MSSPs gain opportunities as cyberattacks are increasing, with banking, financial services and insurance segments leading the way, report finds.
by D. Howard Kass • Sep 7, 2022
The global managed security services market generated $22.45 billion in 2020, and is projected to reach $77.01 billion by 2030, for a compound growth rate (CAGR) of 12.8% to 2030.
The heavy growth owes to an increase in outsourcing driven by the COVID-19 pandemic, enabling enterprises to address security issues and facilitate secured information access across distributed (remote) working environments, said analyst Allied Market Research in a new report. In addition, the spike in cyberattacks provided more opportunities for MSSPs, Allied said.
Banking, Financial Services, Insurance Lead Market Share
Here are some highlights from the report:
- The banking, financial services and insurance (BFSI) segment commanded the highest market share in 2020, holding nearly 40% of the total market share. The segment is expected to continue its leadership status during the forecast period.
- The manufacturing segment is estimated to post the highest CAGR at 15.3% from 2021 to 2030.
- On-premise deployment of MSSPs held the largest market share in 2020, holding around two-thirds of the total market share, and is expected to continue its leadership status during the forecast period.
- The cloud segment is projected to register the highest CAGR of 16.6% from 2021-2030.
- North America contributed to the highest share in terms of revenue in 2020, holding nearly 40% of the total market share, and is estimated to continue its dominant share by 2030.
- Asia-Pacific is projected to corral the highest CAGR of 15.6% during the forecast period.
More From The Report
Additional market drivers include:
- An increase in cybercrime
- Mobile devices at workplaces
- A rise in electronic data
- Stringent government regulations
Market inhibitors include:
- Hesitation to share sensitive data
Money-making opportunities for MSSPs are expected to come from:
- A rise in awareness about data security
- An increase in the importance of e-business
- Surge in demand for customized services