Abstract
Summary
The global MSS market size is expected to grow from USD 30.6 billion in 2023 to USD 52.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 11.5% during the forecast period. The escalating frequency and sophistication of cyberattacks are driving organizations to seek Managed Security Services (MSS) to enhance their cyber defense capabilities. Also, with a chronic shortage of cybersecurity talent, businesses are turning to MSS providers to bridge the skills gap, allowing them to access experienced professionals and advanced technologies without the burden of recruiting and retaining in-house security experts.
Among security types cloud security segment to grow at the highest CAGR during the forecast period.
As enterprises increasingly embrace cloud technologies, the managed security services market for cloud security is skyrocketing due to businesses seeking specialized expertise to navigate cloud-specific threats and complexities while optimizing costs and ensuring compliance with evolving regulations.MSSPs are well-versed in cloud-related compliance requirements and help organizations adhere to industry-specific regulations when operating in the cloud.
Among the organization size, the large enterprise segment holds the highest market share during the forecast period.
Large organizations seek to offload the complexities of security management to specialized providers, ensuring round-the-clock protection of their vast digital assets and sensitive data. Furthermore, the cost-effectiveness and scalability of managed services enable large enterprises to optimize their security investments and focus on core business operations.
Among regions, Middle East & Africa is to hold a higher CAGR during the forecast period.
The Middle East & Africa region is establishing the foundation for a bright digital future through strong government backing, tactical alliances, and a flourishing network of regional cloud service providers. The boost in cloud-managed security services drives the demand for MSS to provide a secure cloud environment. Also, to tackle this problem of skilled employee shortage, government and private companies are coming up with various initiatives. For instance, the Saudi government is investing heavily in initiatives to enhance digital skills, including a $1.2 billion plan to train 100,000 youths in fields like cybersecurity.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the smart water management market.
By Company: Tier I: 35%, Tier II: 45%, and Tier III: 20%
By Designation: C-Level Executives: 40%, Managerial & others: 60%
By Region: North America: 20%, Europe: 35%, Asia Pacific: 45%
The report includes studying key players offering managed security services. It profiles major vendors in the global MSS market. The major vendors in the global MSS market include IBM (US), NTT (Japan), Accenture (Ireland), DXC Technology (US), Secureworks (US), Trustwave (US), Atos (France), Orange Cyberdefense (France), Fujitsu (Japan), AT&T (US), Verizon (US), Capgemini (France), HPE (US), Cisco (US), TCS (India), Kudelski Security (Switzerland), F5(US), Infosys (India), Lumen Technologies (US), Crowdstrike (US), Kroll (US), Nokia Networks (Finland), Trend Micro (Japan), Cipher Security (US), RSI Security (US), SecurityHQ (UAE), TrustNet (US), LightEdge (US), Nettitude (US), Teceze (US), CyFlare (US), Ascend Technologies (US), Avertium (US), DigitalXRAID (UK)
Research Coverage
The market study covers the MSS market across segments. It aims to estimate the market size and the growth potential across different segments, such as service type, type, security type, organization size, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Reasons to Buy the Report
The report would help the market leaders and new entrants in the following ways:
• It comprehensively segments the MSS market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different regions.
• It would help stakeholders understand the market’s pulse and provide information on the key market drivers, restraints, challenges, and opportunities.
• It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape includes a competitor ecosystem, new service developments, partnerships, and mergers and acquisitions.
