The global MSS market is expected to grow from an estimated value of USD 27.7 billion in 2022 to 49.6 billion USD by 2027, at a Compound Annual Growth Rate (CAGR) of 12.3% from 2022 to 2027
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NEW YORK, Nov. 28, 2022 /PRNewswire/ --
The global MSS market is expected to grow from an estimated value of USD 27.7 billion in 2022 to 49.6 billion USD by 2027, at a Compound Annual Growth Rate (CAGR) of 12.3% from 2022 to 2027.
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Increased action-oriented insights and the growing adoption of MSS due to a multilayered security approach are driving market growth. However, limited capabilities to provide threat-hunting and incident response services are expected to hinder market growth.
By service type, managed SIEM and log management segment to account for larger market size during forecast period
Managed SIEM is an alternative to on-premises deployment, setup, and monitoring of a SIEM software solution, where an organization signs a contract with a third-party service provider to host an SIEM application on its servers and monitor the organization’s network for potential security threats.According to Cypher, managed SIEM improves the organization’s overall security posture, manages compliance requirements, and improves Mean-Time-To-Detect (MTTD) and Mean-Time-To-Respond (MTTR).
Managed SIEM services provide real-time analysis of security alerts generated by network hardware and applications. Some of the major vendors of managed SIEM and log management include IBM (US), Cipher Security (US), Optiv (US), Teceze (US), Nettitude (US), and Proficio (US).
• By type, co-managed security services segment to grow at highest CAGR during forecast period
Co-managed security services are the leading segment of security services.Due to privacy concerns and a lack of awareness, several organizations opt for co-managed security services.
When an organization needs assistance to manage security services or develop security strategies such as security policies and procedures, incident response planning, or compliance management, co-managed security services are always beneficial. Cipher Security, Optiv, Teceze, and Trustwave (US) are some of the prominent co-managed security service providers.
• By organization size, large enterprises to account for major market size during forecast period
Organizations with more than 1,000 employees are categorized as large enterprises.Large enterprises were the early adopters of MSS as they have a huge workforce and associated networking devices, which are susceptible to cyber risks.
Such organizations have offices across regions, which prompts them to provide their services through real-time access to data to their employees.As large enterprises do not have budget constraints, it enables them to adopt MSS.
A significant shift from on-premises-based services to cloud-based services is expected due to the scalability of benefits.Organizations are adopting MSS increasingly to enhance the productivity of their businesses across regions.
Hence, large enterprises are expected to adopt MSS that comply with various standards and regulations.
Breakdown of Primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the MSS market.
• By company type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
• By designation: C-level: 40% and Managerial and other levels: 60%
• By region: North America: 20%, Asia Pacific: 45%, and Europe: 35%
Major vendors in the global MSS market include IBM (US), AT&T (US), NTT (Japan), Accenture (Ireland), DXC Technology (US), SecureWorks (US), Trustwave (US), Atos (France), Orange Cyberdefense (France), Fujitsu (Japan), Kudelski Security (Switzerland), Proficio (US), CrowdStrike (US), F5 (US), HelpSystems (US), Capgemini (France), Infosys (India), Lumen Technologies (US), Kroll (US), Cipher Security (US), RSI Security (US), SecurityHQ (UAE), TrustNet (US), LightEdge (US), VirtualArmour (US), Lynx Technology (US), Nettitude (US), Nokia Networks (Europe), Teceze (US), Cyflare (US), Ascend Technologies (US), Avertium (US), and DigitalXRAID (US).
The study includes an in-depth competitive analysis of the key players in the MSS market, with their company profiles, recent developments, and key market strategies.
Research Coverage
The report segments the MSS market and forecasts its size by service type, type, security type, organization size, vertical, and region.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall MSS market and its subsegments.It will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p04700207/?utm_source=PRN
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