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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
D. Howard Kass

D. Howard Kass is a contributing editor to MSSP Alert. He brings a career in journalism and market research to the role. He has served as CRN News Editor, Dataquest Channel Analyst, and West Coast Senior Contributing Editor at Channelnomics. As the CEO of The Viewpoint Group, he led groundbreaking market research.