Factors attributing to the growth of managed security services market include strict government regulations, upsurging trends like BYOD, CYOD, and WFH, increasing security breaches and sophisticated cyberattacks among enterprises, cost-effective in implementing MSS. Furthermore, the increasing adoption of cloud-based technologies and IoT devices will create opportunities for growth in the managed security services market.

The COVID-19 pandemic has mandated work from the home culture in the organizations and remote monitoring and management of IT security functions by third-party service providers will increase the growth of MS's market with a 7.8% CAGR during 2021-2027.

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Based on industry vertical, the BFSI segment dominates the market owing to the confidentiality of sensitive data. BY using MSS in BFSI vertical there can be 24*7 monitoring which will result in providing immediate response and remedy in case of a security breach.

North America dominates the market as they are early adopters and presence of major industry players. The COVID-19 outbreak has led to security breaches in the region as the most targeted sector was healthcare and public institutes.

The prominent players in the managed security services industry include IBM, AT&T., NTT Security, SecureWorks, DXC Technology, BT, Atos, Infosys, Verizon, Cognizant, Cipher Security, Wipro, Accenture, Optiv Security, Trustwave, Herjavec, TCS, Capgemini, CenturyLink, Kudelski Security, and Nuspire.

Source: VynZ Research