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.
Among security types, the cloud security segment is projected to grow at the highest CAGR during the forecast period. 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.
In terms of organization size, the large enterprise segment holds the highest market share during the forecast period. 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 expected to hold a higher CAGR during the forecast period. The 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. Additionally, government and private companies are coming up with various initiatives to tackle the problem of skilled employee shortage.
The market study covers the MSS market across segments and aims to estimate the market size and 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 key players in the market, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
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