Global Managed & Professional Security Services Market, Forecast to 2023

Global Managed & Professional Security Services Market, Forecast to 2023

Robust Market Growth Gives Way to Moderation

RELEASE DATE
10-Jul-2019
REGION
Global
Research Code: K37E-01-00-00-00
SKU: IT03883-GL-MR_23377

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Description

Growth and diversity are prominently on display in the global managed & professional security services market. In terms of revenue, the market grew a significant 18.3% from 2017 to 2018.

While all providers Frost & Sullivan evaluated experienced material growth, growth varied. For example, the Top 5 providers, accounting for 42% of the global market, grew 27.6% year-over-year. Massive size, global reach, consultative strength, industry expertise, and established relationships with large enterprises and governmental agencies are all contributors. The Top 5 global providers are: Accenture, Deloitte, EY, IBM, and PwC.

In terms of broad service categories, professional security services represent 61% of the global market. Large enterprise clients (10,000 or more employees) represent the largest customer segment, again owing to their higher propensity for professional security services.

Although North America continues to be the largest regional market, the other regions grew faster. While the largest global providers are prominent in all regions, select providers with regional footprints and greater concentration on managed security services are among five largest providers in the regions of Europe, Middle East, and Africa; Asia Pacific; and Latin America, inclusive of Mexico.

Within professional security services, assessment and advisory offerings continue their upswing. In managed security services, detection & response is growing at the fastest pace and in strategic importance down market (i.e., smaller sized clients).

The fundamental drivers of market demand remain strong throughout the forecast period with double-digit, year-over-year growth expected in the near term. The perennial triad of advancing cyber threats, expanding surface areas, and talent shortages in security is the strongest demand driver for security services. Second is the overdue need organizations are experiencing in turning a new and better chapter in their security practices. An outsider with experience and broad perspectives in serving multiple clients across several verticals is well positioned to assist organizations in modernizing and strengthening their security practices.

Despite robust market demand, providers must evolve in this competitive market. Similar to their clients’ digital innovation, their platform of services and how they offer them will be required to change in order to remain competitively vibrant in this market. In that regard, Frost & Sullivan has noted increasing instances of managed security services being repackaged as customer self-service offerings and providers that have historically concentrated on professional security services strategically investigating managed security services.

Related to vibrancy is another attribute of this market: consolidation. The top 5 providers, whether measured globally or in each region, are growing faster and gaining a greater share of the market. This is evident in the most recent revenue growth from 2017 to 2018, and Frost & Sullivan expects this trend to continue albeit highly dependent on the large consulting firms uncovering encore professional security service engagements with their principal client bases.

Author: Michael Suby

RESEARCH: INFOGRAPHIC

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Table of Contents

Executive Summary

Market Engineering Measurements

Executive Summary—CEO’s Perspective

Introduction to the Research

Market Overview—Security Services Descriptions

Market Overview—Service Lines within Managed Security Services (MSS)

Market Overview—Service Lines in Professional Security Services (PSS)

Market Overview—Distribution Channels

Total Managed & Professional Security Services Market—Market & Technology Trends

Drivers

Restraints

Drivers Explained

Drivers Explained (continued)

Restraints Explained

Restraints Explained (continued)

Forecast Assumptions

Managed & Professional Security Services Market—Revenue Forecast

Managed & Professional Security Services Market—Revenue Forecast (continued)

Managed Security Services Market—Revenue Forecast

Professional Security Services Market—Revenue Forecast

Revenue Forecast Discussion

Managed & Professional Security Services Market—Revenue Forecast

Managed & Professional Security Services Market—Revenue Forecast (continued)

Managed & Professional Security Services Market—Revenue Forecast (continued)

General Discussion on Market Segmentation

Managed Security Services Market—Service Lines

Managed Security Services Market—Service Lines (continued)

Professional Security Services Market—Service Lines

Professional Security Services Market—Service Lines (continued)

Managed & Professional Security Services Market—Verticals

Managed & Professional Security Services Market—Verticals (continued)

Managed & Professional Security Services Market—Company Size

Managed & Professional Security Services Market—Company Size (continued)

Total Managed & Professional Security Services Market—Global Market Share

Total Managed & Professional Security Services Market—North America Market Share

Total Managed & Professional Security Services Market—EMEA Market Share

Total Managed & Professional Security Services Market—APAC Market Share

Total Managed & Professional Security Services Market—LATAM Market Share

Competitive Environment—Managed & Professional Security Services Market

Total Managed & Professional Security Services Market—Market Consolidation: Top 5

Total Managed & Professional Security Services Market—Market Consolidation: Top 10

Competitive Environment Discussion

Strategic Imperatives for Success and Growth

The Last Word—Predictions

The Last Word—Recommendations

Legal Disclaimer

Market Engineering Methodology

Market Engineering Measurements

List of Providers Interviewed and/or Revenue Estimated

Additional Sources of Information on Study Topic Area

Learn More—Next Steps

List of Exhibits

List of Exhibits (continued)

Related Research
Growth and diversity are prominently on display in the global managed & professional security services market. In terms of revenue, the market grew a significant 18.3% from 2017 to 2018. While all providers Frost & Sullivan evaluated experienced material growth, growth varied. For example, the Top 5 providers, accounting for 42% of the global market, grew 27.6% year-over-year. Massive size, global reach, consultative strength, industry expertise, and established relationships with large enterprises and governmental agencies are all contributors. The Top 5 global providers are: Accenture, Deloitte, EY, IBM, and PwC. In terms of broad service categories, professional security services represent 61% of the global market. Large enterprise clients (10,000 or more employees) represent the largest customer segment, again owing to their higher propensity for professional security services. Although North America continues to be the largest regional market, the other regions grew faster. While the largest global providers are prominent in all regions, select providers with regional footprints and greater concentration on managed security services are among five largest providers in the regions of Europe, Middle East, and Africa; Asia Pacific; and Latin America, inclusive of Mexico. Within professional security services, assessment and advisory offerings continue their upswing. In managed security services, detection & response is growing at the fastest pace and in strategic importance down market (i.e., smaller sized clients). The fundamental drivers of market demand remain strong throughout the forecast period with double-digit, year-over-year growth expected in the near term. The perennial triad of advancing cyber threats, expanding surface areas, and talent shortages in security is the strongest demand driver for security services. Second is the overdue need organizations are experiencing in turning a new and better chapter in their security practices. An outsider with experience and broad perspectives in serving multiple clients across several verticals is well positioned to assist organizations in modernizing and strengthening their security practices. Despite robust market demand, providers must evolve in this competitive market. Similar to their clients’ digital innovation, their platform of services and how they offer them will be required to change in order to remain competitively vibrant in this market. In that regard, Frost & Sullivan has noted increasing instances of managed security services being repackaged as customer self-service offerings and providers that have historically concentrated on professional security services strategically investigating managed security services. Related to vibrancy is another attribute of this market: consolidation. The top 5 providers, whether measured globally or in each region, are growing faster and gaining a greater share of the market. This is evident in the most recent revenue growth from 2017 to 2018, and Frost & Sullivan expects this trend to continue albeit highly dependent on the large consulting firms uncovering encore professional security service engagements with their principal client bases. Author: Michael Suby
More Information
No Index No
Podcast No
Author Michael Suby
Industries Information Technology
WIP Number K37E-01-00-00-00
Is Prebook No
GPS Codes 9705-C1,9659