Australia Managed Security Services (MSS) Market Size Expands at Significant CAGR of 5.32% to Reach USD 863 Million by 2030

Published | 14 March 2024

Australia Managed Security Services (MSS) Market is flourishing because of organizations’ increasing focus on aligning with stringent data protection regulations and compliance standards and the growing awareness about severe damages caused by security breaches.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Australia Managed Security Services (MSS) Market size at USD 678.21 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Australia Managed Security Services (MSS) Market size to expand at a CAGR of 5.32% reaching a value of USD 862.98 million by 2030. The growing frequency of security breach incidents and the increasing incorporation of cutting-edge technologies like artificial intelligence (AI) and machine learning (ML) in business processes are key growth drivers of the Australia Managed Security Services (MSS) Market. Furthermore, the market players are expected to gain from lucrative opportunities resulting from strict government legislation and regulations aimed at strengthening data protection in Australia.

Opportunity: Rising adoption of MSS among large enterprises

The Australia Managed Security Services (MSS) Market is segmented into large enterprises and SMEs based on organization size. The large enterprises segment holds a larger share of the Australia Managed Security Services (MSS) Market owing to the high rate of cyberattacks along with the large data volume. As a result, many Australian large enterprises are outsourcing their managed security services, driving market growth. The rising usage of cloud computing by small enterprises is expected to propel the SME segment's growth rate over the forecast period.

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Australia Managed Security Services (MSS) Market

Segmental Coverage

Australia Managed Security Services (MSS) Market – By Security Type

Based on security type, the Australia Managed Security Services (MSS) Market is segmented into network security, cloud security, endpoint security, and application security. The cloud security segment accounts for the highest market share in the market by security type. The growth of the segment is mainly attributed to cost-effectiveness and enhanced data protection. Cloud security also offers better scalability and flexibility while continuously providing innovations and updates. However, network security is becoming increasingly popular in the market to improve defense against malware and other assaults like distributed denial of service (DDoS).

Competitive Landscape

Major players operating in the Australia Managed Security Services (MSS) Market include Content Security Pty Ltd, AT&T Cybersecurity, ITSEC Australia Pty Ltd, Microsoft Corporation, IBM Corporation, Broadcom, The Missing Link, CyberCX, Tata Communications, Cythera Pty Ltd, Telstra, Singtel Optus Pty Limited, DXC Technology, Hewlett Packard Enterprise (HPE), Manage Engine (Zoho Corp), LogRhythm, Inc., and OpenText.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Australia Managed Security Services (MSS) Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Australia Managed Security Services (MSS) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Australia Managed Security Services (MSS) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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