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Managed Security Services Market - Global Industry, Analysis, Size, Share, Growth, Trends, and Forecasts 2023-2030

In computing managed security services (MSS) are network security services that have been outsourced to a service provider. A company providing such a service is a managed security service provider (MSSP). The roots of MSSPs are in the Internet Service Providers (ISPs) in the mid-late 1990s. initially, the internet service provider would sell customers a firewall appliance, as customer premises equipment, and for an additional fee would manage the customer-owned firewall over a dial-up connection. Businesses turn to managed security services providers to alleviate the pressures they face daily related to information security such as targeted malware, customer data theft, skills shortages, and resources. Managed security services are also considered the systematic approach to managing an organization’s security needs. The services may be conducted in-house or outsourced to a service provider that oversees other companies’ network and information system security. Functions of a managed security service include round-the-clock monitoring and management of intrusion detection systems and firewalls, overseeing patch management and upgrades, performing security assessments and security audits, and responding to emergencies. The business model behind managed security services is commonplace among large enterprise companies with their IT security experts.

Organizations across sectors are now shifting to managed security services from the traditional in-house IT security practices. A trend of outsourcing IT security jobs to managed security services vendors is picking up at an appreciable pace. This also helps the enterprises to focus more on their core business activities as a strategic approach. Among different prominent players, managed security service provider observes the growing need to combat increasingly complicated and intended attack.

Global Managed Security Services Market – Competitive Landscape

On July 26, 2023, Kyndryl the world’s largest IT infrastructure services provider announced that it has significantly expanded its services up to USD 47 billion, it offers to enable enterprise customers to quickly detect and effectively respond to and recover from cyberattacks. AUcloud nets USD 8.5 million investment to boost cyber security and multi-cloud operation. Netcraft has secured a USD 100 million investment from Spectrum Equity Management.

Some of the Key Players in the Global Managed Security Services Market Include –

  • Secureworks Managed Security Services
  • Trustwave Managed Security Services
  • Fortra
  • Tata Communication Managed Security Service
  • Symantec Managed Security Service
  • AT & T Managed Security Services
  • Netsurion
  • NTT
  • BAE Systems Managed Security Services
  • IBM Managed Security Services
  • Lumen
  • Verizon Managed Security Services
  • Atos Managed Security Service

Global Managed Security Services Market – Growth Driver

The rise in cyberattacks, including data breaches and ransomware incidents, has driven organizations to seek professional MSS to bolster their cybersecurity defenses. A shortage of skilled cybersecurity professionals has led organizations to outsource their security needs to MSS providers who offer expertise and 24/7 monitoring. Regulatory requirements and data protection laws necessitate robust security measures, prompting companies to invest in MSS for compliance and risk management. The shift to cloud computing has expanded the attack surface, creating a demand for managed security services to secure cloud-based applications and data. The growth of the Internet of Things has increased the number of connected devices, presenting security challenges that MSS providers can address. Outsourcing security to a managed service provider can be cost-effective compared to maintaining an in-house security team and infrastructure. According to the National Center for Biotechnology Information (NCBI), the average cost of managed security service per month is USD 99 to USD 250.  Managed security services often integrate with security information and events management systems for comprehensive security monitoring and analysis.

Global Managed Security Services Market – Restraints

Unpatched software may allow an attacker to exploit publicly known vulnerabilities to gain access to sensitive information which takes control of the system. This one is the most commonly found security practice. Use of vendor-supplied default configuration or default login usernames and passwords. Remote services such as a virtual private network, lack sufficient controls to prevent access. Strong password policies are not implemented. Cloud services are unprotected. The cost of MSS can be a barrier for smaller organizations, as it may require a significant investment in cybersecurity services. Some organizations are hesitant to fully rely on MSS providers due to concerns about losing in-house cybersecurity expertise and control. Over-reliance on MSS providers can create a dependency, and if the provider faces issues, it could impact the organization’s security. Managed security services solutions can sometimes generate false positives leading to unnecessary alerts and operational disruptions.

Global Managed Security Services Market – Opportunities

The evolving threat landscape presents opportunities for managed security service providers to offer advanced security solutions to protect organizations against a wide range of cyberattacks. Growing awareness of the importance of cybersecurity is driving demand for managed security services among businesses of all sizes. As organizations embrace digital transformation, there is a need for managed security services to secure cloud-based applications, IoT devices, and other digital assets. The shortage of cybersecurity professionals compels organizations to turn to managed security service providers for expertise and 24/7 monitoring.

