Adrian Johnson
TLDR:
- The cyber security managed services market has shown robust growth, expanding from $13.80 billion in 2023 to $15.27 billion in 2024 at a CAGR of 10.7%.
- Projected to reach $23.21 billion in 2028, with a CAGR of 11.0%, the market is driven by a rise in online security threats.
Summary:
The cyber security managed services market has witnessed significant growth due to factors such as the increase in cyber threats, rising digital transformation initiatives, and the demand for security-related managed services. The market is projected to continue its upward trajectory, reaching $23.21 billion in 2028 with a focus on incident response and resilience, compliance and risk management, and digital privacy systems.
One of the key drivers propelling the growth of the cyber security managed services market is the surge in online security threats. These threats, which encompass various malicious activities to compromise information and systems connected to the internet, have been on the rise due to factors such as the growth of connected devices, emerging cyber threats, and vulnerabilities in software and systems. Cybersecurity-managed services play a crucial role in defending organizations against these threats by providing continuous monitoring, advanced threat detection, rapid incident response, and comprehensive security solutions.
Major players in the market include Microsoft Corporation, Verizon Communications Inc., AT&T Inc., Dell Technologies Inc., Hitachi Ltd., and Accenture plc. These companies are focused on developing innovative technologies such as holistic digital protection to enhance their offerings and attract a larger customer base. Holistic digital protection is a comprehensive approach to safeguarding an organization’s digital assets through various security measures, practices, and technologies.
The cyber security managed services market is segmented by service, security type, enterprise type, and industry. The leading region in the market is North America, with other regions covered in the market report including Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
In conclusion, the Cyber Security Managed Services Global Market Report 2024 provides comprehensive insights into market size, trends, major players, and growth opportunities. Companies can leverage this report to tap into segments with high growth potential and develop strategies to stay competitive in the market.
