Managed Security Services Market by Type (Identity & Access Management, Firewall, Risk & Compliance Management, Antivirus/Anti-malware, Vulnerability Management, Security Information & Event Management, Encryption, Disaster Recovery, Data Loss Prevention, Unified Threat Management, Intrusion Detection System/Intrusion Prevention System, Distributed Denial of Service Mitigation), Deployment Mode (On-premises, Cloud), Organization Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), Security Type (Application Security, Cloud Security, Endpoint Security, Network Security), End-User Industry (Banking, Financial Services, and Insurance (BFSI), Government & Defense, Healthcare, Retail, IT and Telecom), & Region for 2024-2031

Managed Security Services Market Valuation – 2024-2031

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The market for managed security services is mostly driven by the increasing complexity and frequency of cyberattacks, which force businesses to contract with specialized vendors to handle their security operations to improve protection, detection, and reaction times. According to the analyst from Market Research, the managed security services market is estimated to reach a valuation of USD 87.77 Billion over the forecast subjugating around USD 30.11 Billion valued in 2023.

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The increasing use of cloud-based services and the proliferation of IoT devices are broadening the attack surface, necessitating robust security measures and driving demand for managed security services to mitigate risks and strengthen cyber resilience. It enables the market to grow at a CAGR of 14.31% from 2024 to 2031.

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Managed Security Services Market: Definition/ Overview

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Managed Security Services (MSS) are outsourced security solutions offered by specialized organizations to monitor, manage, and improve the security posture of an organization’s IT infrastructure. These offerings include threat detection and response, vulnerability management, security information and event management (SIEM), firewall management, and endpoint protection. MSS providers serve as an extension of a company’s internal security staff, providing experience, tools, and round-the-clock monitoring to efficiently detect and neutralize cyber-attacks.

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Furthermore, MSS finds applications in various sectors and industries where maintaining strong cybersecurity defenses is critical. For instance, in the financial sector, MSS assists banks and financial organizations protect sensitive consumer data, preventing financial fraud, and ensuring compliance with industry rules such as PCI-DSS. MSS helps hospitals and healthcare providers protect electronic health records (EHRs) and other personal patient information from data breaches and ransomware attacks, guaranteeing HIPAA compliance.

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What are the Factors that Surge the Demand for Managed Security Services?

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The growing number and sophistication of cybersecurity threats, such as ransomware, phishing attacks, and advanced persistent threats (APTs), are prompting enterprises to implement managed security services. These services offer proactive monitoring, threat detection, and response capabilities that are typically more advanced and cost-effective than in-house solutions.

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With severe data protection and privacy rules such as GDPR in Europe, HIPAA in the United States, and a variety of other national and international regulations, businesses are increasingly relying on managed security services for compliance. These services assist firms in staying current with the ever-changing regulatory landscape by providing expertise and solutions for risk management and sensitive information protection.

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Furthermore, many firms are having difficulty attracting and maintaining experienced cybersecurity specialists due to a global skills shortage in the market. Managed security services provide access to a team of professionals capable of handling complicated security duties, allowing businesses to focus on their core business activities rather than developing and maintaining an in-house cybersecurity team.

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Which Factors Hinder the Growth of the Managed Security Services Market?

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The rapid speed of technological change, particularly the creation of new threats and security technologies, makes it difficult for managed service providers to keep up. The ability to quickly adapt and scale solutions to protect against emerging threats strains resources and necessitates ongoing investment in technology and skill training. This is especially hard for smaller service providers, limiting market expansion.

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Furthermore, concerns regarding data privacy and the danger of data breaches arise because managed security service providers (MSSPs) handle sensitive data. Organizations are hesitant to outsource their security because they fear losing control of their data. Trust and assurance about MSSP security and compliance are critical, but they are challenging to develop. As a result, it hinders market development.

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Category-Wise Acumens

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How Does the Managed Risk and Compliance Management Segment Propel the Growth of the Market?

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According to Analysis, the management risk & compliance management segment is estimated to hold the largest market share during the forecast period. The increase in worldwide cyberattacks has made risk and compliance management critical for businesses. This segment focuses on assisting firms in meeting compliance standards and effectively managing risks, both of which are critical in the face of escalating cyber threats.

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Organizations have to comply with a variety of international and national cybersecurity and data protection standards. Managed Risk and Compliance Management services help organizations maintain compliance, which is critical for avoiding legal penalties and guaranteeing operational continuity.

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Furthermore, as cyber threats become more sophisticated, firms prioritize strategic risk management techniques that incorporate thorough assessments and robust compliance strategies. Managed Risk and Compliance Management services give the tools and knowledge required to plan and manage these strategies effectively.

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How Managed Network Security Propels the Demand for Managed Security Services Market?

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The managed network security segment is estimated to dominate the managed security services market during the forecast period. Businesses are becoming more complicated and interdependent as they adopt digital technologies. This expansion includes cloud services, Internet of Things (IoT) devices, and remote work infrastructure, all of which increase the potential attack surface. Managed Network Security services assist enterprises in efficiently managing and securing complex networks, providing specific skills that many companies may lack internally.

