Managed Security Services Market and Its Key Opportunities

Posted on 2019-10-15 by MarketsandMarkets in Technology // 0 Comments

The Managed Security Services (MSS) Market to grow from $24.05 billion in 2018 and projected to reach $47.65 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.7% as per a report by MarketsandMarkets.

Why the increasing adoption of cloud services among SMEs is creating an opportunity for the MSS market growth?

With various advantages, such as cost-effectiveness, dynamic access to data, and reduced turnaround time for business processes, which come with the adoption of cloud services, a number of SMEs, as well as large enterprises, are inclined toward having the maximum control over their data and infrastructure in the cloud globally. For this, they are keen on utilizing the benefits of cloud security solutions for greater security and access to data. These solutions have distinctive features, such as security policy enforcement, various compliances, IAM, encryption, SIEM, and malware detection and prevention, which can be utilized by MSSPs. Due to these benefits, many large enterprises and SMEs are moving their businesses to the cloud to deliver excellent services. With the reduced cost of implementation of these services, the SMES have become more inclined toward adopting cloud-based security solutions, and this opportunity can be utilized by the MSSPs for offering custom-based security services to enterprises.

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Key Market Players for Managed Security Services (MSS) Market

The major MSS vendors include IBM (US), SecureWorks (US), Symantec (US), Trustwave (US), Verizon(US), AT&T (US), Atos (France), BAE Systems (UK), BT (UK), CenturyLink (US), DXC (US), Fortinet (US), Fujitsu (Japan), NTT Security (Japan), and Wipro (India). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; acquisitions; and new product launches, to gain a strong foothold in the MSS market and expand their profit margins.

The major players in the MSS market also launched various services to strengthen their MSS portfolio. In August 2017, SecureWorks developed a new managed service as a part of its SecureWorks Cloud Guardian portfolio which would leverage VMware AppDefense technology and enable the protection to the applications that are running on VMware’s cloud and virtualized environments.

The MSS vendors are continuously adding innovations to their services to protect organizations and industries against advanced cyber threats. Globally, the adoption of MSS is increasing due to the rise in security breaches targeting enterprises. Furthermore, MSS are being adopted in various verticals, such as Banking, Financial Services, and Insurance (BFSI); energy and utilities; government and defense; healthcare and life sciences; telecom and IT; retail; and manufacturing, which are expected to drive the market growth across the globe.

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