The global IT Managed Security Services market reached a value of about USD 34.3 billion in 2021. The industry is projected to grow at a CAGR of around 9% in the forecast period of 2022-2027 to reach a value of about USD 57.5 billion by 2027.
The global IT Managed Security Services industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The market is chiefly driven by the rise in the need for data security. North America is the highest category spender by region, driving the demand for the IT Managed Security Services industry.
Managed security services are the network security services outsourced to a third-party service provider in the computer world. Outsourced examining and handling of security tools and mechanisms are offered by a managed security service provider (MSSP). The IT Managed Security Services industry report comprises segments by region (North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America).
North America holds the largest market share in the industry due to the early MSS adoption and the availability of multiple MSS suppliers in the area. In the United States, the increased reliance of businesses on cloud-based applications and investments in security solutions by domestic players is further fuelling the market growth.
The market is driven by the growing demand for comprehensive and cost-effective security services among companies to monitor and manage security incidents. The service offers various features such as cost-effectiveness, dynamic access to data, and shortened turnaround time for business operations; hence, many SMEs and influential organisations lean toward having complete control over their data and infrastructure in the cloud internationally. Furthermore, the Managed security service providers provide customer/client firms with low-cost, trustworthy, and effective security solutions to assist them in protecting their sensitive data and, as a result, their business, thus resulting in market demand. Also, the rapid rise in cybercrime activities in furthering the industry's expansion.
However, the MSS market is projected to be hampered by a lack of confidence in third-party apps that handle sensitive data from businesses.
The global IT Managed Security Services industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global IT Managed Security Services regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
There are two main kinds of managed security services: Fully Managed Security Services comprise the security services provider monitoring and regulating the security alerts generated by various tools and technologies and handling network security. Fully managed security services are the best option if the firm has a restricted budget or lacks the internal resources to study and handle a wide range of cutting-edge technologies. The other one is Co-Managed Security Services; If a firm possesses a range of security technologies but lacks the internal security staff to oversee them 24 hours a day, seven days a week, co-managed security services can help. One may eventually bring technology monitoring and control back in-house as the company expands, and one can construct a Security Operations Centre (SOC). An MSSP can educate and train one on each tool's capabilities and usefulness and configure it to its optimal settings.
Advancements in services are propelling the industry. The market is predicted to develop because of the fast-rising acceptance and deployment of the cloud for data storage and the advent of Big Data analytics. Furthermore, the expanding usage of IoT devices in numerous end-user sectors is likely to make their IT infrastructures more challenging to administer using in-house personnel are projected to generate new revenue pockets for MSSPs. Also, other factors such as the stringent government regulations, and a surge in trends such as BYOD, CYOD, and WFH, are all likely to propel the MSS industry forward.
The regional markets for the industry can be divided into North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
The industry is fragmented due to established behemoths and a slew of newcomers who offer security services to protect businesses from assaults such as network attacks, denial of service attacks, and even risk assessments. There are some prominent participants in the global market.
1. Executive Summary
2. IT Managed Security Services Market Snapshot
2.1. IT Managed Security Services Market Outlook
2.2. Region Overview
2.2.1. North America
2.2.3. Asia Pacific
2.2.4. Latin America
2.2.5. Middle East and Africa
3. Impact of Recent Events
4. IT Managed Security Services Value Chain Analysis
5. Trade Analysis
6. Major Risk Factors in Sourcing
7. IT Managed Security Services Cost Structure
8. IT Managed Security Services Price Analysis
9. Key Demand Indicator Analysis
10. Key Price Indicator Analysis
11. IT Managed Security Services Market Dynamics
11.1. Drivers & Constraints
11.2. Industry Events
11.3. Innovations & Trends
11.4. Swot Analysis
11.5. Porter’s Five Forces
11.5.1. Buyer Power
11.5.2. Supplier Power
11.5.3. Threat of New Entrants
11.5.4. Threat of Substitutes
11.5.5. Industry Rivalry
12. Industry Best Practices
12.1. Sourcing Strategy
12.2. Procurement Model
12.3. Contract Structure
12.4. Negotiation Levers
12.5. Pricing Model
12.6. Key Factors Influencing the Quotation
13. Key Supplier Analysis
13.1. BT Group plc
13.3. Hewlett Packard Enterprise Development LP
13.4. IBM Corporation
13.5. Cognizant Technology Solutions
13.6. Tata Consultancy Services Limited
13.7. AT&T Inc.
The global IT Managed Security Services market size was valued at USD 34.3 billion in 2021.
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 9%.
The significant demand for security services against cyber breaches is one of the essential drivers of the IT Managed Security Services market growth.
AT&T Inc., BT Group plc, SecureWorks, Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Cognizant Technology Solutions and Tata Consultancy Services Limited are some of the leading companies in the market.
The North American region of the IT Managed Security Services industry holds the major share in the market.
The global IT Managed Security Services market attained a value of USD 34.3 billion in 2021, driven by the growing demand for comprehensive and cost-effective security services among companies to monitor and manage security incidents. Aided by the increasing advancements in the services, such as the fast-rising acceptance and deployment of the cloud for data storage, the advent of Big Data analytics, and the expanding usage of IoT devices, among others, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 9%. The market is projected to reach USD 57.5 billion by 2027. Some of the leading players in the industry are AT&T Inc., BT Group plc, SecureWorks, Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Cognizant Technology Solutions and Tata Consultancy Services Limited.
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