The report provides insights on the following pointers:
Analysis of key drivers (The increasing complexity of cyber threats, evolving regulatory landscape and stringent government regulations, the surge in cloud adoption and the prevalence of hybrid environments) restraints ( limited capabilities for threat-hunting and incident-response services, enterprises reluctant to outsource operations) opportunities (growing adoption of cloud technology and IoT devices, rising demand for advanced cybersecurity measures) challenges (rising cyberattacks on infrastructure of managed security service providers, shortage of security professionals) influencing the growth of the MSS market. Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the MSS market. Market Development: Comprehensive information about lucrative markets – the report analyses the MSS market across varied regions.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the MSS market. Competitive Assessment: In-depth assessment of market shares, growth strategies, offerings of leading IBM (US), NTT (Japan), Accenture (Ireland), DXC Technology (US), Secureworks (US), Trustwave (US), Atos (France), Orange Cyberdefense (France), Fujitsu (Japan), AT&T (US), Verizon (US), Capgemini (France), HPE (US), Cisco (US), TCS (India), Kudelski Security (Switzerland), F5(US), Infosys (India), Lumen Technologies (US), Crowdstrike (US), Kroll (US), Nokia Networks (Finland), Trend Micro (Japan), Cipher Security (US), RSI Security (US), SecurityHQ (UAE), TrustNet (US), LightEdge (US), Nettitude (US), Teceze (US), CyFlare (US), Ascend Technologies (US), Avertium (US), DigitalXRAID (UK)
Table of Contents
1 INTRODUCTION 50
1.1 STUDY OBJECTIVES 50
1.2 MARKET DEFINITION 50
1.2.1 INCLUSIONS AND EXCLUSIONS 51
1.3 STUDY SCOPE 52
1.3.1 MARKET SEGMENTATION 52
1.3.2 REGIONS COVERED 53
1.4 YEARS CONSIDERED 53
1.5 CURRENCY CONSIDERED 54
1.6 STAKEHOLDERS 54
1.7 SUMMARY OF CHANGES 55
1.8 IMPACT OF RECESSION 55
2 RESEARCH METHODOLOGY 56
2.1 RESEARCH DATA 56
2.1.1 SECONDARY DATA 57
2.1.2 PRIMARY DATA 58
- 2.1.2.1 Breakup of primary interviews 58
- 2.1.2.2 Key insights from industry experts 58
2.2 MARKET BREAKUP AND DATA TRIANGULATION 59
2.3 MARKET SIZE ESTIMATION 60
2.3.1 TOP-DOWN APPROACH 61
2.3.2 BOTTOM-UP APPROACH 61
2.4 MARKET FORECAST 64
2.5 RESEARCH ASSUMPTIONS 65
2.6 LIMITATIONS AND RISK ASSESSMENT 66
2.7 RECESSION IMPACT ANALYSIS 67
3 EXECUTIVE SUMMARY 68
4 PREMIUM INSIGHTS 71
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN MANAGED SECURITY SERVICES MARKET 71
4.2 MANAGED SECURITY SERVICES MARKET, BY SERVICE TYPE 71
4.3 MANAGED SECURITY SERVICES MARKET, BY SECURITY TYPE 72
4.4 MANAGED SECURITY SERVICES MARKET, BY VERTICAL 72
4.5 MANAGED SECURITY SERVICES MARKET, BY REGION 73
4.6 MARKET INVESTMENT SCENARIO 73
