Global Managed Security Services (MSS) Market Size More Than Doubles During Forecast Period to Touch USD 55.52 Billion by 2029

Published | 20 December 2023

Global Managed Security Services (MSS) Market is gaining traction because of the growing adoption of cloud services and increasingly sophisticated cyberthreat landscape.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Managed Security Services (MSS) Market size at USD 27.54 billion in 2029. During the forecast period between 2023 and 2029, BlueWeave expects the Global Managed Security Services Market size to expand at a CAGR of 12.4% reaching a value of USD 55.52 billion by 2029. Rising cybersecurity risks and stringent government regulations are major growth drivers for the Global Managed Security Services (MSS) Market. Providers of MSS offer system and security device administration and monitoring. A managed security service provider (MSSP) is a company that resells software, hardware, and services to its customers. By offering a specialized incident response team, working with an MSSP helps an organization in simplifying its reaction to possible data risks and cyberattacks. MSSPs can keep a big team of specialists on hand and call on them as needed. Increasing adoption of cloud and digital solutions, which is likely to increase the number of cybersecurity risks, is also expected to expand the Global MSS Market during the period in analysis.

Opportunity: Increasingly high cybercrime activities

A significant surge in the rate of cyberattacks is prompting the enterprises to invest in cybersecurity solutions and services. It is now essential to have an adaptable, multi-layered, and self-learning security system since the cyber environment is evolving into a highly interconnected system. Furthermore, as mobile-networked devices proliferate, electronic communications become more common, social media grows, and big data becomes more important, defense cybersecurity systems must adapt to the ever-changing landscape of cyberthreats. In order to improve their cybersecurity environment and cut costs, both large corporations and SMEs are investing in managed security services, driving the Global MSS Market.

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Global Managed Security Services (MSS) Market – By Organization Size

Based on organization size, the Global Managed Security Services (MSS) Market is segmented into large enterprises and small and medium-sized enterprises (SMEs). The large enterprises segment holds the highest share in the Global Managed Security Services (MSS) Market owing to their high exposure to data breaches and other cyberthreats. Furthermore, outsourcing security services proves to be cost-efficient for large organizations, which plays a crucial role in driving market growth. SMEs, on the other hand, are anticipated to register the highest growth rate during the forecast period.

Impact of Escalating Geopolitical Tensions on Global Managed Security Services (MSS) Market

The escalating geopolitical tensions proliferated the growth of the Global Managed Security Services (MSS) Market owing to the surge in cybersecurity issues in post-war-like situations. According to the Center for Strategic and International Studies, a think tank based in the United States, Russia launched several cyber campaigns against Ukraine before the invasion to ransack its IT infrastructure. These cyberattacks disrupted Ukrainian services and installed malware on the country’s networks, resulting in phishing and denial of service. In similar instances, the Israel and Palestinian newspapers and media websites have registered a significant surge in DDoS attacks since October 07, 2023. Cyberattacks are emerging as a crucial and lethal tool to attack the security of other countries and gain political benefits. As a result, the countries are significantly investing in cybersecurity, which is anticipated to accelerate the growth of the Global Managed Security Services (MSS) Market.

Competitive Landscape

Major players operating in the Global Managed Security Services (MSS) Market include AT&T, BAE Systems, Inc., Cisco, Check Point Software Technologies, Fortinet, Inc., Fujitsu, IBM, Palo Alto Networks, Rapid 7, Verizon, Wipro, Broadcom, and Hewlett Packard Enterprise Development LP. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Global Managed Security Services (MSS) Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Managed Security Services (MSS) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Managed Security Services (MSS) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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