The global Managed Security Services (MSS) market size is expected to grow from USD 24.05 billion in 2018 to USD 47.65 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period. Major growth factor for the market is expected to be the rapidly increasing number of cyber-attacks on computer devices, mobile devices, Internet of Things (IoT) devices, and connected vehicles. The other factors include the stringent government regulations, the growing BYOD trend among organizations, and the cost effectiveness in implementing services.
The major players in the MSS market also launched various services to strengthen their MSS portfolio. In August 2017, SecureWorks developed a new managed service as a part of its SecureWorks Cloud Guardian portfolio which would leverage VMware AppDefense technology and enable the protection to the applications that are running on VMware’s cloud and virtualized environments. In March 2017, SecureWorks further enhanced its cloud guardian portfolio by adding a new service which leveraged the Center for Internet Security benchmarks and a series of policies based on the usage of SecureWorks AWS platform and incident response experience. It helps organizations in achieving their goal of digital transformation.
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The MSS market has witnessed a number of partnerships, agreements, and collaborations by key players from 2015 to 2017. In December 2017, ImageWare Systems, a mobile and cloud-based multi-modal biometric identity management solutions leader, partnered with IBM to provide seamless integration of IBM identity and Access Management technology with its multi-modal, end–to-end biometric solution for all ISAM authentication process through its GoVerifyID platform. In February 2017, SecureWorks partnered with Carbon Black, a leader in the next generation endpoint security to deliver managed, next-generation antivirus (NGAV) protection to their customers in tackling the advanced cyber threats. In December 2017, Mphasis, a leading IT solutions provider, partnered with Fortinet to deliver cloud and cognitive services with high-performance, advanced threat protection for its network across 8 locations in India. In November 2017, AT&T partnered with Shell to provide managed communications and network integration services for the shell customers globally. Under this alliance, AT&T will provide shell strategic services such as voice and data, video and collaboration, network management and integration, and security solutions.
The MSS market research report analyzes global adoption trends, growth prospects, key drivers, vendor portfolio analysis, restraints, opportunities, and the value chain.
The MSS vendors are continuously adding innovations to their services to protect organizations and industries against advanced cyber threats. Globally, the adoption of MSS is increasing due to the rise in security breaches targeting enterprises. Furthermore, MSS are being adopted in various verticals, such as Banking, Financial Services, and Insurance (BFSI); energy and utilities; government and defense; healthcare and life sciences; telecom and IT; retail; and manufacturing, which are expected to drive the market growth across the globe.
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