The Latest Managed Security Services Industry Statistics Explained
The global managed security services market size was valued at $25.08 billion in 2020.
The statistic “The global managed security services market size was valued at $25.08 billion in 2020” represents the total monetary value of all managed security services sold worldwide during the year 2020. Managed security services refer to outsourced security solutions that help organizations monitor, detect, and respond to security threats in real-time. The market size of $25.08 billion indicates the significant demand for these services as organizations strive to protect their data, networks, and systems from cyber threats. This figure also reflects the growing awareness of cybersecurity risks and the increasing adoption of managed security services as a proactive measure to enhance overall security posture.
The managed security services market is expected to grow at a CAGR of 14.8% from 2021 to 2030.
This statistic indicates that the managed security services market is projected to experience substantial growth over the next decade, with a Compound Annual Growth Rate (CAGR) of 14.8% from 2021 to 2030. This suggests a strong and steady increase in the market size and demand for managed security services over the specified period, driven by factors such as increasing cybersecurity threats, regulatory requirements, and the shift towards digital transformation. Organizations are likely to increasingly rely on third-party providers to manage and secure their IT infrastructure, data, and systems, leading to the anticipated growth in the market.
In 2020, North America held the largest share of the global managed security services market.
The statistic indicates that in the year 2020, North America had the highest proportion of the global managed security services market compared to other regions worldwide. This suggests that more companies and organizations in North America utilized or invested in managed security services for protecting their systems, networks, and data. This could be due to the region’s advanced technology infrastructure, higher awareness of cybersecurity threats, regulatory requirements, and the presence of numerous cybersecurity service providers. The dominance of North America in this market sector points towards the region’s strong emphasis on safeguarding digital assets and data privacy, highlighting the significance of managed security services in today’s evolving threat landscape.
Europe’s managed security services market is forecast to grow by 15.4% during the period between 2020 and 2030.
The statistic indicates that Europe’s managed security services market is projected to experience significant growth of 15.4% over the course of the decade spanning from 2020 to 2030. This forecast suggests a substantial increase in the demand for managed security services within the European region to address cyber threats and protect against security breaches. Factors driving this growth may include heightened cybersecurity awareness, stricter regulatory requirements, and the increasing complexity of cyber threats faced by organizations. This growth trend underscores the importance of investing in robust cybersecurity measures to safeguard sensitive data and mitigate risks in an increasingly digitalized world.
Small & medium enterprises make up 27% of the managed security services market.
The statistic that small and medium enterprises make up 27% of the managed security services market indicates that a significant portion of businesses seeking outsourced security solutions fall within the small to medium size category. This suggests that smaller companies are increasingly recognizing the importance of investing in managed security services to protect their digital assets and mitigate cyber threats. The statistic also reflects the growing demand for security services tailored to the needs and resources of smaller organizations, highlighting the evolving landscape of cybersecurity as more businesses of varying sizes navigate complex cyber risks.
In 2018, the BFSI sector constituted 25% of the managed security services market.
The statistic indicates that in 2018, the Banking, Financial Services, and Insurance (BFSI) sector accounted for 25% of the total market for managed security services. This implies that a significant portion of the demand for security services, such as threat detection, monitoring, and incident response, came from organizations within the BFSI industry. This statistic suggests that the BFSI sector places a high priority on protecting their sensitive data and infrastructure from cyber threats, leading them to invest in outsourced managed security services to enhance their security posture and safeguard against potential breaches or attacks.
The application security segment is expected to grow at a CAGR of 17.5% between 2021 to 2028.
This statistic indicates that the application security market is forecasted to experience a Compound Annual Growth Rate (CAGR) of 17.5% between the years 2021 and 2028. This growth rate suggests a rapid expansion in the demand for application security solutions over the specified period. Organizations are increasingly focusing on protecting their software applications from cyber threats and vulnerabilities, driving the growth of this segment. Factors such as the rise in cyberattacks, strict regulatory requirements, digital transformation initiatives, and the increasing adoption of cloud-based applications are likely contributing to the projected growth in the application security market. This statistic highlights the potential opportunities for businesses operating in the application security sector to capitalize on this increasing demand and grow their market share.
