Managed Security Services Market to accrue $43.7 billion by 2026

(IT-NEWSWIRE.COM, September 27, 2022 ) According to MarketsandMarkets™, the global Managed Security Services 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% during the forecast period.

The major driving factors contributing to the high growth rate of the Managed Security Services Market include the stringent government regulations, surge in trends such as BYOD, CYOD, and WFH, the rising security breaches and sophisticated cyberattacks across enterprises, and the cost-effectiveness in implementing MSS.

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By security type, managed IAM is expected to lead the Managed Security Services Market during the forecast period

Managed IAM helps in driving automation, managing consumer identities, and establishing a risk-based approach. Identity provisioning, advanced authentication, Single-Sign-On (SSO), and Multi-factor Authentication (MFA) are some of the prominent features of IAM. Managed IAM offers provisioning, advanced authentication, directory technologies, and password management. The benefits of using managed IAM include automated employee data access control and authorization based on their role change, can be hosted on-premises or in private-cloud configurations and regular detailed reporting enables compliance. Identity-as-a-Service (IDaaS) is also gaining traction due to its centralized nature and cost-effectiveness. With the rapid increase in the trends of IoT, software-defined everything, and mobile devices, the trend of having universal authentication is also expected to be developed in the near future for easier but strong authentication. Hence, the managed IAM segment is expected to hold a significant share in the Managed Security Services Market.

Based on vertical, BFSI segment to lead the Managed Security Services Market during the forecast period

The BFSI vertical is mostly affected by phishing attacks, which are attempted toward stealing login credentials and DDoS attacks for sabotaging online payments. It also suffers due to targeted APTs and a lack of knowledge among customers and in-house staff. Customers are demanding anytime, anywhere banking, due to which BFSI organizations are deploying various services, such as internet banking, mobile banking, and stock trading for easing out the banking operations and processes for customers.

The BFSI vertical has a deep understanding of how MSS could be used to combat these threats. The biggest advantage of using MSS in BFSI is 24*7*365 monitoring, which results in immediate incident response and remediation in case of a security breach. The BFSI vertical is careful about the security of the sensitive data of its customers. Hence, to enhance the protection of online services against cyberattacks, MSS services are witnessing higher adoption in the BFSI vertical.

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North America to hold the largest market share during the forecast period.

North America has several prominent market players delivering MSS solutions to all end-users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the Managed Security Services Markets growth. The geographical presence, significant Research and Development (R&D) activities, partnerships, and acquisitions and mergers are the major factors for deploying MSS and services. SMEs and large enterprises are spending a huge amount on incorporating MSS on their network infrastructure in the region. The region has a strong presence of MSSP as a result of the growing instances of cyberattacks.

Market Players

Key and innovative vendors in the Managed Security Services Market 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.

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Managed Security Services Market to accrue $43.7 billion by 2026