Managed security service providers (MSSPs) gaining steady revenue expansion by offering cyber security solutions in enterprises to secure advanced corporate networks
Asia Pacific to present enormous lucrative avenues for companies in managed security services market, propelled by the use of MSSPs in securing next-gen IT security infrastructure
ALBANY, N.Y., June 15, 2022 /PRNewswire/ -- Enterprises are keen on adopting managed security services (MSSs) to ensure advanced cyber defence. The managed security services market size is continuously becoming big on the back of the growing role of MSS providers in not only securing organization's digital assets but also of customers and business partners. The global market is forecast to advance at CAGR of 14.2% from 2022 to 2031 (the forecast period).
The TMR study on the managed security services market found that the identity and access management (IAM) is remarkably lucrative segment. Growing popularity of IAM solutions for enterprise-wide security is driving MSS market segment share. The past few years have witnessed growing numbers of companies across industries allowing work from home (WFH) and bring your own device (BYOD). The panoply of devices has raised the concerns of cyber threats considerably. This has created incredible growth opportunities for top best managed security services providers to capture on in the next few years.
The growing trend of IoT-enabled industries has increasingly made the information systems more complex over the years, as recent managed security services trends highlighted. Thus, the demand for MSS in the manufacturing, automotive, and healthcare industries is growing at a rapid pace, which has steered managed security services growth rate.
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Key Findings of Managed Security Services Market Study
Rapid Adoption of Cloud and IoT Result in Massive Uptick in Demand for MSSPs: The growing strategic shift of organizations toward cloud technology has opened up an incredible avenue for players in the managed security services market. In particular, the growing adoption of IoT cloud infrastructure by organizations has accelerated the need for managed security services for next-gen cybersecurity threats. Service providers in the managed security services market are leveraging innovative technology such as AI and machine learning platforms to enable their clients to gain resilience. The increased complexity of IT infrastructure under cloud-based solutions has reinforced lucrative avenues for MSSPs to capitalize on.
Cybersecurity Threats in Bring Your Own Devices (BYOD) Present Value-Grab Opportunity: Over the past few decades, bring your own device (BYOD) has been gaining steady momentum in enterprises. Of note, in recent years, with the momentum picking up pace mainly due to work from home workplace trends across businesses in various countries has spurred the revenue streams in the managed security services market.
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Managed Security Services Market: Key Drivers
The growing complexity of IT networks on the backdrop of advances in Industry 4.0 is a key driver for the evolution of the managed security services. In part, this can be ascribed to the increased inclination toward outsourcing of IT security services.
Emphasis on zero-trust security models security approaches among organizations have been expanding the avenue. This has been spurred by the lack of in-house security experts in many enterprises over the years.
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Managed Security Services Market: Regional Growth Dynamics
The Asia Pacific managed security services market is expected to witness incredible profitable avenues during the forecast period. The growth is propelled by rise in need for advanced cyber security platforms and solutions. Growing trend of IoT-enabled organizations has spurred the demand.
North America is estimated to hold a leading share of the global managed security services market by 2022-end. Early uptake of solutions especially in the healthcare, pharmaceutical, and government sectors will steer the revenue expansion. The presence of multiple providers is also catalyzing the expansion of the regional market.
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Managed Security Services Market: Key Players
Some of the key players in the managed security services market are Fujitsu, Capgemini, BAE Systems, Lumen Technologies, BT Group plc, Accenture, Wipro Limited, Optiv Security, Inc., Atos SE, Verizon Communications Inc., IBM, NTT Security, Broadcom Inc., AT&T, Trustwave Holdings, Inc., SecureWorks, Inc., and Alert Logic, Inc.
Managed Security Services Market Segmentation
Middle East & Africa
Russia & CIS
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