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Managed Security Services (MSS) Market Growing at a CAGR 13.9% | Key Player Ernst & Young, Verizon, Accenture, Secureworks, Atos

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Managed Security Services (MSS) Market Growing at a CAGR 13.9% | Key Player Ernst & Young, Verizon, Accenture, Secureworks, Atos

November 05
12:56 2021
Managed Security Services (MSS) Market Growing at a CAGR 13.9% | Key Player Ernst & Young, Verizon, Accenture, Secureworks, Atos
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)
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

The global Managed Security Services 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 factors that are expected to drive the growth 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.

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.

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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.

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.

These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the MSS market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2019 to 2021 to innovate their offerings and broaden their customer base.

IBM

Founded in 1911 and headquartered in Armonk, US, IBM is a computer, technology, and IT consulting corporation. It is the worlds biggest technology company and the second-most valuable company by a global brand. IBM manufactures and sells computer hardware and software and offers infrastructure services, hosting services, and consulting services in areas ranging from mainframe computers to nanotechnology. The company is always focused on satisfying the needs of customers. Hence, it creates, develops, and manufactures many of the world’s most updated technologies; thus, the company’s product portfolio ranges from computer systems and software to networking systems, storage devices, and microelectronics.

IBM operates through segments, such as cognitive solutions, global business services, technology services and cloud platforms, systems, and global financing. Its main activity is to find solutions for its wide range of clients using advanced technology. Its clients comprise individual users, specialized businesses, and institutions, such as government, IT, defense, and educational organizations. The cybersecurity services offered by IBM include data security services, security intelligence and operations, consulting, secure engineering and application security, and security strategy risk and compliance. The company offers solutions to various industries, such as IT, healthcare, life sciences, government, telecom, automobile, manufacturing, FMCG, chemicals and petroleum, electronics, energy and power, media and entertainment, mining, retail, BFSI, travel and transportation, and education. It is present in North America, Europe, APAC, MEA, and Latin America.

IBM’s MSS Offerings: threat management, managed detection and response (MDR) service, managed cloud security, managed endpoint security, managed firewall, SASE, SOCs and managed IDS/IPS services.

The company is making strategic choices by building partnerships, collaborations, and agreements with companies. For instance, In April 2021, IBM and HCL collaborated to streamline unified threat management and SOC platform. Apart from partnerships and collaborations, IBM is also focused on expanding its MSS portfolio by introducing innovative and advanced services.

Verizon:

Verizon is one of the top players in delivering broadband and other wireless communication services to business, government, and wholesale customers. The company, through its subsidiaries, provides communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It offers voice, data, and video services and solutions. The company’s reportable segments are Verizon Consumer Group and Verizon Business Group. Its consumer segment provides consumer-focused wireless and wireline communications services and products. Its wireless services are provided across wireless networks in the US under the Verizon Wireless brand and through wholesale and other arrangements. Verizon mainly operates through three BUs: wireless, wireline, and corporate. Its wireless BU provides voice and data services and markets its equipment in the US. Its wireline BU comprises broadband data and video, corporate networking solutions, data center and cloud service, security and managed network services, and local and long-distance voice services.

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Verizon offers advanced technology and management services for an ample range of device models from various vendors across the globe. With an employee strength of 134,211 people, Verizon provides its services to more than 150 countries across the globe.

Verizon’s MSS Offerings: In the MSS market, the company is highly visible to MSS buyers due to its vastly diverse portfolio. The company provides MSS through Verizon enterprise segments that offer MSS for intrusion detection and prevention, log and device management, firewall and VPN management, and router and switch security.

The company invests in expanding its existing MSS portfolio by making partnerships with core technology companies, such as Cisco, RSI, or Blackberry. With these partnerships, Verizon upgrades its MSS capabilities and also develops its workforce with new skill sets by working with its partner companies. Partnerships also provide geographic exposure to Verizon, which helps it make strategies related to expansion and distribution channels.

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