-time.

Adoption of Cloud-based Security Solutions

The adoption of cloud-based security solutions is driving growth in the managed security services market, offering organizations scalable, cost-effective, and flexible alternatives to traditional on-premises security infrastructure. Cloud-based MSS solutions provide centralized visibility, threat intelligence, and automated response capabilities, empowering organizations to strengthen their security posture and adapt to evolving threats.

Key Market Players and Strategies

Managed Security Service Providers (MSSPs)

Leading Managed Security Service Providers (MSSPs) play a pivotal role in shaping the managed security services market, offering a wide range of security offerings tailored to the unique needs of organizations across industries. By leveraging their expertise, global reach, and advanced technologies, MSSPs help organizations proactively detect, prevent, and respond to cyber threats while optimizing their security investments and minimizing risk.

Integration of Artificial Intelligence and Automation

Artificial intelligence (AI) and automation are transforming the managed security services landscape, enabling MSSPs to enhance threat detection, incident response, and security orchestration capabilities. By harnessing the power of AI-driven analytics, machine learning algorithms, and robotic process automation (RPA), MSSPs can identify anomalous behavior, automate routine security tasks, and streamline incident response workflows, thereby improving efficiency and effectiveness in combating cyber threats.

Future Outlook and Growth Prospects

Continued Expansion of Cybersecurity Services Portfolio

The future of the managed security services market is marked by continued expansion and diversification of cybersecurity services portfolio to address emerging threats and evolving customer demands. MSSPs will focus on offering integrated, end-to-end security solutions encompassing threat intelligence, vulnerability management, identity and access management, and compliance assurance to help organizations mitigate risk and achieve their security objectives.

Emphasis on Proactive Threat Hunting and Response

Proactive threat hunting and response will be a key focus area for managed security service providers, as organizations seek to stay ahead of emerging threats and minimize the impact of cyber attacks. By leveraging advanced threat intelligence, security analytics, and incident response capabilities, MSSPs can proactively identify and neutralize threats before they escalate, helping organizations maintain business continuity and protect their reputation.

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In conclusion, managed security services play a pivotal role in fortifying organizations' cybersecurity defenses and mitigating the ever-evolving cyber threats landscape. With the rise of cloud-based solutions, integration of AI and automation, and emphasis on proactive threat hunting, MSSPs are well-positioned to empower organizations to navigate the complexities of cybersecurity and safeguard their digital assets in an increasingly interconnected world.

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Fueling the Future: Global Trends in Managed Security Services Market (2021-2030)

According to a recent report published by Allied Market Research, titled, “Managed Security Services Market by Deployment Mode, Enterprise Size, Application, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global managed security services market size was valued at $22.45 billion in 2020, and is projected to reach $77.01 billion by 2030, growing at a CAGR of 12.8% from 2021 to 2030.

Managed security services (MSS) are considered as a systematic approach to managing an organization’s security needs. The services may be conducted in-house or outsourced to a service provider that oversees other companies’ network and information system security. Functions of a managed security service include, round-the-clock monitoring and management of intrusion detection systems and firewalls, overseeing patch management & upgrades, performing security assessments & security audits, and responding to emergencies. There are products available from a number of vendors to help organize and guide the procedures involved. This diverts the burden of performing the chores manually, which can be considerable, away from administrators. Furthermore, the key factor that drives the growth of the managed security services market includes increasing cybercrime activities, cost effectiveness, and stringent government regulations drive the global managed security services market. In addition, growing trend of mobile devices at workplaces and rise in electronic data fuel the growth of the market. However, hesitation to share sensitive data restricts the market growth. Moreover, growing awareness about data security, growing importance of e-business, and rise in demand for customized services are expected to offer remunerative opportunities for expansion of the managed security services market growth during the forecast period.

Depending on industry verticals, the BFSI segment holds the largest managed security services market share. The customers of the banks and other financial institutions are demanding advanced protection to ensure security of their confidential data. Additionally, they prefer financial institutions that have not been involved in any data breach incidences and appear to be more reliable with their security procedures. Besides these factors, the government regulations relating to data privacy and protection in the face of misuse of the customer data requires organizations to follow specific guidelines for protecting customer data.

