Dublin, May 14, 2024 (GLOBE NEWSWIRE) — The Global Managed Security Services Market report has been added to ResearchAndMarkets.com’s offering.
The global MSS market is expected to grow from USD 30.6 billion in 2023 to USD 52.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 11.5% during the forecast period. The escalating frequency and sophistication of cyberattacks are driving organizations to seek Managed Security Services (MSS) to enhance their cyber defense capabilities. Also, with a chronic shortage of cybersecurity talent, businesses are turning to MSS providers to bridge the skills gap, allowing them to access experienced professionals and advanced technologies without the burden of recruiting and retaining in-house security experts.
As enterprises increasingly embrace cloud technologies, the managed security services market for cloud security is skyrocketing due to businesses seeking specialized expertise to navigate cloud-specific threats and complexities while optimizing costs and ensuring compliance with evolving regulations. MSSPs are well-versed in cloud-related compliance requirements and help organizations adhere to industry-specific regulations when operating in the cloud.
Large organizations seek to offload the complexities of security management to specialized providers, ensuring round-the-clock protection of their vast digital assets and sensitive data. Furthermore, the cost-effectiveness and scalability of managed services enable large enterprises to optimize their security investments and focus on core business operations.
The Middle East & Africa region is establishing the foundation for a bright digital future through strong government backing, tactical alliances, and a flourishing network of regional cloud service providers. The boost in cloud-managed security services drives the demand for MSS to provide a secure cloud environment. Also, to tackle this problem of skilled employee shortage, government and private companies are coming up with various initiatives. For instance, the Saudi government is investing heavily in initiatives to enhance digital skills, including a $1.2 billion plan to train 100,000 youths in fields like cybersecurity.
The market study covers the MSS market across segments. It aims to estimate the market size and the growth potential across different segments, such as service type, type, security type, organization size, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
For more information about this report visit https://www.researchandmarkets.com/r/aiwdns
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