Global Managed Security Services Market Report and Forecast 2024-2032

Global Managed Security Services Market Outlook

The global managed security services market size reached approximately USD 31.67 billion in 2023. The market is projected to grow at a CAGR of 13.5% between 2024 and 2032, reaching a value of around USD 99 billion by 2032.

Key Trends in the Global Managed Security Services Market

Managed security services (MSS) are specialised services offered by external providers to effectively monitor and manage an organisation's security infrastructure. These services are designed to enhance the security posture of a business by providing expert oversight and support for various security functions.

• One of the factors influencing the managed security services market growth is the ever-evolving nature of cyber threats. As cybercriminals continue to develop sophisticated attack techniques, organisations face an escalating risk of security breaches. This dynamic threat landscape has led businesses to seek the expertise and resources of MSS providers who can offer advanced threat detection and response capabilities.

• The widespread adoption of cloud computing is expected to significantly enhance the global managed security services market demand as it enables adaptive response to changing requirements and efficient allocation of resources. However, this shift also introduces new security challenges related to data protection, access control, and compliance in cloud environments. MSS providers have adapted to this trend by offering specialised cloud security solutions.

• Managed detection and response (MDR) has emerged as one of the key global managed security services market trends. MDR services go beyond traditional security monitoring by providing comprehensive threat detection, investigation, and response capabilities. These services are designed to identify and neutralise threats in real time, reducing the time to detect and respond to incidents. The integration of MDR within MSS offerings enhances organisations' ability to defend against advanced and persistent threats.

Global Managed Security Services Market Analysis

Based on deployment type, the market can be segmented into cloud and on-premise. The global managed security services market segmentation, based on service type, includes managed SIEM, managed UTM, managed DDoS, managed XDR, managed IAM, and managed risk and compliance, among others. The market, based on security type, can be divided into network security, cloud security, end point security, and application security.

The market, based on service provider, includes managed security specialists, IT services providers, and telecom service providers. Based on end-use, the market is categorised into BFSI, retail, government and defence, healthcare and life sciences, manufacturing, and IT and telecom. The major regional markets for managed security services are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global managed security services market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• Broadcom, Inc.

• Secureworks Inc.

• Fortra, LLC

• Trustwave Holdings, Inc.

• Verizon Communications Inc.

• BAE Systems plc

• IBM Corporation

• Wipro Limited

• Cisco Systems, Inc.

• Others

Global Managed Security Services Market Share by Service Provider

According to the global managed security services market analysis, managed security specialists are likely to be in high demand in the coming years as they have a deep understanding of cybersecurity threats, vulnerabilities, and best practices. This specialised expertise allows them to offer more targeted and effective solutions.

Managed security specialists often provide a wide range of services, including threat detection and response, vulnerability assessments, compliance management, security policy development, and more.

Global Managed Security Services Market Share by End Use

The retail sector is expected to increasingly utilise MSS services, and contribute to the global managed security services market share during the forecast period. Managed security services help secure Point-of-Sale (POS) systems, which are critical to retail operations. They enable the monitoring of any unauthorised access or unusual transactions that may indicate a breach. These services also assist in compliance with industry-specific regulations like the Payment Card Industry Data Security Standard (PCI DSS) to ensure that retailers meet the required security standards.

Competitive Landscape

Broadcom, Inc. is a globally renowned technology company at the forefront of innovation in the semiconductor and infrastructure software sectors. Since its foundation in 1991, Broadcom has developed a wide range of products and services that power modern networks, data centres, and electronic devices. Leveraging their expertise in semiconductors, connectivity solutions, and software, the company plays a pivotal role in shaping the digital landscape.

Secureworks Inc. stands as a leading cybersecurity company, renowned for its focus on safeguarding organisations against evolving cyber threats. With a deep understanding of the ever-changing threat landscape, Secureworks provides a comprehensive suite of managed security services and cutting-edge solutions tailored to meet the unique security needs of businesses across different sectors.

Verizon Communications Inc. is a global telecommunications company headquartered in New York City, United States of America. Established as one of the largest and most influential players in the telecommunications sector, Verizon offers a diverse range of services, including wireless communications, broadband, entertainment, and enterprise solutions.

Other major players in the global managed security services market are Fortra, LLC, Trustwave Holdings, Inc., BAE Systems plc, IBM Corporation, Wipro Limited, and Cisco Systems, Inc., among others.

Key Highlights of the Report