Global Managed Security Services (MSS) Market Report 2021-2026

On Oct 27, 2021

Dublin, Oct. 27, 2021 (GLOBE NEWSWIRE) — The “Global 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 – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.

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%

The market growth is driven by various factors, including the increasing government regulations and rising security breaches across enterprises.

The managed SIEM segment to grow at a higher CAGR during the forecast period

Managed SIEM is an alternative to on-premises deployment, setup, and monitoring of a SIEM software solution, where an organization signs a contract with a third-party service provider to host an SIEM application on its servers and monitor the organization’s network for potential security threats.

According to Cypher, managed SIEM improves the organization’s overall security posture, manages compliance requirements, and improves Mean-Time-To-Detect (MTTD) and Mean-Time-To-Respond (MTTR). Managed SIEM services provide real-time analysis of security alerts generated by network hardware and applications.

The healthcare vertical to be the fastest-growing vertical during the forecast period

The healthcare vertical is rapidly deploying cutting-edge technologies to offer patients an improved, intuitive, and personalized experience. The deployment of web and mobile applications for offering various health services is getting popular every day.

The IoT and BYOD trends have increased the adoption of these healthcare applications among customers. Hence, a large amount of healthcare data is generated that includes the patient’s personal information, insurance IDs, social security numbers, medical history, historical data of financial transactions, and other confidential information. With increased digitalization, the exposure to cyberattacks has also increased and is impacting patient data safety and privacy.

MSS helps tackle this challenge by providing comprehensive insights into the security infrastructure through its 24*7*365 monitoring. These insights are used in identifying and detecting security breach incidents and vulnerabilities and implementing preventive measures that can be taken for remediation as well as protecting confidential patient information.

Asia Pacific region is expected to be the fastest-growing market in the coming years

Government bodies across various APAC countries are taking proactive measures to promote the awareness of cybersecurity and protect the organization’s data. For example, National Critical Information Infrastructure Protection Centre (NCIIPC) established by the Indian government seeks to facilitate a secure and robust critical information infrastructure.

In developed countries, such as…