By 2030, the managed detection and response (MDR) services are projected to constitute 40% of the managed security services market
The statistic stating that by 2030, managed detection and response (MDR) services are projected to constitute 40% of the managed security services market indicates a significant shift in the landscape of cybersecurity services. MDR services, which provide continuous monitoring, threat detection, and incident response capabilities, are expected to experience rapid growth and adoption due to the increasing sophistication of cyber threats and the need for proactive security measures. This projection suggests that organizations are recognizing the importance of leveraging MDR services to enhance their cybersecurity posture and effectively combat evolving cyber risks. As a result, MDR services are poised to become a dominant segment within the managed security services market by the end of the next decade.
As of 2020, the threat intelligence segment held the major share in managed security services market.
The statistic “As of 2020, the threat intelligence segment held the major share in the managed security services market” indicates that within the managed security services industry, the aspect of threat intelligence was the dominant sector in terms of market share. This suggests that organizations and businesses were primarily investing in services related to threat intelligence to enhance their cybersecurity posture and protect against potential cyber threats and attacks. The prominence of the threat intelligence segment highlights the growing recognition of the importance of proactive security measures and the adoption of advanced technologies and tools to mitigate security risks effectively.
Security asset management and compliance management segment has the highest CAGR of 18.7% from 2021 to 2030.
The statistic indicates that the Security asset management and compliance management segment is experiencing significant growth, with a Compound Annual Growth Rate (CAGR) of 18.7% from 2021 to 2030. This high growth rate suggests that there is increasing demand for security asset management and compliance management services in the market. The segment is likely seeing growth due to factors such as the rising importance of cybersecurity, increasing regulatory requirements, and the need for businesses to effectively manage their security assets and ensure compliance with regulations. The strong CAGR indicates that this segment is expected to expand rapidly over the next decade, presenting opportunities for businesses operating in this space to capitalize on this trend.
Mobile device management is anticipated to have a CAGR of 23.4% between 2021 and 2028.
This statistic refers to the Compound Annual Growth Rate (CAGR) projected for Mobile Device Management (MDM) between the years 2021 and 2028. Specifically, it indicates that the MDM industry is expected to grow at a steady rate of 23.4% on average per year during this period. A high CAGR like 23.4% suggests significant growth and increasing adoption of MDM solutions, likely driven by the expanding use of mobile devices in various industries and the need for effective management and security measures. This statistic serves as an important indicator for businesses and investors looking to understand the potential growth and opportunities within the MDM market in the coming years.
On-premises deployment accounted for 60% market share in 2020.
The statistic ‘On-premises deployment accounted for 60% market share in 2020’ indicates that of all deployment methods used in 2020, on-premises deployment held a dominant position with a 60% share of the market. This suggests that a significant portion of organizations chose to host their systems and applications on their own premises rather than utilizing cloud-based services or other deployment options. The high market share for on-premises deployment could be due to reasons such as data security concerns, regulatory requirements, specific business needs, or existing infrastructure investments. This statistic highlights the continued relevance and popularity of on-premises deployment among businesses in 2020.
The cloud-based security services segment is predicted to grow at a CAGR of 16.6% from 2021 to 2028.
This statistic indicates the expected growth rate of the cloud-based security services segment between the years 2021 and 2028. The Compound Annual Growth Rate (CAGR) of 16.6% suggests a steady and substantial increase in the market size and adoption of cloud-based security services over the specified time frame. This rate signifies a compound annual growth of 16.6% each year, reflecting strong market demand and confidence in cloud-based security solutions. The projection points towards a promising outlook for the cloud security industry, indicating a trend towards increased reliance on cloud-based services for cybersecurity needs.
The market size in Asia Pacific is anticipated to reach USD 8.87 billion by 2028.
The statistic indicates that the market size in the Asia Pacific region is projected to grow significantly and reach a value of USD 8.87 billion by the year 2028. This forecast suggests a substantial increase in the economic activity and potential opportunities within the region, presenting a growing market for businesses and investors to target. Such growth can be influenced by various factors, including population growth, rising disposable incomes, technological advancements, and changing consumer preferences. This statistic serves as an important indicator for businesses and policymakers to assess the potential market dynamics and make informed decisions regarding strategies and investments in the Asia Pacific region.
In the next 5 years, 90% of Managed Security Services Providers (MSSPs) will offer MDR-type services.
