The global MSS market size is projected to grow from USD 22.8 billion in 2021 to USD 43.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.9%
The market growth is driven by various factors, including the increasing government regulations and rising security breaches across enterprises.
The managed SIEM segment to grow at a higher CAGR during the forecast period
Managed SIEM is an alternative to on-premises deployment, setup, and monitoring of a SIEM software solution, where an organization signs a contract with a third-party service provider to host an SIEM application on its servers and monitor the organization's network for potential security threats.
According to Cypher, managed SIEM improves the organization's overall security posture, manages compliance requirements, and improves Mean-Time-To-Detect (MTTD) and Mean-Time-To-Respond (MTTR). Managed SIEM services provide real-time analysis of security alerts generated by network hardware and applications.
The healthcare vertical to be the fastest-growing vertical during the forecast period
The healthcare vertical is rapidly deploying cutting-edge technologies to offer patients an improved, intuitive, and personalized experience. The deployment of web and mobile applications for offering various health services is getting popular every day.
The IoT and BYOD trends have increased the adoption of these healthcare applications among customers. Hence, a large amount of healthcare data is generated that includes the patient's personal information, insurance IDs, social security numbers, medical history, historical data of financial transactions, and other confidential information. With increased digitalization, the exposure to cyberattacks has also increased and is impacting patient data safety and privacy.
MSS helps tackle this challenge by providing comprehensive insights into the security infrastructure through its 24*7*365 monitoring. These insights are used in identifying and detecting security breach incidents and vulnerabilities and implementing preventive measures that can be taken for remediation as well as protecting confidential patient information.
Asia Pacific region is expected to be the fastest-growing market in the coming years
Government bodies across various APAC countries are taking proactive measures to promote the awareness of cybersecurity and protect the organization's data. For example, National Critical Information Infrastructure Protection Centre (NCIIPC) established by the Indian government seeks to facilitate a secure and robust critical information infrastructure.
In developed countries, such as Australia, the Australian Cyber Security Centre (ACSC) has stated that Australian banks were attacked by DoS attacks for ransom-related threats. China's implementation of 5G initiatives would accelerate the growth of IoT applications in the region, leading to the need for MSS.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key companies.
The study includes an in-depth competitive analysis of these key market players, along with their profiles, recent developments, and key market strategies.
Major vendors offering MSS include IBM (US), AT&T Inc. (US), NTT (Japan), SecureWorks, Inc. (US), DXC Technology Company (US), BT Group plc (UK), Atos SE (France), Infosys Limited (India), Verizon Communications Inc. (US), Cipher Security (US), Wipro Limited (India), Accenture (Ireland), Trustwave Holdings, Inc. (US), The Herjavec Group (Canada), Lumen Technologies (US), Kudelski Security (Switzerland), and Nuspire (US) and others.
Increasing Instances of Cyber Breaches and Increasing Adoption of Digital Platforms by Enterprises To Drive The Growth of The Market
Managed IAM Segment To Hold The Largest Share During The Forecast Period
Co-Managed Security Service Is Expected To Lead The Mss Market by Revenue During The Forecast Period
Large Enterprises Segment To Hold A Larger Market Size During The Forecast Period
Banking, Financial Services, and Insurance and North America To Hold The Largest Market Shares In 2021
Asia Pacific To Emerge As The Best Market for Investments In The Next Six Years
Stringent government regulations to increase the adoption of MSS solutions
Surge in BYOD, CYOD, and WFH trends
Rising security breaches and sophisticated cyberattacks across enterprises, resulting in financial and reputational losses
Lack of trust among enterprises in giving full control of their system architecture to Mss providers
Rising adoption of cloud technology and IoT devices
Growing demand for robust and cost-effective security services among enterprises to monitor and manage security events
Lack of skilled security expertise
General Data Protection Regulation
Payment Card Industry Data Security Standard
Health Insurance Portability and Accountability Act