PUBLISHER: Grand View Research | PRODUCT CODE: 1301193
PUBLISHER: Grand View Research | PRODUCT CODE: 1301193
The global managed security services market size is expected to reach USD 87.5 billion by 2030, growing at a CAGR of 15.4% from 2023 to 2030, according to a recent report from Grand View Research, Inc. Factors such as the growing demand for outsourcing services across various BFSI, healthcare, manufacturing, IT & telecommunication industries, and the enterprises focus on their key competencies are expected to drive the market's growth.
Businesses rely on managed security service providers (MSPs) to avoid the costly burden of maintaining their IT infrastructure and keep pace with constant technological dimensions. By leveraging standardized products, reducing time to market, and improving service quality, managed service providers helps an organization in saving costs.
MSPs have created a vast space in business operations by providing advanced cybersecurity tools to predict and mitigate cyber threats. Additionally, as emerging technologies like artificial intelligence, DevOps, and machine learning gain maturity, organizations are expected to look forward to specialized MSPs to stay at the forefront of innovation. A Managed Security Service Provider (MSSP) offers various sub-functions that cover the overall security needs of an enterprise.
The major sub-segments of MSSs have managed endpoint security that monitors all endpoints across the enterprise and intrusion prevention detection system (IPS) that regularly monitors the network for signs of forced intrusion. Extended Detection, and Response (XDR), gathers security details across endpoints and threat intelligence-related visibility to help detect future attacks provide.
For instance, National Critical Information Infrastructure Protection Centre (NCIIPC) a central government agency was formulated to safeguard vital data that has a significant impact on economic development, Endpoint security that monitors all endpoints across the enterprise, Endpoint security that monitors all endpoints across the enterprise, Endpoint security that monitors all endpoints across the enterprise, and security. However, it is expected that organizations are rigorously aiming to collaborate with service vendors to control the threat landscape and safeguard them from malicious attacks, hence driving the growth of managed security market.