Region wise, the managed security services industry was dominated by North America in 2020, and is expected to retain its position during the forecast period. In recent past, the hackers have targeted energy utility sector and the same is facing frequent attacks. In such scenarios, the organizations need effective systems for proactive monitoring of their networks to protect their environment from frequent attack from hackers and other entities. However, the shortage of skilled professionals for managing the security of complex and wider network makes the situation more severe. In addition to this, the huge costs involved in continuous monitoring and controlling of various network, stimulates the companies to look for security service provider.

The COVID-19 pandemic has forced cybersecurity professionals to change their priorities/activities and increase their workload. In addition, according to CISO’s Benchmark Report 2020, organizations are struggling to manage remote workers’ use of phones and other mobile devices. In addition, according to CISCO’s report, 52% of respondents said that mobile devices are a major challenge when it comes to cyber security. Moreover, an Office of National Statistics study found that remote employees worked five hours a week more on average than those who worked in the office. They also did six hours of unpaid overtime on average per week, compared to 3.6 hours for those who never work from home. Managed security services have become a lifeline for organizations and schools as the use of remote working and learning standards has increased tremendously. As a result, managed security services industry is expected to be a primary focus in the coming years.

Inquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/217

Key Findings Of Study

By deployment mode, the on-premise segment accounted for the largest managed security services market forecast period.

Region wise, North America generated highest revenue in managed security services market size.

On the basis of industry verticals, the BFSI segment generated the highest revenue in 2020.

The key players profiled in the managed security services market analysis are AT&T Intellectual Property, BT Group, Broadcom, Cisco System Inc., Check Point Software Technologies Ltd., DXC Technology Company, SecureWorks Inc., Fortinet Inc., Hewlett Packard Enterprise Development LP, and IBM Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

About Us: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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Managed security services market size was valued at $22.45 billion in 2020, and is projected to reach $77.01 billion by 2030, growing at a CAGR of 12.8% from 2021 to 2030.

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Embarking on a journey into the realm of digital defense, we delve deep into the landscape of Managed Security Services Market to unveil the intricacies, trends, and pivotal role they play in safeguarding the modern digital landscape. Our comprehensive exploration sheds light on the dynamic dynamics shaping the managed security services market, offering insights into its significance and strategies for navigating this critical domain.

Navigating the Digital Battleground Managed Security Services Market

In the ever-evolving landscape of cybersecurity, managed security services stand as the stalwarts of defense, guarding against an array of digital threats. From data breaches to ransomware attacks, the digital battleground is relentless. Managed security services providers (MSSPs) offer a shield of protection, employing advanced technologies, threat intelligence, and vigilant monitoring to secure organizations' sensitive information, systems, and networks.

Decoding the Trends in Managed Security Services Market

As we seek to attain prominence in search rankings, we delve into the trends that define the managed security services market. Organizations are increasingly outsourcing their cybersecurity needs to MSSPs due to their specialized expertise and resources. Cloud-based security solutions and artificial intelligence-driven threat detection are emerging as frontiers that revolutionize the landscape. The rise of IoT devices and remote work is expanding the attack surface, intensifying the demand for robust managed security services.

View Sample Report for Additional Insights on the Managed Security Services Market Forecast, Download a Free Report Sample

The Fortresses of Digital Defense Managed Security Services Market

MSSPs are the fortresses of modern digital defense, offering a comprehensive suite of services designed to thwart cyber threats. Proactive monitoring, threat detection, incident response, and vulnerability management are integral components of their arsenal. By leveraging a combination of cutting-edge technology and human expertise, MSSPs create a formidable defense against the ever-evolving tactics of cyber adversaries.

Navigating the Regulatory Landscape Managed Security Services Market

The managed security services arena encompasses not only technology but also intricate regulatory considerations. Compliance with industry standards and data protection regulations is paramount. MSSPs not only fortify organizations against cyber threats but also ensure that data privacy is upheld. Navigating this regulatory landscape demands a deep understanding of legal nuances and a proactive approach to compliance.

Pioneering Innovation in Digital Resilience Managed Security Services Market

To ascend the ranks and secure dominance in search results, MSSPs must be at the forefront of innovation. With the proliferation of sophisticated cyber threats, MSSPs are pioneering new technologies such as threat hunting, machine learning-powered anomaly detection, and automated incident response. Collaborations with cybersecurity startups and continuous improvement of services drive digital resilience to unprecedented heights.

