IT Managed Security Services
IT Managed security services provide an organization with cybersecurity monitoring and management. This is generally outsourced.
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Australia Cyber Security Centre launches partnership programFebruary 20, 2023
Low availability of skilled cybersecurity professionals in APACFebruary 14, 2023
Cloud security solutions provider Wiz launches Sydney data centerFebruary 13, 2023
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IT Managed Security Services Industry Benchmarks
The average annual savings achieved in IT Managed Security Services category is 5.90%
The industry average payment terms in IT Managed Security Services category for the current quarter is 75.0 days
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IT Managed Security Services market report transcript
Global IT Managed Security Services Industry Outlook
The global MSSP market was valued at $30.21 billion in 2022. The market is being impacted by COVID and is anticipated to see a stagnation. Previously, the market was expected to grow at a CAGR of 16–17 percent until 2026. Now, the CAGR would reduce to CAGR 14 percent during the same period
Cloud-based content security currently accounts for about 60–65 percent of the total cloud-based security service revenue, and it is predominantly driven by the need to support a mobile/remote workforce
Global Managed Security Service - Industry Trends
Currently, cloud-based content security accounts for about 55–60 percent of the total cloud-based security service revenue. Cloud-based DDoS and SIEM services are also expected to gain traction in the next 18–24 months
Most enterprises prefer to keep some of their core security functions in-house, but would prefer outsourcing security functions, such as compliance and application, and parts of network security, such as IDS/IPS, firewalls, UTM/NGFW and web application firewalls to service providers
The Big Data SIEM collaboration is expected to detect threats in real time and shorten incident response time. Automation is aimed at increasing consistency in the security processes by minimizing human error, which is one of the key reasons for security outages
Regulations governing data security are becoming increasingly stringent and complex. In order to effectively comply with the regulations, enterprises are opting to outsource segments of their security categories
Supply Trends and Insights : IT Managed Security Services
Fragmented supply market: The managed security service market is highly fragmented; however, in recent years, smaller, pure play security service providers have been subject to acquisition by large telecom providers and service providers. Large players are looking to enhance their service offerings by adding depth to their portfolio through these acquisitions
Adoption of cloud-based security services: Reduction of operation cost, increase in ease and flexibility of deployment, faster access to product and technology updates and the growing need to support a mobile or remote workforce are some of the key drivers propelling cloud-based security services
Analytics and Automation
Role of analytics in security: Suppliers are offering a solution that makes use of analytics in information security. The integration of Big Data is expected to enable organizations to prioritize and focus on key threat sources by analysing the source data collected from various end points and reduce both risk and associated cost
Automation: Suppliers are also rolling out automation to enhance security functions in access management, configuration and change management, system monitoring and asset management
Most adopted engagement model: Regional sourcing is the most prevalent model, and enterprises typically opt for a partially outsourced model
Contract length: 3–4 years with a hardware refresh every 18–24 months
Technology Trends : IT Managed Security Services
Network Behavioral Analysis
MSPs are using advanced mechanisms to counter the threat posed by cyber attacks
Network Behavioral Monitoring is used to assess client’s internal network and systems for any hidden and unknown threats
This ensures additional safety by identifying suspicious behavior and policy violations
Big Data and the challenges it brings in have become more critical part of security plans
MSPs have started using Big Data to their advantage by leveraging information to seek out threats in real-time and help customers with valuable insights on potential risks
They also leverage Big Data in collecting and sifting through information faster, and at the same time, providing intelligence on malicious behavior in a matter of minutes
MSPs have expanded their service capabilities to offer assistance to enterprises for mandatory regulatory compliances such as Government Data Protection Regulation (GDPR) in Europe
As part of their services, MSP’s now provide risk assessment, crisis management and faster detection of breaches
Why You Should Buy This Report
- It details about the managed security services market size, maturity, industry trends, drivers and constraints, etc.
- It gives the regional market outlook on North America, Europe, MEA, APAC regions and the global Porter’s five force analysis.
- It lists out the new technology trends in the managed security services market and gives insight into supplier landscape, capabilities and does SWOT analysis of key players like AT&T, Dell (SecureWorks), etc.
- The report gives the cost and pricing analysis and lists out the best sourcing models and contracting practices in the global managed security services market
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