NEW YORK, Dec. 5, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global managed security services (MSS) market size is estimated to grow by USD 33.86 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 13.87% during the forecast period. Increase in adoption of cloud-based services is driving market growth, with a trend towards incorporation of predictive analytics in managed security services. However, chances of failure during managed security services implementation poses a challenge. Key market players include Accenture Plc, AT and T Inc., Atos SE, Capgemini Service SAS, CrowdStrike Holdings Inc., Dell Technologies Inc., DXC Technology Co., F5 Inc., Fortra LLC, Furukawa Electric Co. Ltd., Infosys Ltd., International Business Machines Corp., Kroll LLC, Kudelski SA, Kyndryl Inc., Lumen Technologies Inc., Nippon Telegraph And Telephone Corp., Orange Cyberdefense SA, ProSOC Inc., and Singapore Telecommunications Ltd..
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Forecast period
2024-2028
Base Year
2023
Historic Data
2018 – 2022
Segment Covered
End-user (SMEs and Large enterprises), Deployment (Cloud-based and On-premises), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)
Region Covered
North America, Europe, APAC, South America, and Middle East and Africa
Key companies profiled
Accenture Plc, AT and T Inc., Atos SE, Capgemini Service SAS, CrowdStrike Holdings Inc., Dell Technologies Inc., DXC Technology Co., F5 Inc., Fortra LLC, Furukawa Electric Co. Ltd., Infosys Ltd., International Business Machines Corp., Kroll LLC, Kudelski SA, Kyndryl Inc., Lumen Technologies Inc., Nippon Telegraph And Telephone Corp., Orange Cyberdefense SA, ProSOC Inc., and Singapore Telecommunications Ltd.
Key Market Trends Fueling Growth
Managed Security Services (MSS) are becoming increasingly popular among businesses in various industries, including Healthcare, Manufacturing, Telecom and IT. Trends like Managed IPS, Firewall Management, Endpoint Security, and Threat Monitoring are key offerings in MSS. With the rise of new threats such as ransomware, vulnerability assessments, and detection and response are crucial. Healthcare facilities and medical devices face unique challenges, requiring patient privacy protection. IT security specialists provide operational services through in-house or cloud-based solutions. Cloud computing, Artificial Intelligence, and Machine Learning are transforming MSS, enabling better threat detection and response. SMEs and IT enterprises alike benefit from MSS, as they face similar cyber threats. The COVID-19 pandemic has accelerated digital transformation, increasing exposure and creating new risks. Industry 4.0 and Cloud technology bring new challenges, requiring skilled cybersecurity laborers to defend against malicious attackers. Engagement models vary, from fully managed to co-managed services. MSS providers offer Network Security, Data Security, Managed DDoS protection, and Cloud Security solutions. Defense and Government sectors also rely on MSS for cybersecurity.
Predictive analytics is a data-driven approach that utilizes statistical algorithms, data mining, artificial intelligence, and machine learning to make informed predictions about future events. In the context of Managed Security Services (MSS), this technology is employed to detect and protect against advanced malware threats and potential cyberattacks. Vendors offering MSS with predictive analytics capabilities gather, correlate, and analyze data from various sources to provide real-time expert analysis of emerging threats. This early warning system enables enterprises to take proactive measures, ensuring a more secure network environment. Predictive analytics empowers MSS providers to anticipate and address potential threats before they cause significant damage.
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Market Challenges
• Managed Security Services (MSS) have become essential for businesses in various industries, including Healthcare, Manufacturing, Telecom and IT, to protect their digital ecosystems from new and evolving threats. Challenges such as Managed IPS, Firewall Management, Endpoint Security, and Data breaches require specialized expertise. Healthcare facilities face unique challenges with medical devices and patient privacy. Threat Monitoring and Vulnerability Monitoring are crucial for early detection and response. Inhouse security solutions may not provide the necessary resources and skills to combat advanced cyber threats like Ransomware. Cloud-based security solutions offer flexibility and scalability. IT security specialists are in high demand, making outsourcing to MSS providers an attractive option. SMEs and IT enterprises alike benefit from MSS engagement models. Cloud computing, Artificial Intelligence, and Machine Learning are transforming MSS, providing enhanced threat detection and response capabilities. The COVID-19 pandemic has accelerated digital transformation, increasing exposure and the need for security. Malicious attackers target industries like Defense or Government, Telecom and IT, and Industry 4.0. MSS providers offer Operational services, including Managed DDoS protection and Cloud Security, ensuring Network and Data Security for businesses.
