PUBLISHER: The Business Research Company | PRODUCT CODE: 1518286
PUBLISHER: The Business Research Company | PRODUCT CODE: 1518286
Cybersecurity managed services refer to a comprehensive suite of outsourced services provided by third-party organizations to manage and enhance the security posture of an organization's information systems and data. These services are designed to protect against cyber threats, ensure regulatory compliance, and maintain the integrity, confidentiality, and availability of critical information.
The main services in the cybersecurity managed services market include managed detection and response (MDR), incident management, managed vulnerability, identity and access solutions, and other services. Managed detection and response (MDR) provides organizations with threat monitoring, detection, and response capabilities. The various security types include network security, endpoint security, application security, and other security types, catering to different enterprise types such as small and medium-sized enterprises and large enterprises. These services are used by various industries, including banking, financial services and insurance (BFSI), information technology (IT) and telecommunications, retail, healthcare, government, manufacturing, travel and transportation, energy and utilities, and other industries.
The cyber security managed services market research report is one of a series of new reports from The Business Research Company that provides cyber security managed services market statistics, including cyber security managed services industry global market size, regional shares, competitors with a cyber security managed services market share, detailed cyber security managed services market segments, market trends, and opportunities, and any further data you may need to thrive in the cyber security managed services industry. This cyber security managed services research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The cyber security managed services market size has grown rapidly in recent years. It will grow from $13.80 billion in 2023 to $15.27 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. Growth in the historic period can be attributed to the rise in cyber threats, increasing digital transformation initiatives, demand for security-related managed services, growing adoption of managed risk and compliance services, and the increasing adoption of cloud computing.
The cyber security managed services market size is expected to see rapid growth in the next few years. It will grow to $23.21 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. Growth in the forecast period can be attributed to a focus on incident response and resilience, an increased emphasis on compliance and risk management, the growth of managed security services, a focus on data privacy and protection, and a surging demand for digital privacy systems. Major trends in the forecast period include the adoption of zero trust security frameworks, the development of advanced threat detection technologies, the integration of artificial intelligence (AI) and machine learning (ML), and increasing partnerships.
The increasing number of online security threats is expected to drive the growth of the cybersecurity managed services market. Online security threats include various malicious activities that compromise the security, integrity, and privacy of internet-connected information and systems. The rise in these threats is attributed to the growth of connected devices, emerging cyber threats, cryptocurrencies and decentralized finance (DeFi), and software and system vulnerabilities. Cybersecurity managed services are essential in defending organizations against these growing threats by offering continuous monitoring, advanced threat detection, rapid incident response, and comprehensive security solutions. For example, the Identity Theft Resource Center reported that the number of data breach incidents increased by 68% in 2022, with 1,862 breaches compared to 1,108 in 2021. Therefore, the rise in online security threats is fueling the growth of the cybersecurity managed services market.
Major companies in the cybersecurity managed services market are focusing on developing innovative technologies, such as holistic digital protection, to enhance their offerings and attract more customers. Holistic digital protection is a comprehensive approach to safeguarding an organization's digital assets, involving various security measures, practices, and technologies. For instance, in February 2024, Astreya, a US-based IT solutions provider, launched its Cybersecurity Managed Services. Astreya's services include identity management, endpoint protection, and risk management, designed to integrate seamlessly with existing infrastructures, providing robust security layers and proactive defense mechanisms. This new service combines cutting-edge technologies with expert-driven strategies to ensure strong protection against various cyber threats.
In November 2023, Accenture plc, an Ireland-based IT company, acquired Innotec Security for an undisclosed amount. This acquisition aims to significantly enhance Accenture's cybersecurity capabilities and expand its managed security services footprint in Spain and Europe. Innotec Security, a Spain-based company, specializes in cybersecurity managed services.
Major companies operating in the cyber security managed services market are Microsoft Corporation, Verizon Communications Inc., AT&T Inc., Dell Technologies Inc., Hitachi Ltd., Accenture plc, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Honeywell International Inc., Symantec Corporation (Broadcom Inc), Fujitsu Limited, Hewlett Packard Enterprise Development LP, Tata Consultancy Services Limited, Toshiba Corporation, Capgemini SE, Lumen Technologies Inc., DXC Technology Company, BDO Global, Atos SE, Wipro Limited, Palo Alto Networks Inc., Fortinet Inc., Optiv Security Inc., Check Point Software Technologies Ltd, McAfee LLC, Trend Micro Inc., CrowdStrike Inc., Rapid7 Inc., Secureworks Inc., Trustwave Holdings Inc.
North America was the largest region in the cyber security managed services market in 2023. The regions covered in the cyber security managed services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the cyber security managed services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The cyber security managed services market includes revenues earned by entities by providing services such as threat detection and monitoring, incident response and management, vulnerability management, security assessments and penetration testing, compliance and regulatory support, managed firewall and network security, endpoint protection, data loss prevention (DLP), and identity and access management (IAM). The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Cyber Security Managed Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cyber security managed services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cyber security managed services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cyber security managed services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.