Cyber Security Managed Services Industry Poised for Rapid Expansion, Projected to Hit $24.87 Billion by 2029
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What Is the Current and Projected Market Size of the Cyber Security Managed Services Industry?
The rapid increase of the cyber security managed services market size in the past few years is noticeable. The market value, which stands at $15.27 billion in 2024, is projected to escalate to $16.89 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 10.6%. Factors such as increased cyber threats, growing initiatives towards digital transformation, the need for security-related managed services, and the increased adoption of managed risk, compliance services, and cloud computing have all contributed to the market growth during the historic period.
The market size of managed services in cyber security is projected to experience swift expansion in the looming years, expanding to a value of $24.87 billion in 2029 with a compound annual growth rate (CAGR) of 10.1%. This growth during the forecast period is attributable to several factors including emphasis on incident response and resilience, increasing focus on compliance and risk management, the expansion of managed security, prioritizing data privacy and protection, and a soaring demand for digital privacy systems. Notable trends during this forecast period are expected to incorporate zero trust security frameworks, groundbreaking technologies, advanced methods of threat detection, the incorporation of artificial intelligence (AI) and machine learning (ML), and enhanced partnership ventures.
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#Which Factors Are Currently Driving The Growth Of The Cyber Security Managed Services Market?
The escalation in online security threats is projected to fuel the expansion of the cyber security managed services market in the future. Online security threats encompass wide-ranging harmful activities that risk the security, integrity, and privacy of information and systems connected to the internet. The proliferation of connected devices, emerging cyber threats, cryptocurrencies and decentralized finance (DeFi), and software and system vulnerabilities, contribute to the surge in online security threats. Cybersecurity-managed services are pivotal in warding off the escalating number of online security threats, offering continuous surveillance, advanced threat detection, swift incident response, and comprehensive security solutions. For instance, the Identity Theft Resource Center, a non-profit organization based in the US, reported that the number of data breach incidents increased by 68% in 2022, with 1,862 breaches reported compared to 1,108 breaches in 2021. Consequently, the augmenting number of online security threats propels the cyber security managed services market.
How Is The Global Cyber Security Managed Services Market Structured In Terms Of Segments?
The cyber security managed servicesmarket covered in this report is segmented –
1) By Service: Managed Detection And Response (MDR), Incident Management, Managed Vulnerability, Identity And Access Solution, Other Services
2) By Security Type: Network Security, Endpoint Security, Application Security, Other Security Types
3) By Enterprise Type: Small And Medium Size Enterprise, Large Enterprise
4) By Industry: Banking, Financial Services And Insurance (BFSI), Information Technology (IT) And Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel And Transportation, Energy And Utilities, Other Industries
Subsegments:
1) By Managed Detection and Response (MDR): Threat Monitoring, Threat Hunting, Incident Response
2) By Incident Management: Incident Detection, Incident Remediation, Incident Recovery
3) By Managed Vulnerability: Vulnerability Scanning, Vulnerability Assessment, Patch Management
4) By Identity and Access Solution: Identity Management, Access Control Management, Authentication Services
5) By Other Services: Security Information and Event Management (SIEM), Cloud Security, Endpoint Protection
What Trends Are Currently Influencing Growth In The Cyber Security Managed Services Market?
Leading firms in the cyber security managed services market are prioritizing the development of ground-breaking technologies like holistic digital protection to improve their services and attract a broader clientele. Holistic digital protection provides thorough security for an organization’s digital assets by incorporating a diverse range of security measures, practices, and technologies. For example, Astreya, an American IT solutions firm, unveiled its Cybersecurity Managed Services in February 2024. The suite of solutions provided by Astreya’s cybersecurity managed services includes identity management, endpoint protection, and risk management, designed to flawlessly merge with existing infrastructures and provide solid security layers and proactive defense systems. This innovative service combines state-of-the-art technologies with expert-led strategies to guarantee robust defense against a variety of cyber threats.
Who Are The Main Participants Shaping The Cyber Security Managed Services Market Landscape?
Major companies operating in the cyber security managed services market are Microsoft Corporation, Verizon Communications Inc., AT&T Inc., Dell Technologies Inc., Hitachi Ltd., Accenture plc, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Honeywell International Inc., Symantec Corporation (Broadcom Inc), Fujitsu Limited, Hewlett Packard Enterprise Development LP, Tata Consultancy Services Limited, Toshiba Corporation, Capgemini SE, Lumen Technologies Inc., DXC Technology Company, BDO Global, Atos SE, Wipro Limited, Palo Alto Networks Inc., Fortinet Inc., Optiv Security Inc., Check Point Software Technologies Ltd., McAfee LLC, Trend Micro Inc., CrowdStrike Inc., Rapid7 Inc., Secureworks Inc., Trustwave Holdings Inc.
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Which Region Currently Holds The Largest Share In The Cyber Security Managed Services Market?
North America was the largest region in the cyber security managed services market in 2024. The regions covered in the cyber security managed services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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