5 MARKET OVERVIEW AND INDUSTRY TRENDS 74
5.1 INTRODUCTION 74
5.2 MARKET DYNAMICS 74
5.2.1 DRIVERS 75
- 5.2.1.1 Intensifying complexity of cyber threats 75
- 5.2.1.2 Evolving regulatory landscape and stringent government regulations 75
- 5.2.1.3 Surge in cloud adoption and prevalence of hybrid environments 75
5.2.2 RESTRAINTS 76
- 5.2.2.1 Limited capabilities for threat-hunting and incident-response services 76
- 5.2.2.2 Enterprises’ reluctance to outsource operations 76
5.2.3 OPPORTUNITIES 76
- 5.2.3.1 Growing adoption of cloud technology and IoT devices 76
- 5.2.3.2 Rising demand for advanced cybersecurity measures 77
5.2.4 CHALLENGES 77
- 5.2.4.1 Rising cyberattacks on infrastructure of managed security service providers 77
- 5.2.4.2 Shortage of security professionals 78
- 5.2.4.3 Limited capital funding in emerging economies 78
5.3 ECOSYSTEM/MARKET MAP 79
5.4 TECHNOLOGY ANALYSIS 80
5.4.1 KEY TECHNOLOGIES 80
- 5.4.1.1 AI/ML and managed security services 80
- 5.4.1.2 Cloud-based security solutions 80
5.4.2 ADJACENT TECHNOLOGIES 81
- 5.4.2.1 Zero-trust architecture 81
- 5.4.2.2 IoT and managed security services 81
- 5.4.2.3 Extended and detection response (XDR) 81
5.5 TARIFF AND REGULATORY LANDSCAPE 81
5.5.1 PAYMENT CARD INDUSTRY DATA SECURITY STANDARD (PCI-DSS) 81
5.5.2 HEALTH INSURANCE PORTABILITY AND ACCOUNTABILITY ACT (HIPAA) 82
5.5.3 FEDERAL INFORMATION SECURITY MANAGEMENT ACT (FISMA) 82
5.5.4 GRAMM-LEACH-BLILEY ACT (GLBA) 82
5.5.5 SARBANES-OXLEY ACT (SOX) 82
5.5.6 INTERNATIONAL ORGANIZATION FOR STANDARDIZATION (ISO) STANDARD 27001 83
5.5.7 EUROPEAN UNION GENERAL DATA PROTECTION REGULATION (EU GDPR) 83
5.5.8 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 83
5.5.9 PATENT ANALYSIS 84
- 5.5.9.1 Methodology 84
- 5.5.9.2 Patents filed, by document type 84
- 5.5.9.3 Innovation and patent applications 84
- 5.5.9.4 Top ten applicants in managed security services market 85
5.6 VALUE CHAIN ANALYSIS 90
5.7 PORTER’S FIVE FORCES ANALYSIS 91
5.7.1 THREAT OF NEW ENTRANTS 92
5.7.2 THREAT OF SUBSTITUTES 92
5.7.3 BARGAINING POWER OF SUPPLIERS 92
5.7.4 BARGAINING POWER OF BUYERS 92
5.7.5 INTENSITY OF COMPETITIVE RIVALRY 93
5.8 CASE STUDIES 93
5.8.1 DXC TECHNOLOGY HELPED INAIL ENCOUNTER CYBER THREATS WITH AUTOMATION AND ML 93
5.8.2 LUMEN TECHNOLOGIES HELPED NET PROTECTIONS SECURE ITS NETWORK 94
5.8.3 TRUSTWAVE HELPED AUGMEDIX PROTECT VITAL HEALTHCARE INFORMATION 94
5.9 PRICING ANALYSIS 95
5.9.1 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY KEY OFFERING 96
- 5.9.1.1 Indicative pricing analysis, by managed security service vendor 96
5.9.2 INDICATIVE PRICING ANALYSIS, BY OFFERING 97
5.10 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 97
5.11 MANAGED SECURITY SERVICES MARKET: BUSINESS MODELS 98