Global Managed Security Services Market – Geographical Insight

The market for global managed security services is segmented into regions such as North America, Latin America, Asia-Pacific, Europe, the Middle East, and Africa. The North American region is the largest region due to its large and diverse business landscape, coupled with a high level of cybersecurity awareness, which drives demand for managed security services. Europe has matured the managed security service market, with countries such as the United Kingdom, Germany, and France at the forefront. The Asia-Pacific region is the growing region for managed security service market, led by China, Japan, and India due to rising cyber threats, and government initiatives to enhance cybersecurity have contributed to increased adoption.

Global Managed Security Services Market – Key Development

  • On August 1, 2023, Lenovo added advanced security to digital workplace solutions.
  • On January 9, 2023, Alibaba Cloud unveiled its first international product innovation center and partner management center.
  • On January 2, 2023, Moro Hub, in association with EY announced the launch of their first artificial intelligence-driven managed services for operation technology in a cyber defense center.
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Research Methodology: Aspects

Market research is a crucial tool for organizations aiming to navigate the dynamic landscape of customer preferences, business trends, and competitive landscapes. At Cognizance Market Research, acknowledging the importance of robust research methodologies is vital to delivering actionable insights to our clientele. The significance of such methodologies lies in their capability to offer clarity in complexity, guiding strategic management with realistic evidence rather than speculation. Our clientele seek insights that excel superficial observations, reaching deep into the details of consumer behaviours, market dynamics, and evolving opportunities. These insights serve as the basis upon which businesses craft tailored approaches, optimize product offerings, and gain a competitive edge in an ever-growing marketplace.

The frequency of information updates is a cornerstone of our commitment to providing timely, relevant, and accurate insights. Cognizance Market Research adheres to a rigorous schedule of data collection, analysis, and distribution to ensure that our reports reflect the most current market realities. This proactive approach enables our clients to stay ahead of the curve, capitalize on emerging trends, and mitigate risks associated with outdated information.

Our research process is characterized by meticulous attention to detail and methodological rigor. It begins with a comprehensive understanding of client objectives, industry dynamics, and research scope. Leveraging a combination of primary and secondary research methodologies, we gather data from diverse sources including surveys, interviews, industry reports, and proprietary databases. Rigorous data analysis techniques are then employed to derive meaningful insights, identify patterns, and uncover actionable recommendations. Throughout the process, we remain vigilant in upholding the highest standards of data integrity, ensuring that our findings are robust, reliable, and actionable.

Key phases involved in in our research process are mentioned below:


Understanding Clients’ Objectives:

Extensive Discussions and Consultations:

  • We initiate in-depth discussions and consultations with our clients to gain a comprehensive understanding of their objectives. This involves actively listening to their needs, concerns, and aspirations regarding the research project.
  • Through these interactions, we aim to uncover the underlying motivations driving their research requirements and the specific outcomes they hope to achieve.

Industry and Market Segment Analysis:

  • We invest time and effort in comprehensively understanding our clients’ industry and market segment. This involves conducting thorough research into market trends, competitive dynamics, regulatory frameworks, and emerging opportunities or threats.
  • By acquiring a deep understanding of the broader industry landscape, we can provide context-rich insights that resonate with our clients’ strategic objectives.

Target Audience Understanding:

  • We analyze our clients’ target audience demographics, behaviors, preferences, and needs to align our research efforts with their consumer-centric objectives. This entails segmenting the audience based on various criteria such as age, gender, income level, geographic location, and psychographic factors.
  • By understanding the nuances of the target audience, we can tailor our research methodologies to gather relevant data that illuminates consumer perceptions, attitudes, and purchase intent.


Identifying Challenges and Opportunities:

  • We proactively identify the challenges and opportunities facing our clients within their respective industries. This involves conducting SWOT (Strengths, Weaknesses, Opportunities, Threats) analyses and competitive benchmarking exercises.
  • By identifying potential obstacles and growth drivers, we can provide strategic recommendations that help our clients navigate complexities and capitalize on emerging opportunities effectively.

Grasping Specific Goals:

  • We delve into the intricacies of our clients’ objectives to gain clarity on the specific goals they aim to accomplish through the research. This entails understanding their desired outcomes, such as market expansion, product development, or competitive analysis.
  • By gaining a nuanced understanding of our clients’ goals, we can tailor our research approach to address their unique challenges and opportunities effectively.