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Telecoms look to SMEs to grow MSS offerings

Subsequent to being generally determined by huge ventures, the worldwide managed security services (MSS) market is seeing rising interest from little and medium-sized endeavors (SMEs) that are encountering a raising danger climate, as per a report on the worldwide MSS market by GlobalData.

Managed security services To actually convey these services, the right mix of faculty, innovation and cycles should be set up - and with enough ability to scale the security arrangements to help the mind boggling nature of the present danger scene, the 20-page report taking a gander at the market drivers, inhibitors and patterns, said.

MSS plans of action depend on two boundaries: The help conveyance approach: whether the equipment is arranged at the client's premises, gave through the cloud, or a blend of the two.

View Sample Report for Additional Insights on the Managed Security Services Market Forecast, Download a Free Report Sample

Administration charging model

Telecom administrators are outfitting their in-country presence and existing endeavor client connections as an upper hand while focusing on nearby enormous and SME clients with MSS arrangements.

Telecom organizations are likewise transforming their MSS contributions into standard arrangements that are paid for consistently, without forthright expenses for equipment and execution. Normally, these arrangements are conveyed as a cloud-based security services model.

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Exploring the Managed Security Services Market: A Comprehensive Analysis

In an era marked by digital transformation and cyber threats, managed security services (MSS) have emerged as a critical defense mechanism for organizations seeking to safeguard their digital assets and mitigate risks. As we delve into the managed security services market analysis, we unravel the complexities and opportunities that define this dynamic landscape.

Understanding Managed Security Services

Managed security services encompass a range of offerings designed to protect organizations from cyber threats, including intrusion detection, threat monitoring, incident response, and vulnerability management. By outsourcing security operations to specialized providers, organizations can leverage expertise, resources, and technology to enhance their security posture and resilience.

Evolution and Adoption

The evolution of managed security services can be traced back to the increasing sophistication and frequency of cyber attacks, coupled with the growing complexity of IT environments. As organizations grapple with limited resources and expertise to combat cyber threats effectively, managed security services have emerged as a strategic solution to bridge the gap and augment internal capabilities.

Core Components and Capabilities

At the core of managed security services lie a variety of components and capabilities, including security information and event management (SIEM), threat intelligence, endpoint protection, and security analytics. These capabilities enable providers to detect, analyze, and respond to security incidents in real-time, helping organizations stay ahead of evolving threats and vulnerabilities.

Unveiling the Market Analysis

Market Size and Growth

The managed security services market is experiencing rapid growth, driven by factors such as increasing cyber threats, regulatory compliance requirements, and the adoption of cloud-based technologies. As organizations prioritize cybersecurity and risk management, we anticipate sustained investment and expansion in the managed security services market globally.

Market Segmentation

The managed security services market is characterized by its diverse array of offerings and solutions, catering to the unique needs and requirements of organizations across various industries and sectors. From small and medium-sized enterprises to large enterprises and government agencies, each segment represents distinct opportunities for providers to deliver value and differentiation.

Key Trends and Opportunities

Several key trends are shaping the trajectory of the managed security services market, including the rise of managed detection and response (MDR) solutions, the integration of artificial intelligence and machine learning technologies, and the shift towards proactive threat hunting and incident response capabilities. As organizations seek to stay ahead of cyber threats, we anticipate increased demand for innovative and comprehensive managed security services offerings.

View Sample Report for Additional Insights on the Managed Security Services Market Forecast, Download a Free Report Sample

Strategic Imperatives

Collaboration and Partnership

In the dynamic landscape of cybersecurity, collaboration and partnership are essential for success. By forging alliances with technology vendors, industry partners, and cybersecurity experts, managed security services providers can access specialized expertise, resources, and intelligence to deliver best-in-class solutions and services to their clients.

Continuous Innovation and Improvement

As cyber threats evolve and become increasingly sophisticated, managed security services providers must prioritize continuous innovation and improvement. By investing in research and development, threat intelligence, and training programs, providers can stay abreast of emerging threats and technologies, enabling them to anticipate, detect, and respond to cyber attacks effectively.

Conclusion

As organizations confront the evolving threat landscape and regulatory requirements, managed security services emerge as a critical enabler of cybersecurity resilience and risk management. By understanding the market dynamics, embracing innovation, and fostering collaboration, organizations can leverage managed security services to enhance their security posture and protect their most valuable assets in an increasingly interconnected and digital world.

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