CHICAGO, Oct. 18, 2021 /PRNewswire/ -- According to a
research report "Managed Security
Services (MSS) Market by Security Type (Managed
IAM, Managed SIEM, Managed Firewall, and MDR), Service Type (Fully
MSS and Co-managed), Organization Size, Vertical (BFSI, Government,
and Healthcare), and Region - Global Forecast to
2026", published by MarketsandMarkets™, the global MSS Market
size is projected to grow from USD 22.8
billion in 2021 to USD 43.7
billion by 2026, at a Compound Annual Growth Rate (CAGR) of
13.9% during the forecast period.
The major driving factors contributing to the high growth rate
of the MSS Market include the stringent government regulations,
surge in trends such as BYOD, CYOD, and WFH, the rising security
breaches and sophisticated cyberattacks across enterprises, and the
cost-effectiveness in implementing MSS.
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(MSS) Market"
352 – Tables
56 – Figures
318 – Pages
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By security type, managed IAM is expected to lead the MSS
Market during the forecast period
Managed IAM helps in driving automation, managing consumer
identities, and establishing a risk-based approach. Identity
provisioning, advanced authentication, Single-Sign-On (SSO), and
Multi-factor Authentication (MFA) are some of the prominent
features of IAM. Managed IAM offers provisioning, advanced
authentication, directory technologies, and password management.
The benefits of using managed IAM include automated employee data
access control and authorization based on their role change, can be
hosted on-premises or in private-cloud configurations and regular
detailed reporting enables compliance. Identity-as-a-Service
(IDaaS) is also gaining traction due to its centralized nature and
cost-effectiveness. With the rapid increase in the trends of IoT,
software-defined everything, and mobile devices, the trend of
having universal authentication is also expected to be developed in
the near future for easier but strong authentication. Hence, the
managed IAM segment is expected to hold a significant share in the
MSS Market.
Based on vertical, BFSI segment to lead the MSS Market
during the forecast period
The BFSI vertical is mostly affected by phishing attacks, which
are attempted toward stealing login credentials and DDoS attacks
for sabotaging online payments. It also suffers due to targeted
APTs and a lack of knowledge among customers and in-house staff.
Customers are demanding anytime, anywhere banking, due to which
BFSI organizations are deploying various services, such as internet
banking, mobile banking, and stock trading for easing out the
banking operations and processes for customers.
The BFSI vertical has a deep understanding of how MSS could be
used to combat these threats. The biggest advantage of using MSS in
BFSI is 24*7*365 monitoring, which results in immediate incident
response and remediation in case of a security breach. The BFSI
vertical is careful about the security of the sensitive data of its
customers. Hence, to enhance the protection of online services
against cyberattacks, MSS services are witnessing higher adoption
in the BFSI vertical.
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North America to hold the
largest market share during the forecast period.
North America has several
prominent market players delivering MSS solutions to all end-users
in the region. The US and Canada
both have strong economic conditions and are expected to be major
contributors to the MSS Markets growth. The geographical presence,
significant Research and Development (R&D) activities,
partnerships, and acquisitions and mergers are the major factors
for deploying MSS and services. SMEs and large enterprises are
spending a huge amount on incorporating MSS on their network
infrastructure in the region. The region has a strong presence of
MSSP as a result of the growing instances of cyberattacks
Market Players:
Key and innovative vendors in the MSS Market include
IBM (US), AT&T Inc. (US), NTT (Japan), SecureWorks, Inc. (US), DXC Technology
Company (US), BT Group plc (UK), Atos
SE (France), Infosys
Limited (India), Verizon
Communications Inc. (US), Cipher Security (US), Wipro Limited
(India), Accenture (Ireland), Trustwave Holdings, Inc. (US), The
Herjavec Group (Canada), Lumen
Technologies (US), Kudelski Security (Switzerland), and Nuspire (US) and others.
Browse Adjacent Markets: Information and Security Market
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