The statistic suggests that the majority of Managed Security Services Providers (MSSPs) are expected to expand their service offerings to include Managed Detection and Response (MDR) type services within the next 5 years. MDR services focus on continuous monitoring, threat detection, and rapid incident response to better protect organizations from cyber threats. This trend highlights the increasing demand for enhanced security solutions that go beyond traditional managed security services, indicating a shift towards more proactive threat detection and response capabilities within the MSSP industry. As the cybersecurity landscape continues to evolve and threats become more sophisticated, MSSPs are recognizing the importance of incorporating MDR services to better safeguard their clients’ digital assets.
The global managed security services market revenue is estimated to reach $56 billion by 2026.
The statistic indicates the projected revenue growth of the global managed security services market, with an estimated increase to $56 billion by the year 2026. This figure reflects the anticipated demand for outsourced security solutions to protect organizations against cyber threats and data breaches. As businesses continue to face increasingly sophisticated cyber attacks, the need for expertly managed security services is expected to rise, driving market growth. This forecast serves as a key indicator of the expanding market for managed security services and highlights the growing importance of robust cybersecurity measures in today’s digital landscape.
Managed security services are most commonly used by the banking and financial sectors, with a usage rate of roughly 30%.
This statistic indicates that managed security services are most frequently employed by the banking and financial sectors, with approximately 30% of organizations within these industries utilizing such services. This suggests that financial institutions recognize the importance of robust cybersecurity measures, likely driven by the sensitive nature of the data they handle and the increasing frequency of cyber threats targeting the sector. The high usage rate among banking and financial sectors may stem from regulatory requirements, a greater awareness of cybersecurity risks, and a need to protect valuable assets and customer information. Overall, the statistic underscores the significance of managed security services in safeguarding organizations against cyber threats, particularly within highly regulated and data-sensitive industries like banking and finance.
The U.S. managed security services market size is projected to reach USD 28.3 billion by 2028.
The statistic indicates that the market size for managed security services in the United States is expected to grow significantly and reach a value of USD 28.3 billion by the year 2028. This projection suggests a substantial increase in demand for security services provided by external providers to help organizations protect their digital assets and sensitive information. The growth of this market can be attributed to factors such as the increasing complexity and frequency of cyber threats, the need for specialized expertise in cybersecurity, and the adoption of cloud-based technologies that require robust security measures. As organizations continue to prioritize cybersecurity as a critical aspect of their operations, the market for managed security services is poised for considerable expansion in the coming years.
The largest contributor to the managed security services industry is the ‘security implementation services’ segment contributing to over 50% of the total market share.
The statistic indicating that the ‘security implementation services’ segment is the largest contributor to the managed security services industry, accounting for over 50% of the total market share, highlights the significant role played by implementation services in this sector. This suggests that a considerable portion of the demand and revenue within the managed security services industry is driven by the need for expert assistance in deploying and configuring security solutions for organizations. As cybersecurity threats continue to evolve and become more sophisticated, the reliance on specialized services for implementing and optimizing security measures has become increasingly crucial for businesses looking to protect their sensitive data and networks. The dominance of security implementation services in the market underscores their strategic importance in helping clients effectively navigate the complex landscape of cybersecurity risks and defenses.
Latin America’s managed security services market is expected to expand at a CAGR of 13% from 2021 to 2028.
The statistic indicates that the managed security services market in Latin America is projected to experience a compound annual growth rate (CAGR) of 13% over the period from 2021 to 2028. This represents a significant expected expansion in the market size and demand for security services in the region. The CAGR provides a steady annual growth rate that reflects the overall momentum and potential for investment and business opportunities in the Latin American security services sector. This forecast suggests a positive outlook for the industry, driven by factors such as increasing awareness of cybersecurity threats, rising adoption of digital technologies, and the need for enhanced protection of data and assets among businesses and organizations in the region.
Conclusion
Based on the statistics presented in this blog post, it is evident that the Managed Security Services industry is experiencing substantial growth and is poised for continued expansion in the coming years. Organizations are increasingly turning to managed security services providers to enhance their cybersecurity posture and protect their sensitive data. With the rising number of cyber threats and the growing compliance requirements, the demand for managed security services is only expected to rise. It is crucial for businesses to stay informed about the latest trends and statistics in the industry to make informed decisions and protect their assets effectively.
References
0. – https://www.www.futuremarketinsights.com
1. – https://www.www.prnewswire.com
2. – https://www.www.marketsandmarkets.com
3. – https://www.www.grandviewresearch.com
4. – https://www.www.globenewswire.com
