According to a new market research report “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″, published by MarketsandMarkets, the 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 rising instances of security breaches and increasing number of attacks that pose a threat to large and small organizational systems are anticipated to be the major market drivers. The need to adopt necessary steps in advance for securing the overall security posture and technological advancements in cloud and IoT has bolstered potential use cases across verticals.
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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.
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.
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Asia Pacific to hold the highest market share during the forecast period
Technological advancements such as cloud, 5G, and IoT have led Small and Medium-sized Enterprises (SMEs) and large enterprises in the Asia Pacific (APAC) region to largely rely on MSS. Also, stringent government regulations on adopting security measures, cybersecurity incidents, and cloud technology adoption are driving the adoption of MSS in the region.
The major vendors covered in the MSS market 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).
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