5.12 KEY STAKEHOLDERS AND BUYING CRITERIA 98
5.12.1 KEY STAKEHOLDERS IN BUYING PROCESS 98
5.12.2 BUYING CRITERIA 99
5.13 KEY CONFERENCES & EVENTS 100
6 MANAGED SECURITY SERVICES MARKET, BY SERVICE TYPE 101
6.1 INTRODUCTION 102
6.2 MANAGED IDENTITY & ACCESS MANAGEMENT 103
6.2.1 MANAGED IDENTITY & ACCESS MANAGEMENT: MARKET DRIVERS 104
6.3 MANAGED VULNERABILITY MANAGEMENT 105
6.3.1 MANAGED VULNERABILITY MANAGEMENT: MARKET DRIVERS 105
6.4 MANAGED DETECTION & RESPONSE (MDR) 106
6.4.1 MANAGED DETECTION & RESPONSE: MARKET DRIVERS 107
6.5 MANAGED FIREWALL 108
6.5.1 MANAGED FIREWALL: MARKET DRIVERS 108
6.6 MANAGED RISK & COMPLIANCE MANAGEMENT 109
6.6.1 MANAGED RISK & COMPLIANCE MANAGEMENT: MARKET DRIVERS 110
6.7 MANAGED SIEM & LOG MANAGEMENT 111
6.7.1 MANAGED SIEM & LOG MANAGEMENT: MARKET DRIVERS 111
6.8 OTHER SERVICE TYPES 112
6.8.1 OTHER SERVICE TYPES: MARKET DRIVERS 113
7 MANAGED SECURITY SERVICES MARKET, BY TYPE 114
7.1 INTRODUCTION 115
7.2 FULLY MANAGED SECURITY SERVICES 116
7.2.1 FULLY MANAGED SECURITY SERVICES: MARKET DRIVERS 116
7.3 CO-MANAGED SECURITY SERVICES 117
7.3.1 CO-MANAGED SECURITY SERVICES: MARKET DRIVERS 117
8 MANAGED SECURITY SERVICES MARKET, BY ORGANIZATION SIZE 119
8.1 INTRODUCTION 120
8.2 SMES 121
8.2.1 SMES: MARKET DRIVERS 121
8.3 LARGE ENTERPRISES 122
8.3.1 LARGE ENTERPRISES: MARKET DRIVERS 122
9 MANAGED SECURITY SERVICES MARKET, BY SECURITY TYPE 124
9.1 INTRODUCTION 125
9.2 NETWORK SECURITY 126
9.2.1 NETWORK SECURITY: MARKET DRIVERS 126
9.3 CLOUD SECURITY 127
9.3.1 CLOUD SECURITY: MARKET DRIVERS 128
9.4 ENDPOINT SECURITY 129
9.4.1 ENDPOINT SECURITY: MARKET DRIVERS 129
9.5 APPLICATION SECURITY 130
9.5.1 APPLICATION SECURITY: MARKET DRIVERS 130
10 MANAGED SECURITY SERVICES MARKET, BY VERTICAL 132
10.1 INTRODUCTION 133
10.2 BFSI 135
10.2.1 RISE IN CYBER THREATS AND REGULATORY PRESSURE TO DRIVE ADOPTION OF MANAGED SECURITY SERVICES 135
10.2.2 BFSI: MARKET DRIVERS 135
10.3 GOVERNMENT 136
10.3.1 NATIONAL SECURITY IMPERATIVES TO FUEL GOVERNMENT INVESTMENT IN MANAGED SECURITY SERVICES 136
10.3.2 GOVERNMENT: MARKET DRIVERS 137
10.4 RETAIL & ECOMMERCE 138
10.4.1 DATA BREACHES TO FUEL RELIANCE OF RETAIL & ECOMMERCE SECTOR ON MANAGED SECURITY SERVICES 138
10.4.2 RETAIL & ECOMMERCE: MARKET DRIVERS 138
10.5 HEALTHCARE & LIFE SCIENCES 139
10.5.1 STRINGENT COMPLIANCE REQUIREMENTS TO SPUR DEMAND FOR MANAGED SECURITY SERVICES IN HEALTHCARE SECTOR 139
10.5.2 HEALTHCARE & LIFE SCIENCES: MARKET DRIVERS 140
10.6 INFORMATION TECHNOLOGY (IT) & INFORMATION TECHNOLOGY-ENABLED SERVICES (ITES) 141
10.6.1 ESCALATING CYBER THREATS PROMPT IT & ITES SECTOR TO EMBRACE MANAGED SECURITY SERVICES 141
10.6.2 IT & ITES: MARKET DRIVERS 142
10.7 TELECOMMUNICATIONS 143
10.7.1 RISING DIGITAL RELIANCE DRIVES TELECOM COMPANIES TO INVEST IN MANAGED SECURITY SOLUTIONS 143
