Managed Security Services Market to Hit $87.5 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, June 6, 2023 /PRNewswire/ -- The global managed security services market size is expected to reach USD 87.5 billion by 2030, growing at a CAGR of 15.4% from 2023 to 2030, according to a recent report from Grand View Research, Inc. Factors such as the growing demand for outsourcing services across various BFSI, healthcare, manufacturing, IT & telecommunication industries, and the enterprises focus on their key competencies are expected to drive the market's growth.

Key Industry Insights & Findings from the report:

• The cloud security segment is anticipated to observe a CAGR of 18.5% during the forecast period. The massive growth of cloud 3.0, Industry 4.0, and digitalization has resulted in the surge of managed cloud security services. Cloud security facilitates 24/7 system protection without any human intervention, real-time alerts, and proactive managed services.

• The managed DDoS segment is anticipated to observe a CAGR of 18.7% during the forecast period. The DDoS services enhance operational services that depend on the web is projected to rise owing to the growing demand among enterprises to manage the complexity of resources.

• Small and medium-sized enterprises (SMEs) are anticipated to observe a CAGR of 18.1% during the forecast period. An increased zero trust security among small and medium-sized businesses (SMEs) surged the adoption of secured management solutions, owing to the growing importance of managed services.

• The manufacturing segment is anticipated to observe a CAGR of 16.4% during the forecast period The growing demand among manufacturers to adopt managed security services for cyber safety and vendors' data accessibility is fueling the demand for the market.

• Asia Pacific is expected to grow at the fastest CAGR of 18.2% from 2023 to 2030, owing to the increasing adoption of managed security services and the growing digitalization of businesses in the region. Countries such as China, India, Japan, and South Korea have implemented privacy legislation and data protection that force enterprises to build robust security management solutions.

Read 150 page market research report, "Managed Security Services Market Size, Share & Trends Analysis Report By Security (Could Security, Endpoint Security, Network Security, Data Security), By Services, By Enterprise Size, By Vertical, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Managed Security Services Market Growth & Trends

Businesses rely on managed security service providers (MSPs) to avoid the costly burden of maintaining their IT infrastructure and keep pace with constant technological dimensions. By leveraging standardized products, reducing time to market, and improving service quality, managed service providers helps an organization in saving costs.

MSPs have created a vast space in business operations by providing advanced cybersecurity tools to predict and mitigate cyber threats. Additionally, as emerging technologies like artificial intelligence, DevOps, and machine learning gain maturity, organizations are expected to look forward to specialized MSPs to stay at the forefront of innovation. A Managed Security Service Provider (MSSP) offers various sub-functions that cover the overall security needs of an enterprise.

The major sub-segments of MSSs have managed endpoint security that monitors all endpoints across the enterprise and intrusion prevention detection system (IPS) that regularly monitors the network for signs of forced intrusion. Extended Detection, and Response (XDR), gathers security details across endpoints and threat intelligence-related visibility to help detect future attacks provide.

For instance, National Critical Information Infrastructure Protection Centre (NCIIPC) a central government agency was formulated to safeguard vital data that has a significant impact on economic development, Endpoint security that monitors all endpoints across the enterprise, Endpoint security that monitors all endpoints across the enterprise, Endpoint security that monitors all endpoints across the enterprise, and security. However, it is expected that organizations are rigorously aiming to collaborate with service vendors to control the threat landscape and safeguard them from malicious attacks, hence driving the growth of managed security market.

Managed Security Services Market Segmentation

Grand View Research has segmented the global managed security services market based on security, services, enterprise size, vertical, and region:

Managed Security Services Market - Security Outlook (Revenue, USD Billion, 2018 - 2030)

• Cloud Security
• Endpoint Security
• Network Security
• Data Security
• Others

Managed Security Services Market - Outlook (Revenue, USD Billion, 2018 - 2030)

• Managed SIEM
• Managed UTM
• Managed DDoS
• Managed XDR
• Managed IAM
• Managed Risk & Compliance
• Others

Managed Security Services Market - Enterprise Size Outlook (Revenue, USD Billion, 2018 - 2030)

• Small and medium-sized enterprises
• Large enterprises

Managed Security Services Market - Vertical Outlook (Revenue, USD Billion, 2018 - 2030)

• BFSI
• Healthcare
• Manufacturing
• IT and Telecom
• Retail
• Defense/Government
• Others

Managed Security Services Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East and Africa
• UAE
• Saudi Arabia
• South Africa

List of Key Players in the Managed Security Services Market

• AT&T
• BAE Systems, Inc.
• Cisco
• Check Point Software Technologies
• Fortinet, Inc.
• Fujitsu
• IBM
• Palo Alto Networks
• Rapid 7
• Verizon
• Wipro

Check out more related studies published by Grand View Research:

• Cyber Security Services Market - The global cyber security services market size is expected to reach USD 192.70 billion by 2028, registering a CAGR of 10.2% over the forecast period, according to a new report by Grand View Research, Inc. Continued cybersecurity breaches on the enterprise and individual levels, and the subsequent need to address the vulnerabilities in networks, apps, and systems, are the factors expected to drive the growth. The need for identifying advanced, persistent threats to networks, monitoring critical infrastructure 24/7, and penetration testing applications for meeting various regulatory compliance standards and acts, such as FISMA, MARS-E, PCI DSS, Sarbanes-Oxley (SOX), and HIPAA, is expected to contribute to the growth of the market.
• Identity As A Service Market - The global identity as a service market size is expected to reach USD 14.89 billion by 2027 expanding at a CAGR of 22.0% over the forecast period, according to a new report by Grand View Research, Inc. The rapid growth in IT infrastructure, ease of scalability, and cost-effectiveness of the Identity as a Service (IDaaS) solutions are anticipated to be the key factors driving the market. Rising threats and vulnerabilities across crucial organizational data have compelled companies to enhance their cybersecurity stand and focus on managing identities. This will support market growth.
• IT Services Market - The global IT services market size was estimated to reach USD 186.4 billion by 2028 and is anticipated to grow at a CAGR of 9.5% from 2022 to 2028, according to a new report by Grand View Research, Inc. Growing concerns about data security and privacy protection are the key factors driving the demand for IT services from enterprises working in various industries. Increasing difficulties in network infrastructure are acting as key impedances to ineffective data security management; therefore, increasing the demand for IT services. Lack of expertise with the end-users in integrating the latest technologies and implementing IT services is hampering the growth of the market. Most of the major players operating in the IT services market are implementing the strategy of mergers, and acquisitions to gain maximum share in the market.

Browse through Grand View Research's  Network Security Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.