Data Collection:


Primary Research Process:

  • Surveys: We design and administer surveys tailored to capture specific information relevant to our clients’ objectives. This may involve employing various survey methodologies, such as online, telephone, or face-to-face interviews, to reach target audiences effectively.
  • Interviews: We conduct structured or semi-structured interviews with key stakeholders, industry experts, or target consumers to gather in-depth insights and perspectives on relevant topics. These interviews allow us to probe deeper into specific issues and uncover valuable qualitative data.
  • Focus Groups: We organize focus group discussions with carefully selected participants to facilitate interactive discussions and gather collective opinions, attitudes, and preferences. This qualitative research method provides rich contextual insights into consumer behaviors and perceptions.
  • Observations: We conduct observational research by directly observing consumer behaviors, interactions, and experiences in real-world settings. This method enables us to gather objective data on consumer actions and reactions without relying on self-reported information.

Secondary Research Process:

  • Literature Review: We conduct comprehensive literature reviews to identify existing studies, academic articles, and industry reports relevant to the research topic. This helps us gain insights into previous research findings, theoretical frameworks, and best practices.
  • Industry Reports: We analyze industry reports published by reputable trade associations (whitepapers, research studies, etc.), and government agencies (U.S. Census Bureau, Bureau of Labor Statistics, and Securities and Exchange Commission etc.) to obtain macro-level insights into market trends, competitive landscapes, and industry dynamics.
  • Government Publications: We review government publications, such as economic reports, regulatory documents, and statistical databases, to gather relevant data on demographics, market size, consumer spending patterns, and regulatory frameworks.
  • Online Databases: We leverage online databases, such as industry portals, and academic repositories (PubMed Central (PMC), ScienceDirect, SSRN (Social Science Research Network), Directory of Open Access Journals (DOAJ), NCBI, etc.), to access a wide range of secondary data sources, including market statistics, financial data, and industry analyses.



Data Analysis:

The data analysis phase serves as a critical juncture where raw data is transformed into actionable insights that inform strategic decision-making. Through the utilization of analytical methods such as statistical analysis and qualitative techniques like thematic coding, we uncover patterns, correlations, and trends within the data. By ensuring the integrity and validity of our findings, we strive to provide clients with accurate and reliable insights that accurately reflect the realities of the market landscape.


Transformation of Raw Data:

  • Upon collecting the necessary data, we transition into the data analysis phase, where raw data is processed and transformed into actionable insights. This involves organizing, cleaning, and structuring the data to prepare it for analysis.

Utilization of Analytical Methods:

  • Depending on the research objectives, we employ a diverse range of analytical methods to extract meaningful insights from the data. These methods include statistical analysis, trend analysis, regression analysis, and qualitative coding.

Statistical Analysis:

  • Statistical tools are instrumental in uncovering patterns, correlations, and trends within the data. By applying statistical techniques such as descriptive statistics, hypothesis testing, and multivariate analysis, we can discern relationships and derive valuable insights.

Qualitative Analysis Techniques:

  • In addition to quantitative analysis, we leverage qualitative analysis techniques to gain deeper insights from qualitative data sources such as interviews or open-ended survey responses. One such technique is thematic coding, which involves systematically categorizing and interpreting themes or patterns within qualitative data.

Integrity and Validity Maintenance:

  • Throughout the analysis process, we maintain a steadfast commitment to upholding the integrity and validity of our findings. This entails rigorous adherence to established methodologies, transparency in data handling, and thorough validation of analytical outcomes.

Data Validation:

The final phase of our research methodology is data validation, which is essential for ensuring the reliability and credibility of our findings. Validation involves scrutinizing the collected data to identify any inconsistencies, errors, or biases that may have crept in during the research process. We employ various validation techniques, including cross-referencing data from multiple sources, conducting validity checks on survey instruments, and seeking feedback from independent experts or peer reviewers. Additionally, we leverage internal quality assurance protocols to verify the accuracy and integrity of our analysis. By subjecting our findings to rigorous validation procedures, we instill confidence in our clients that the insights they receive are robust, reliable, and trustworthy.


Importance of Data Validation:

  • Data validation is the final phase of the research methodology, crucial for ensuring the reliability and credibility of the findings. It involves a systematic process of reviewing and verifying the collected data to detect any inconsistencies, errors, or biases.

Scrutiny of Collected Data:

  • The validation process begins with a thorough scrutiny of the collected data to identify any discrepancies or anomalies. This entails comparing data points, checking for outliers, and verifying the accuracy of data entries against the original sources.

Validation Techniques:

  • Various validation techniques are employed to ensure the accuracy and integrity of the data. These include cross-referencing data from multiple sources to corroborate findings, conducting validity checks on survey instruments to assess the reliability of responses, and seeking feedback from independent experts or peer reviewers to validate the interpretation of results.

Internal Quality Assurance Protocols:

  • In addition to external validation measures, internal quality assurance protocols are implemented to further validate the accuracy of the analysis. This may involve conducting internal audits, peer reviews, or data validation checks to ensure that the research process adheres to established standards and guidelines.
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