10.7.2 TELECOMMUNICATIONS: MARKET DRIVERS 143
10.8 ENERGY & UTILITIES 145
10.8.1 NEED FOR CRITICAL INFRASTRUCTURE PROTECTION TO DRIVE ADOPTION OF MANAGED SECURITY SERVICES 145
10.8.2 ENERGY & UTILITIES: MARKET DRIVERS 145
10.9 MANUFACTURING 146
10.9.1 INDUSTRY 4.0 CHALLENGES TO DIRECT MANUFACTURING SECTOR’S ADOPTION OF MANAGED SECURITY SERVICES AND SOLUTIONS 146
10.9.2 MANUFACTURING: MARKET DRIVERS 147
10.10 OTHER VERTICALS 148
10.10.1 OTHER VERTICALS: MARKET DRIVERS 149
11 MANAGED SECURITY SERVICES MARKET, BY REGION 150
11.1 INTRODUCTION 151
11.2 NORTH AMERICA 152
11.3 NORTH AMERICA: RECESSION IMPACT 152
11.4 NORTH AMERICA: MANAGED SECURITY SERVICES MARKET DRIVERS 153
11.5 NORTH AMERICA: REGULATORY LANDSCAPE 153
11.5.1 US 158
- 11.5.1.1 Rapid technological innovations and presence of large numbers of vendors to fuel demand for MSS solutions 158
11.5.2 CANADA 162
- 11.5.2.1 Increased cyberattacks, growth in digital infrastructure, and prevalence of internet to drive market 162
11.6 EUROPE 165
11.7 EUROPE: RECESSION IMPACT 166
11.8 EUROPE: MANAGED SECURITY SERVICES MARKET DRIVERS 166
11.8.1 EUROPE: REGULATORY LANDSCAPE 167
11.8.2 UK 171
- 11.8.2.1 Increased government regulations and rising number of security breaches to boost demand for managed security services 171
11.8.3 GERMANY 175
- 11.8.3.1 Rising incidents of cyberattacks and demand for innovative and customized security solutions to drive market 175
11.8.4 FRANCE 179
- 11.8.4.1 Stringent government regulations and increasing rate of security incidents to propel market 179
11.8.5 ITALY 183
- 11.8.5.1 Increasing sophisticated cyberattacks, government regulations, and presence of international vendors to fuel demand for managed security services 183
11.8.6 REST OF EUROPE 187
11.9 ASIA PACIFIC 191
11.9.1 ASIA PACIFIC: RECESSION IMPACT 191
11.9.2 ASIA PACIFIC: MANAGED SECURITY SERVICES MARKET DRIVERS 191
11.9.3 ASIA PACIFIC: REGULATORY LANDSCAPE 192
11.9.4 CHINA 198
- 11.9.4.1 Increasing investments in IoT project, rising cybercrime rate, and implementation of new amendments to drive market 198
11.9.5 JAPAN 202
- 11.9.5.1 Surge in security breaches and government initiatives to safeguard economic security to propel market 202
11.9.6 INDIA 206
- 11.9.6.1 Fast adoption of cloud technology, thriving fintech sector, and increased digitalization to boost demand for MSS 206
11.9.7 ANZ 210
- 11.9.7.1 Rising cyberattacks, strict government regulations, and need for scalability and cost-effective solutions to drive market 210
11.9.8 SINGAPORE 210
- 11.9.8.1 Initiatives like Singapore Cybersecurity Strategy and Cyber Security Agency to promote MSS adoption 210
11.9.9 MALAYSIA 210
- 11.9.9.1 Need for scalability and cost-effectiveness to drive market 210
11.9.10 REST OF ASIA PACIFIC 211