• The implementation phase is a critical component of managed security services (MSS), but it also presents a significant challenge. Prospective clients may be hesitant to adopt MSS due to the risk of implementation failures. This complex process involves various tasks such as project management, vulnerability management, compliance, content management, event monitoring, access management, and managed devices. During the planning stage, Managed Security Service Providers (MSSPs) must carefully choose the required devices, determine their placement in the client’s infrastructure, and ensure their proper configuration. A successful implementation is crucial to build trust and confidence in MSS offerings, making it essential for MSSPs to prioritize this phase and execute it flawlessly.
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Segment Overview
This managed security services (mss) market report extensively covers market segmentation by
End-user 1.1 SMEs1.2 Large enterprisesDeployment 2.1 Cloud-based2.2 On-premisesGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa
1.1 SMEs- Small and Medium Enterprises (SMEs) are rapidly adopting Managed Security Services (MSS) due to the escalating number of data breaches and cyberattacks from hackers. These attacks, such as Distributed Denial of Service (DDoS) and ransomware, can significantly disrupt SMEs’ IT infrastructure, resulting in severe business consequences. The complexities of cybersecurity and the prevalence of Internet of Things (IoT) devices further complicate matters for SMEs. Due to budget constraints, setting up an in-house IT security infrastructure is a challenge for SMEs. Consequently, they are turning to Managed Security Service Providers (MSSPs) to outsource their security needs. This arrangement not only saves SMEs on infrastructure and operational costs but also allows them to access advanced security solutions. The increasing demand for MSS among SMEs is encouraging vendors to invest more in improving their services, leading to market growth during the forecast period.
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Research Analysis
Managed Security Services (MSS) are outsourced security solutions designed to protect organizations from various cyber threats. MSS providers offer a range of services including Managed Firewall, Intrusion Prevention Systems (Managed IPS), Endpoint Security, Threat Monitoring, and Vulnerability Monitoring. With the increasing number of data breaches, industries such as Healthcare, Manufacturing, Telecom and IT are turning to MSS to safeguard their systems and maintain compliance. MSS providers use both in-house and cloud-based security solutions to protect against malicious attackers, cyberattacks, DDoS attacks, and other Industry 4.0 risks. Healthcare facilities and medical devices are particularly vulnerable to cyber threats, putting patient privacy at risk. MSS providers offer expertise from IT security specialists to help organizations stay ahead of evolving threats and ensure data security. Cloud security and network security are critical components of MSS, as more organizations move their operations to the cloud. MSS providers use advanced technologies to monitor and mitigate threats in real-time, providing organizations with peace of mind and allowing them to focus on their core business.
Market Research Overview
Managed Security Services (MSS) is a subset of IT security that provides organizations with expert threat monitoring, vulnerability assessment, and incident response services. MSS offerings include Managed Firewall, Intrusion Prevention Systems (Managed IPS), Endpoint Security, and Threat Monitoring. With the increasing number of data breaches, healthcare facilities and medical devices are under heightened scrutiny due to patient privacy concerns. MSS providers offer operational services to ensure patient data remains secure. New threats such as ransomware, cyberattacks, and DDoS attacks require skilled cybersecurity laborers to detect and respond effectively. MSS providers offer both in-house and cloud-based solutions to cater to various engagement models and industries like Healthcare, Manufacturing, Telecom and IT. The technology landscape is evolving with the adoption of cloud computing, artificial intelligence, and machine learning in DevOps environments. The COVID-19 pandemic has accelerated the shift to digital ecosystems, making outsourcing MSS an attractive option for SMEs and IT enterprises. Defense and Government sectors also rely on MSS to protect against malicious attackers and secure Industry 4.0 and cloud technology networks.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
End-userSMEsLarge EnterprisesDeploymentCloud-basedOn-premisesGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
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