Electronic Security Managed Services Market Size, Share, Growth, and Industry Analysis, By Type (Security Asset Monitoring and Management, Threat Intelligence, Research, Detection, and Remediation, Risk and Compliance Management, Advanced and Emerging Managed Security Services and Others), By Application (Government & Defense, Banking & Finance, Industrial Utilities and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Electronic Security Managed Services Market Report Overview

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The global electronic security managed services market size was USD 26030 million in 2021 and is projected to touch USD 71866 million by 2031, exhibiting a CAGR of 10.6% during the forecast period.

Network security services that have been outsourced to a service provider are known as electronic managed security services. A managed security service provider is a business that offers such a service (MSSP) The Internet Service Providers are where MSSPs got their start. Managed security services (MSS) are regarded as the methodical method for managing a company's security requirements. The services may be carried out internally or contracted out to a service provider that manages the network and information system security of other businesses. A managed security service's duties include managing firewalls and intrusion detection systems round-the-clock, supervising patch management and upgrades, conducting security audits and assessments, and responding to crises. Numerous suppliers offer tools that can be used to organize and direct the procedures.

COVID-19 Impact: The COVID-19 Underlying Condition Upsurged the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the electronic security managed services market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 virus has spread to a number of countries since December 2019. Network security has always been a dynamic field. We couldn't expect anything less with such a big shift to remote labour imposed by Covid-19. Network security is critical for any serious organization, and network security requirements for remote workers differ from those for on-site employees. But the truth is more complex. This seismic shift is being driven not only by technological requirements, but also by a shift in our cultural perception of data privacy. In addition to the work from home arena has positively affected the electronic security managed services market share.

 LATEST TRENDS

"Managed Security Services for Mid-Sized and Smaller Businesses  to Boost Market Growth"

Utilize the strength of analytics and other cutting-edge technology with the trusted experience of electronic managed security services to find, evaluate, and respond to sophisticated cyberthreats before they have an impact on your company. The managed security services business model is widespread among major enterprise businesses with its IT security specialists. Smaller organizations, such as distributed location businesses, medical or dental offices, law firms, professional service providers, or retailers, do not typically employ full-time security specialists, though they frequently do employ IT staff or outside IT consultants. This contrasts with larger organizations, which typically have an IT specialist or department. A new type of managed security service provider for the SMB has emerged to meet the converging problems of lack of competence, lack of time, and limited financial resources.

Electronic Security Managed Services Market Segmentation

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• By Type

Based on type the electronic security managed services market is classified as security asset monitoring and management, threat intelligence, research, detection, and remediation, risk and compliance management, advanced and emerging managed security services and others.

• By Application

Based on application the electronic security managed services market is classified as government & defense, banking & finance, industrial utilities  and others.

DRIVING FACTORS

"Effective Management and Seamless Monitoring to Attract the Market Share"

Organizations from many industries are now switching from the conventional internal IT security procedures to managed security services. The practise of outsourcing IT security work to Managed Security Services providers is becoming increasingly popular. As a strategic approach, this aids the businesses in concentrating more on their main business operations. The main factors driving the need for these services are effective management, affordability, and smooth monitoring. Leading IT corporations from around the world are also getting more involved, which is giving end user businesses more confidence to outsource IT security.

"Responsive Awareness in Terms of Cybersecurity to Witness Surplus Growth in Market"

Visibility is essential to safeguarding your company from the threat of sophisticated cyberattacks. Security operations teams frequently deal with threat detection and reaction since systems, tools, and apps are dispersed throughout a hybrid environment (cloud and on-premises). Due to the increasingly complex nature of cyberattacks, IT security has today evolved into a potent weapon.

As businesses struggle to stay on top of new virus variants or email spoofing fraud schemes. Managed Security Service providers, one of many notable players, have noticed the growing need to defend against increasingly sophisticated and deliberate attacks. As a result, these vendors are hard at work making their solutions more sophisticated and, in many cases, convincing other security experts to add them to their portfolio. Along with this, rising regulatory compliance related to the protection of citizens' data globally is anticipated to encourage businesses to maintain a high level of data security. Hence the awareness regarding the cybersecurity is characterized as the driving factor of the electronic security managed services market growth.

RESTRAINING FACTORS

"The Breach and Privacy of Data to Restrain the Market from Product Utilization"

The constraints, combined with technological improvements, expose the servers to a wide range of attacks, including spoofing, amplification, DoS (Denial of Service), and the interception of confidential personal information. Attackers have devised a number of methods for targeting and exploiting electronic security managed services servers. However the breach and privacy of data can act as a restraining factor of the electronic security managed services market.

Electronic Security Managed Services Market Regional Insights

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"The North American region to Lead the Market With Presence of Major Security Vendor"

North America is estimated to have the greatest electronic security managed services market share in 2022. Early adoption of electronic security managed services s, as well as the presence of significant network security vendors from across the world, fuel market the region's expansion. Organizations and small sized business enterprise in the industrialized world are increasingly employing electronic security managed services to detect and mitigate threats early on.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

List of Market Players Profiled

• IBM (U.S.)
• AT&T (U.S.)
• Atos (France)
• Verizon (U.S.)
• BT (U.K.)
• DXC Technology (U.S.)
• NTT (Japan)
• BAE Systems (U.K.)
• CenturyLink (U.S.)
• NortonLifeLock(Symantec) (U.K.)
• Wipro (India)
• Secureworks (U.S.)
• Trustwave (U.S.).

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players,  recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.