CATEGORY INTELLIGENCE - IT MANAGED SECURITY SERVICES

ID: MRFR/0020 | February 2023 | 200 Pages         

The IT Managed Security Services market was estimated at USD 26.5 billion in 2022. It is expected to reach USD 45 billion by 2026 with year-on-year growth rate of ~14%.


Cloud-based content security currently accounts for about 60–65 percent of the total cloud-based security service revenue, and it is predominantly driven by the need to support a mobile/remote workforce.


IT Managed Security Services Market Outlook




  • The North American region is the largest and the most mature managed security services market, which is closely followed by the European market




  • APAC and LATAM are the emerging markets in this market space, and APAC is expected to exhibit rapid growth in the next five years 






  • Managed Security Service Providers (MSSP) strike strategic collaborations with other vendors to provide a wider range of capabilities to the users, also cater to various custom requirements of the user.




  • Managed security service vendors provide a wide range of pricing models that the users can leverage based on multiple factors that include the number of users, size of the enterprise, their budget, and key security requirements




  • Artificial Intelligence and Machine Learning are being increasingly adopted by Managed Security Services providers, owing to its ability to dynamically detect and mitigate evolving and complex cyber threats in real-time with high levels of effectiveness 




 


COVID-19, Impact on IT Managed Security Services


The COVID-19 is a global public health hazard that drastically changed the way businesses engage. While deployments and support is a mix of onsite and remote activity, there can be short-term delays in Managed Security Services deployment. With the requirement of continuous support and staying connected and strict client protocols and SLA’s, dependency on virtual connection has increased leading companies to adopt remote collaboration tools. In 2022, tech budgets may reach pre-pandemic levels or higher. That means more opportunities to hire and fill in missing skills that have held organizations behind. It might also go down by up to 3–5 percent if enterprises cut back on new tech projects. The worldwide supply chain disruption may affect new and proposed projects. As a result, the suppliers will need more time to start providing their services 


 


IT Managed Security Services Contracting Best Practices


In general, enterprises go for an umbrella contract with MSSPs in order to govern other subcontracts regarding outsourced security services. The average refresh of hardware equipment may vary in each contract.


SLA terms, regarding real-time security and monitoring are to be clearly defined as the cost of service will increase with real time security support, owing to real-time correlation and analyst review.


When procuring multiple services from a single supplier, buyers prefer having an individual contract for various services (bundled under the same deal), rather than bundle all service offerings under a single contract. This enables flexibility, as the termination of one service will not impact other services.


Negotiate termination clauses, responsibilities and obligations after termination, and transfer assets before signing the contract. The buyers have higher leverage in this scenario rather than negotiating after the contract is signed.





IT Managed Security Services Supply Analysis


The managed security service market is highly fragmented; however, in recent years, smaller, pure play security service providers have been subject to acquisition by large telecom providers and service providers. Large players are looking to enhance their service offerings by adding depth to their portfolio through these acquisitions.


Reduction of operation cost, increase in ease and flexibility of deployment, faster access to product and technology updates and the growing need to support a mobile or remote workforce are some of the key drivers propelling cloud-based security services


Suppliers are offering a solution that makes use of analytics in information security. The integration of Big Data is expected to enable organizations to prioritize and focus on key threat sources by analysing the source data collected from various end points and reduce both risk and associated cost.


Suppliers are also rolling out automation to enhance security functions in access management, configuration and change management, system monitoring and asset management.


Regional sourcing is the most prevalent model, and enterprises typically opt for a partially outsourced model 





1. Executive Summary

1.1. Supply Market Outlook

1.2. Demand Market Outlook

1.3. MRFR’s Recommendations for an ideal Category Strategy

1.4. Category Opportunity and Risks

1.5. Negotiation Leverage

1.6. Talking Points to Business: Managed Security Services

1.7. Impact of COVID-19 on Managed Security Services

2. Market Analysis

2.1. Industry Trends

2.2. Drivers and Constraints

2.3. Regional Outlook

3. procurement best practices

3.1 Sourcing Models

4. Market Monitoring Insights and tco

4.1. Cost Analysis: TCO Analysis

4.2. Contracting Best Practices: Contract Pointers

4.3. Contracting Best Practices: SLAs and KPIs

5. supply analysis

5.1. Supply Market Outlook

5.2. Supplier Profiles

5.3. SWOT

5.4. Porter’s Five Forces Analysis

6. technology trends & essentials for an msp

6.1. Technology Trends

6.2. Essentials for a MSP

7. managed security services: rfp inputs

7.1. RFP Questions

8. SUSTAINABLE BEST PRACTICES

8.1. Accenture

8.2. Tata Consultancy Services

8.3. Infosys

8.4. HCL

9. END USER INDUSTRY UPDATE FINANCIAL SERVICES

9.1. IT Managed Security Services in BFSI

9.2. Test for Compliance in MSS for BFSI Industry

9.3. Case Study

10. end user industry update pharmaceutical

10.1. IT Managed Security Services in Pharmaceuticals

10.2. Factors Driving Adoption of MSS in Pharmaceutical Industry

10.3. Pros & Cons of Outsourcing MSS in Pharmaceutical Industry

10.4. Case Study

11. covid section

11.1. Category Summary: COVID-19 Impact