Global Managed Security Services Market size was valued at USD 26.89 billion in 2022 and is poised to grow from USD 31.18 billion in 2023 to USD 101.86 billion by 2031, growing at a CAGR of 15.95% during the forecast period (2024-2031).
The increasing trend of outsourcing various tasks to different companies to reduce expenses and promote proper resource utilization is projected to influence the demand for managed security services. Managed security services refer to network security services handled by a third party for some other organization. A growing focus on improving network security is slated to change the tide in favor of managed security service providers.
High investments in improving network security to fend off increasingly sophisticated cyberattacks and data breaches are slated to promote the adoption of managed security services. The dearth of skilled cybersecurity professionals and the high costs of sourcing the available ones are also pushing organizations to turn toward managed security service providers. The evolving regulatory framework requiring every organization to deploy top-of-the-line security measures is creating new opportunities for managed security services market players around the world. Companies can also focus on providing custom security services to suit an organization’s requirements in a better way and maximize their business scope.
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Delivering More Value to Customers Will be Important for Managed Security Service Providers
Managed security service companies are estimated to focus on providing better security solutions and tools to help manage the increasingly complex cybersecurity landscape. The use of advanced technologies to improve the functionality of managed security services solutions is a key trend that new as well as established companies should focus on. Managed security service providers can also focus on providing managed detection and response services if they wish to aim for dominance in this market. Partnering up with different organizations could help managed security services market players amplify their business reach and improve the efficacy of their offerings. New companies will need to target innovation if they want to make a name for themselves in this market.
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In August 2023, Schneider Electric, a leading name in the digital transformation space, announced the launch of a managed security services offering to help mitigate the cybersecurity risks associated with the rising adoption of connectivity technologies and remote access.
In October 2023, Radware, a renowned name in the application delivery and cybersecurity space, announced the launch of its Cybersecurity Partner Program for managed security service providers. The new solution is intended to help managed security services companies manage their services better and improve their value-added service offerings range.
In a collaborative effort, SoftBank Corp. announced that it would deliver Secureworks’ managed security services to amplify the value delivered to SoftBank’s customers. The move was announced in May 2024 and SecureWorks Taegis™ XDR will ensure smooth integration and operation of managed security services.
In May 2024, Qualys, a leading enterprise cybersecurity and risk management provider, launched a new managed security services portal to help the operational capability of all managed security services companies. The new offering has a unified platform that streamlines operations for managed security service providers.
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The managed security services market is rife with opportunities against the backdrop of increasing data breaches and cyberattacks. The increasing complexities of networks are pushing enterprises to outsource their operations, and this is where most managed security services providers come into play. Established as well as new companies should take on the trend to maximize their market presence.
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