Report Overview

Enterprises’ increasing focus on aligning with stringent data protection regulations and compliance standards and the rising awareness among organizations regarding impact of security breaches on business operations are expected to boost the growth of Australia Managed Security Services (MSS) Market during the forecast period between 2024 and 2030.

Australia Managed Security Services (MSS) Market - Industry Trends & Forecast Report, 2030

Australia Managed Security Services (MSS) Market size was estimated to be worth USD 678.21 million in 2023. During the forecast period between 2024 and 2030, the Australia Managed Security Services (MSS) Market size is projected to grow at a CAGR of 5.32%, reaching a value of USD 862.98 million by 2030. Major growth factors for the Australia Managed Security Services (MSS) Market include the growing focus on thwarting security breach instances and the rising integration of advanced technologies, such as artificial intelligence (AI) and machine learning (ML) in business operations. Additionally, stringent government laws and regulations to strengthen data protection are anticipated to present lucrative opportunities to the market players during the period in analysis.

Managed Security Services (MSS) – Overview

Managed security service providers (MSSPs) provide system and security device administration and monitoring. An MSSP is a company that resells software, hardware, and services to its customers. An MSSP, for example, may have a catalog of security devices, such as intrusion prevention systems and firewalls, from which its clients can select several customized products. By offering a specialized incident response team, working with a Managed Security Service Provider (MSSP) simplifies an organization's reaction to possible data risks and cyberattacks. MSSPs can keep a big team of specialists on hand and call on them as needed.

Australia Managed Security Services (MSS) Market

Growth Drivers

Growing Frequency of Cyber Threats

The most frequent sort of cyberthreat incident, according to the Australian Cybersecurity Centre, was compromised assets, network, or infrastructure (23%), followed by data breaches (19%) and ransomware (14%). Phishing (17%) and the misuse of public-facing applications (20%) were frequent behaviors that resulted in cybersecurity breach incidents. Consequently, a number of companies are making large investments in managed cybersecurity services, which is fueling the growth of the market as a whole.

Challenges

High Cost of Managed Security Service (MSS) Solutions

The high cost of managed security services (MSS) can make it difficult for small and medium-sized enterprises (SMEs) to afford these services, which could leave them open to security threats. Startups may find it difficult to devote a substantial portion of their limited budgets to security services; as a result, they might prioritize other business expenses over MSS, which could expose them to cyber risks. Cost-sensitive industries, like manufacturing or retail, may be reluctant to invest heavily in MSS, limiting the growth of Australia Managed Security Services (MSS) market.

Australia Managed Security Services (MSS) Market

Segmental Coverage

Australia Managed Security Services (MSS) Market – By Service Type

Based on service type, the Australia Managed Security Services (MSS) Market is segmented into managed IAM, managed vulnerability management, managed risk & compliance, managed detection & response, managed firewall, and others (managed SIEM and log management). The managed SIEM segment holds the largest market share in the Australia MSS Market. Managed SIEM is a service that centrally tracks and manages security events and issues and is usually offered by outside cybersecurity specialists. These services offer defense against cybersecurity threats by leveraging advanced technologies and expertise.

Australia Managed Security Services (MSS) Market – By Type

Based on type, the Australia Managed Security Services (MSS) Market is divided into fully managed and co-managed. The fully managed service segment accounts for a higher share in the Australia Managed Security Services (MSS) market.

Australia Managed Security Services (MSS) Market – By Security Type

Based on security type, the Australia Managed Security Services (MSS) Market is segmented into network security, cloud security, endpoint security, and application security. The cloud security segment accounts for the highest market share. The growth of the segment is mainly attributed to cost-effectiveness and enhanced data protection. Furthermore, cloud security also offers better scalability and flexibility while continuously providing innovations and updates. However, network security is becoming increasingly popular in the market to improve defense against malware and other assaults like distributed denial of service (DDoS).

Australia Managed Security Services (MSS) Market – By Vertical

Based on vertical, the Australia Managed Security Services (MSS) Market is divided into BFSI, Government, healthcare & life sciences, telecommunications, IT & ITeS, retail & e-commerce, and other (including manufacturing and energy & utilities) segments. The BFSI vertical dominates the Australia Managed Security Services (MSS) Market due to the high cyberattack rate in the banking sector. The high volume of financial transactions and customer data exposes the sector to potential security threats such as phishing attacks, and other severe threats, like advanced persistent threats, which compel the BFSI verticals in Australia to adopt MSS.

Competitive Landscape

Major players operating in the Australia Managed Security Services (MSS) Market include Content Security Pty Ltd, AT&T Cybersecurity, ITSEC Australia Pty Ltd, Microsoft Corporation, IBM Corporation, Broadcom, The Missing Link, CyberCX, Tata Communications, Cythera Pty Ltd, Telstra, Singtel Optus Pty Limited, DXC Technology, Hewlett Packard Enterprise (HPE), Manage Engine (Zoho Corp), LogRhythm, Inc., and OpenText.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In January 2024 – Atturra, an IT solutions provider based in Australia, formed a partnership with Sydney-based MyCISO to launch a managed security program service in the education and commercial sectors in Australia.

Scope of the Report

By Service Type

• Managed IAM

• Managed Vulnerability Management

• Managed Risk & Compliance

• Managed Detection & Response

• Managed Firewall

• Others (Managed SIEM, Log Management)

By Type

• Fully Managed

• Co-Managed

By Organization Size

• Large Enterprises

• SMEs

By Security Type

• Network Security

• Cloud Security

• Endpoint Security

• Application Security

By Vertical

• BFSI

• Government

• Healthcare & Life Sciences

• Telecommunications

• IT & ITeS

• Retail & eCommerce

• Others (Manufacturing, Energy & Utilities)