Yahoo Finance Managed Security Services Market to Surpass USD 103.64 billion by 2031 | SkyQuest Technology
Westford, USA, May 21, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Managed Security Services Market will attain a value of USD 103.64 billion by 2031, with a CAGR of 14.2% during the forecast period (2024-2031). The scale and sophistication of cyberattacks is increasingly driving the demand for managed security measures. Organizations face a variety of threats, including ransomware attacks, data breaches and insider threats. This has led to an increased need for comprehensive security measures and know-how to protect sensitive data and infrastructure. For example, the rise of ransomware attacks such as the Colonial Pipeline incident in 2021 highlighted the need for robust managed security services to prevent and respond to such incidents.
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Browse in-depth TOC on "Global Managed Security Services Market"
Pages – 197
Tables - 59
Figures – 75
Global Managed Security Services Market Overview:
Report Coverage | Details |
Market Revenue in 2023 | USD 35.82 billion |
Estimated Value by 2031 | USD 103.64 billion |
Growth Rate | Poised to grow at a CAGR of 14.2% |
Forecast Period | 2024–2031 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Deployment Type, Organization Size and Region |
Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | High Demand for Managed Security Services |
Key Market Drivers | Surging Number of Organizational Data Thefts |
Large Enterprise Segment to Dominate Due to Increasing Complexity of Cyber-attacks
The large enterprise segment holds the largest share of the global managed security services market. Despite the increasing complexity of cyber-attacks and threats in the recent past, taking over security management services the atomic speed in large-scale projects. Larger enterprises typically have extensive multi-site IT systems and systems. Managing security in such complex environments requires specialized skills and resources that smaller organizations may not have. Managed Security Service Providers (MSSPs) offer comprehensive solutions tailored to the unique security needs of large enterprises, including threat detection, incident response and compliance management.
Cloud Security Segment to Drive Market Due to Rising Need for Managed Cloud Security Service
The cloud security segment is expected to witness a CAGR of 18.5% during the forecast period. The tremendous advances in Cloud 3.0, Industry 4.0 and digitalization have increased the need for managed cloud security services. Cloud security facilitates system security 24/7 with no human intervention, real-time alerts, and efficient management of services.
North America is Dominating Due to Rise in Need for Streamlined IT Features
The North America region has been witnessing a tremendous integration of contemporary era, and the need for streamlined IT features. IT features are growing unexpectedly, with increasing groups inside the region finding it easy to keep pace with that with the help of managed security service providers, which is driving business growth in the future.
The penetration of smartphones and pills is increasing within the United States, to likely power the carry your own device (BYOD) policy. The increasing penetration of gadgets and robust network connectivity across the place are predicted to encourage agencies to adopt BYOD rules, raising the risk of cyberattacks in the enterprise ecosystems.
Asia Pacific is expected to grow at the quickest CAGR of 18.2% from 2023 to 2030, because of the growing adoption of managed safety services and the developing digitalization in the area. Countries including China, India, Japan, and South Korea have implemented privacy legislation and data protection that force enterprises to build robust security management solutions.
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Global Managed Security Services Market Insights:
Drivers
Rising Demand for Effective and Efficient Database Protection Solutions
Surging Number of Organizational Data Thefts
Restraints
Lack of Skilled Workforce and Technological Expertise
Lack of Awareness of Security Services is Discouraging the Market Expansion
Prominent Players in Global Managed Security Services Market
Dell Technologies Inc.
Tata Consultancy Services Limited
Infosys Limited
Ericsson AB
NOKIA Corporation
DXC Technology Company
Huawei Technologies Co., Ltd.
HCL Technologies Limited
Dimension Data Holdings PLC
Unisys Corporation
NTT DATA Corporation
Cognizant Technology Solutions Corporation
Capgemini SE
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Key Questions Answered in Global Managed Security Services Market Report
What is the current market size of Global Managed Security Services Market size?
Which is the fastest growing region in the Global Managed Security Services Market?
Which region has the biggest share in the Global Managed Security Services Market?
This report provides the following insights:
Analysis of key drivers (rising demand for effective and efficient database protection solutions, surging number of organizational data thefts), restraints (lack of skilled workforce and technological expertise, lack of awareness of security services is discouraging the market expansion), opportunities (high demand for managed security services), influencing the growth of Global Managed Security Services Market.
Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Global Managed Security Services Market.
Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Global Managed Security Services Market.
Market Growth: Detailed information on profitable growing industries.
Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
Related Reports:
Global Cyber Security Market
Global Network Security Market
Global Cloud Security Market
Global Application Security Market
Global Zero Trust Security Market
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