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Network-based attacks, such as Distributed Denial of Service (DDoS), man-in-the-middle attacks, and other intrusion efforts, remain common. These threats require strong network security mechanisms. Managed Network Security services provide continuous monitoring and control of network traffic to detect and respond to attacks in real-time, making this a crucial service in high demand.

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Furthermore, many sectors have stringent regulatory requirements for network security and data protection. Managed Network Security services assist businesses in complying with these standards by offering tools and expertise for securing network traffic and protecting critical information. This compliance support is critical for businesses in industries such as finance, healthcare, and government, where failure to satisfy regulatory standards can result in harsh penalties.

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Country/Region-wise Acumens

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How Does Advance Technological Infrastructure Influencing Market in North America?

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According to Analyst, North America is estimated to dominate the managed security services market during the forecast period. North America is characterized by its excellent IT infrastructure and high rates of technology adoption in both the public and private sectors. This level of technical maturity needs advanced cybersecurity safeguards, which managed security services can provide. Also, the presence of major global technology and cybersecurity enterprises in this region promotes the development and use of cutting-edge security solutions and services.

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North America, particularly the United States, faces a large amount of cyber threats and breaches, raising awareness and the need for cybersecurity solutions. This region is a popular target due to its large number of high-value corporations and substantial digital infrastructure, which encourages businesses to engage in managed security services to secure their assets.

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Furthermore, North America’s regulatory landscape is complicated, with laws such as the Health Insurance Portability and Accountability Act (HIPAA), the Sarbanes-Oxley Act, and other state-specific regulations such as the California Consumer Privacy Act (CCPA). These requirements require firms to take stringent security measures to safeguard consumer and commercial data. Managed security services assist enterprises in complying with these regulations, hence encouraging adoption.

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What Factors Contribute to the Rapid Growth in the Asia Pacific Region?

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The Asia Pacific region is estimated to exhibit the highest growth within the managed security services market during the forecast period. Many nations in the Asia Pacific are undergoing considerable economic growth and digital change, including major economies such as China, India, Japan, and South Korea. As businesses and governments digitize their activities, the demand for comprehensive cybersecurity measures grows. Managed security services provide the skills and technology required to protect these digital assets, which are critical for long-term growth and innovation.

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Furthermore, there is a significant scarcity of experienced cybersecurity workers in the Asia Pacific region. This divide makes it difficult for enterprises to address complicated cybersecurity issues on their own. Managed security services bridge this gap by giving customers access to teams of skilled security professionals who can successfully manage and mitigate risks. Outsourcing cybersecurity activities is typically more cost-effective and efficient for regional organizations, which is fueling the expansion of the managed security services market.

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Competitive Landscape

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The Managed Security Services (MSS) market is characterized by fierce competition among service providers looking to differentiate themselves through innovation, service quality, and breadth of services.

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Some of the prominent players operating in the managed security services market include:

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• AT&T

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• BT Group

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• Broadcom

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• Cisco Systems

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• Check Point Software Technologies

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• DXC Technology

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• Palo Alto Networks

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• Fortinet

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• Hewlett Packard Enterprise

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• IBM

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• Accenture

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• Atos

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• SecureWorks

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• Verizon

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• TCS

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• Rackspace

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• Fujitsu

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• Crowdstrike

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• MacAfee

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• SentinelOne

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Latest Developments

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• In May 2024, CISA (Cybersecurity and Infrastructure Security Agency) launched a new program, Vulnrichment, to solve difficulties with the National Vulnerability Database (NVD). This may alter the way MSSPs use vulnerability data.

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• In April 2024, AT&T announced the spin-off of its cybersecurity group into a new company, LevelBlue, which would offer managed security services such as threat intelligence and security plan implementation.

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Report Scope

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Managed Security Services Market, By Category

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Type:

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• Managed Identity and Access Management

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• Managed Firewall

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• Managed Risk and Compliance Management

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• Managed Antivirus/Anti-malware

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• Managed Vulnerability Management

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• Managed Security Information and Event Management

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• Managed Encryption

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• Managed Disaster Recovery

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• Managed Data Loss Prevention

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• Managed Unified Threat Management

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• Managed Intrusion Detection System/ Intrusion Prevention System

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• Managed Distributed Denial of Service Mitigation

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• Others

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Deployment Mode:

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• On-premises

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• Cloud

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Organization Size:

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• Large Enterprises

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• Small and Medium-sized Enterprises (SMEs)

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Security Type:

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• Managed Application Security

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• Managed Cloud Security

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• Managed Endpoint Security

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• Managed Network Security

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End-User-Industry:

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• Banking, Financial Services and Insurance (BFSI)

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• Government & Defense

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• Healthcare

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• Retail

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• IT and Telecom

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• Manufacturing

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• Others

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Region:

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• North America

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• Europe

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• Asia-Pacific

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• South America

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• Middle East & Africa

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Research Methodology of Market Research

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Reasons to Purchase this Report

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