Managed security services market worth $49.6 billion by 2027, report says
By SSN Staff
Updated 2:12 PM CST, Tue November 15, 2022
CHICAGO – An exclusive report by MarketsandMarkets has predicted the growth of the managed security services market to an estimated $49.6 billion by 2027.
The research firm expects the growth from $27.7 billion in 2022 at a compound annual growth rate (CAGR) of 12.3 percent. Conjecture as to factors driving the market growth include an increased use of cloud-based technology and IoT devices in enterprises, as well as a growing demand for cost-effective security services to monitor security events.
According to the report the managed detection and response (MDR) segment is pegged to grow at the highest CAGR for the forecast period. MarketsandMarkets describes it as an outsourced service that provides organizations with threat-hunting and response upon discovery. MDR providers allow their customers to access to a pool of security researchers and engineers responsible for monitoring networks, incident analysis, and 24/7 threat monitoring among other functions. Key providers include IBM, Proficio, and Avertium.
Small and medium sized enterprises (SME) are forecasted to be the highest growth organization over the period of the report. The region with the highest expected growth is the Asia Pacific with major economies like China, India, and Japan playing a role in the growth alongside factors like increased cybersecurity incidents and government regulation.
To see the full report please visit www.marketsandmarkets.com.
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