The managed security services market size was USD 27.70 billion in 2020 and is estimated to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to factors such as deep & broad security protection, cost-effectiveness, and continuous security monitors.

Managed security services (MSS) are provided by managed security service providers (MSSPs) to monitor and manage the security prospect of their customers. These services aid the client organizations to reduce expenditure on either in-house security specialists or customer-premises equipment (CPE) while receiving effective security management.

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There are some threats which pose a threat to the enterprise. Threat intelligence refers to building a strong shield against the attacker in the entire network chain. It also provides context and information about attack methodologies, including the tools used to obscure a break in, the kind of data being stolen or malware being planted, how an attack hides inside network traffic or evades detection, and how an attack communicates back to its controller. Furthermore, organizations are putting their reputation at risk by not addressing security awareness. In a survey conducted by Cisco of 2000 respondents, 9% refused to have any dedicated cyber security professionals at their organizations,

The Covid-19 pandemic had an adverse impact on the managed security services. The demand for security solutions has declined owing to the ongoing crisis; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.

Market Trends, Drivers, Restraints, and Opportunities
• Increasing need for better cyber solutions are expected to drive the market during the forecast period.
• Rising implementation of mobility strategies and BYOD, and data disclosure mandates are some of the key factors propelling the growth of managed security services market.
• Growing demand for profound security protection, constant unassailable monitoring and cast effectiveness are estimated to fuel the market in coming years.
• R&D investment and technological advancement in managed security services market are expected to offer lucrative opportunities for the market players.

Market Segment insights

The cloud segment is projected to constitute a large market share
Based on deployment type, the managed security services market is segregated into on-premise and cloud. The cloud segment is expected to account for a key share of the market during the forecast period owing to increasing focus of service providers on cloud-based services rather than on-premise services and the rise in security spending in the area of cloud implementations.

The intrusion detection and prevention segment is expected to register a substantial CAGR
Based on solution type, the managed security services market is divided into intrusion detection and prevention, threat prevention, distributed denial of services, firewall management, end point security, and risk assesment. The intrusion detection and prevention segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing increasing number of cyber-attacks all over the world are predicted to bolster the demand for various types of security.

The managed security specialists segment is anticipated to expand at a rapid pace
Based on managed security service provider, the market is segregated into IT services providers, managed security specialists, and telecom service providers. The managed security specialists segment is expected to dominate the market as they monitors network traffic for signs of a possible attack, efficient to handle these threats, and rising need for advanced protection.

The BFSI segment is expected to account for a key share of the market
Based on end-user vertical, the managed security services market is segregated into BFSI, government & defense, retail, manufacturing, healthcare & life Sciences, and IT & telecom. The BFSI segment is projected to expand at a significant pace as this sector is continuously visualizing the regional, terrorism, instability, criminal networks, physical risks, and modern threats originating from cyber-sabotage and opaque sources.

Asia Pacific is expected to dominate the market
In terms of regions, the market is broadly classified into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is anticipated to expand at a robust CAGR during the forecast period. The progression towards stricter cyber enforcement and increased IT security spending in countries such as India and China is expected to drive the market growth in near future.

Compititive Landscape
Key players competing in the managed security services market include Verizon Communications Inc; IBM Corporation; Broadcom Inc. (Symantec Corporation); At&T Inc.; and Secureworks Inc

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