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.
Major industry players such as – 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
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.
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.
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.
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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.
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