11.10 MIDDLE EAST & AFRICA 211
11.10.1 MIDDLE EAST & AFRICA: RECESSION IMPACT 211
11.10.2 MIDDLE EAST & AFRICA: MANAGED SECURITY SERVICES MARKET DRIVERS 212
11.10.3 MIDDLE EAST & AFRICA: REGULATORY LANDSCAPE 212
11.10.4 MIDDLE EAST 217
- 11.10.4.1 Implementation of Government’s National Cybersecurity Strategy to assess cybersecurity risks to drive market 217
11.10.5 AFRICA 222
- 11.10.5.1 Need for strong cyber defense governance policy and increased public awareness regarding cyber threats to propel market 222
11.11 LATIN AMERICA 226
11.11.1 LATIN AMERICA: MANAGED SECURITY SERVICES MARKET DRIVERS 227
11.11.2 LATIN AMERICA: RECESSION IMPACT 227
11.11.3 LATIN AMERICA: REGULATORY LANDSCAPE 227
11.11.4 BRAZIL 232
- 11.11.4.1 Rising cybercrimes and need to secure and improve endpoints, networks, and applications to propel market 232
11.11.5 MEXICO 236
- 11.11.5.1 Government initiatives to fight against increasing cybercrimes to drive market 236
11.11.6 REST OF LATIN AMERICA 240
12 COMPETITIVE LANDSCAPE 241
12.1 OVERVIEW 241
12.2 KEY PLAYER STRATEGIES 241
12.3 REVENUE ANALYSIS 244
12.4 MARKET SHARE ANALYSIS 245
12.5 BRAND/PRODUCT COMPARATIVE ANALYSIS 246
12.6 COMPANY EVALUATION MATRIX 246
12.6.1 STARS 246
12.6.2 EMERGING LEADERS 247
12.6.3 PERVASIVE PLAYERS 247
12.6.4 PARTICIPANTS 247
12.6.5 COMPANY FOOTPRINT 249
12.7 STARTUP/SME EVALUATION MATRIX 253
12.7.1 PROGRESSIVE COMPANIES 253
12.7.2 RESPONSIVE COMPANIES 253
12.7.3 DYNAMIC COMPANIES 253
12.7.4 STARTING BLOCKS 253
12.7.5 COMPETITIVE BENCHMARKING 255
12.8 COMPETITIVE SCENARIO AND TRENDS 257
12.8.1 PRODUCT LAUNCHES AND ENHANCEMENTS 257
12.8.2 DEALS 267
12.9 VALUATION AND FINANCIAL METRICS OF KEY VENDORS 281
13 COMPANY PROFILES 282
13.1 KEY PLAYERS 282
13.1.1 IBM 282
13.1.2 NTT 293
13.1.3 AT&T 296
13.1.4 ACCENTURE 301
13.1.5 DXC TECHNOLOGY 306
13.1.6 SECUREWORKS 310
13.1.7 TRUSTWAVE 314
13.1.8 VERIZON 317
13.1.9 FUJITSU 320
13.1.10 HPE 323
13.1.11 TCS 326
13.1.12 ATOS 328
13.1.13 ORANGE CYBERDEFENSE 331
13.1.14 RAPID7 333
13.1.15 TREND MICRO 340
13.1.16 KUDELSKI SECURITY 345
13.1.17 CROWDSTRIKE 348
13.1.18 F5 357
13.1.19 CAPGEMINI 362
13.1.20 INFOSYS 364
13.1.21 LUMEN TECHNOLOGIES 367
13.1.22 KROLL 370
13.2 STARTUPS/SMES 372
13.2.1 CIPHER 372
13.2.2 RSI SECURITY 373
13.2.3 SECURITYHQ 374
13.2.4 LIGHTEDGE 375
13.2.5 LRQA NETTITUDE 376
13.2.6 TECEZE 377
13.2.7 CYFLARE 378
13.2.8 ASCEND TECHNOLOGIES 379
13.2.9 AVERTIUM 380
13.2.10 DIGITALXRAID 381
13.2.11 TRUSTNET 382
14 ADJACENT MARKETS 383
14.1 LIMITATIONS 383
14.2 CYBERSECURITY MARKET 384
14.3 MANAGED SERVICES MARKET 389
14.4 SOC-AS-A-SERVICE MARKET 392
15 APPENDIX 397
15.1 DISCUSSION GUIDE 397
15.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 401
15.3 CUSTOMIZATION OPTIONS 403
15.4 RELATED REPORTS 403
15.5 AUTHOR DETAILS 404