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Managed Security Services Market Growing at a CAGR 8.0% | Key Player IBM, AT&T, NTT Data, Secureworks, DXC Technology

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Managed Security Services Market Growing at a CAGR 8.0% | Key Player IBM, AT&T, NTT Data, Secureworks, DXC Technology

June 09
17:04 2020
IBM (US), AT&T (US), NTT Data (Japan), Secureworks (US), DXC Technology (US), BT Security (UK), Atos (France), Infosys (India), Verizon (US), Cognizant (US), Cipher Security (US), Wipro (India), Accenture (Ireland), Optiv Security (US), Trustwave (US), The Herjavec Group (Canada), Cognizant (US), CenturyLink Managed Security Services (US), Kudelski Security (Switzerland), and Nuspire (US)
Managed Security Services Market by Type (Managed IAM, Antivirus/Antimalware, SIEM, and UTM), Deployment Mode, Organization Size, Vertical (BFSI, Government, Retail, Healthcare, Telecom, Utilities, and Manufacturing), and Region – Global Forecast to 2025

The global Managed Security Services (MSS) Market size is projected to grow from USD 31.6 billion in 2020 to USD 46.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 8.0% during the forecast period. The major factors driving the market include the rising security breaches and sophisticated cyber attacks across enterprises, and growing stringent government regulations.

The managed identity and access management  segment to hold a larger market size during the forecast period

MSS are proactive security measures tailored according to the need and ever-evolving security landscape of organizations. These services include continuous monitoring and analysis, advanced technology, network assessment, and application and security specialists to advice stakeholders in organizations. Managed Identity and Access Management (IAM) helps in driving automation, managing consumer identities, and establishing a risk-based approach, among others. Some of the companies are integrating technologies such as robotics with IAM. Single Sign-on (SSO) and Multi-Factor Authentication (MFA) are the two most common systems used in IAM. Hence, the managed IAM segment is expected to be a larger segment during the forecast period.

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The healthcare vertical to be the fastest-growing vertical during the forecast period

The Banking, Financial Services, and Insurance (BFSI) vertical is expected  to dominate the MSS market with the largest market size, while the healthcare vertical is the fastest-growing vertical during the forecast period. MSS are expected to help the BFSI vertical in keeping the confidentiality of sensitive data, which will, in turn, help in maintaining the overall security posture.  The biggest advantage of using MSS in the BFSI vertical is 24*7*365 monitoring, which results in immediate incident response and remediation in case of a security breach. The BFSI vertical is very careful about the security of the sensitive data of its customers. Hence, for enhancing the protection of online services from cyberattacks, companies operating in the BFSI vertical are adopting MSS . In the healthcare vertical, MSS such as Medical Device Penetration Testing, Network Segmentation for Medical Equipment, Device Inventory and Risk Analysis, and Medical Device Risk Assessments will play an integral role in securing entities related to patients as well as hospital data. Moreover, MSS also helps healthcare organizations comply with stringent Health Insurance Portability and Accountability Act (HIPAA) and Payment Card Industry Data Security Standard (PCI DSS) compliances.

The vendors covered in the MSS market report include IBM (US), AT&T (US), NTT Data (Japan), Secureworks (US), DXC Technology (US), BT Security (UK), Atos (France), Infosys (India), Verizon (US), Cognizant (US), Cipher Security (US), Wipro (India), Accenture (Ireland), Optiv Security (US), Trustwave (US), The Herjavec Group (Canada), Cognizant (US), CenturyLink Managed Security Services (US), Kudelski Security (Switzerland), and Nuspire (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the MSS market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2020 to innovate their offerings and increase their customer base.

IBM was founded in 1911 and is headquartered in Armonk, US. The company manufactures and sells computer hardware and software, and offers infrastructure services, hosting services, and consulting services in areas ranging from mainframe computers to nanotechnology. Its clientele comprises individual users, specialized businesses, and institutions such as government, IT, defense, and educational organizations.  The cybersecurity services offered by IBM include data security, security intelligence and operations, consulting, secure engineering and application security, and security strategy risk and compliance. The company offers solutions across industry verticals, such as IT, healthcare, life sciences, government, telecom, automobile, manufacturing, Fast Moving Consumer Goods (FMCG), chemicals and petroleum, electronics, energy and power, media and entertainment, mining, retail, Banking, Financial Services, and Insurance (BFSI), travel and transportation, and education. It is present in North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.

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AT&T was established in 1984 and is headquartered in Dallas, US. The company provides telecommunications services, such as voice and data communications, to consumers, businesses, and other providers across the world. It is the world-class leader in media and entertainment, and technology. AT&T has expanded its footprint and operations through the acquisition of various businesses. The company operates through five business segments: communication, Warner Media, Latin America, Xandr, corporate, and others. The company’s managed web hosting services for businesses provide network, server, and security infrastructure. AT&T also provides its managed services in different service categories, such as MSS, AT&T Dedicated Internet Service (formerly AT&T Managed Internet Service), and Managed Mobility Services. Its MSS category enables network security, threat management and intelligence, and data and application security. The company has adopted various organic as well as inorganic growth strategies, such as mergers, acquisitions, and collaborations. In 2019, AT&T announced the sale of wireless and wireline operations in Puerto Rico and the US Virgin Islands; the sale is expected to close in mid-2020. Some MSS services offered by AT&T include threat management, Web Application Firewall (WAF), network firewall, endpoint security, e-mail security, and Distributed Denial of Service (DDoS) defense.

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