MSSP Market Expected to Grow to $77 Billion by 2030, Allied Market Research Finds

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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
  • Cost-effectiveness
  • 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
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