India Managed Security Services (MSS) Market Size More Than Doubles to Reach USD 1.5 Billion by 2029

Published | 03 October 2023

India managed security services (MSS) market is flourishing due to the increasing adoption of use of modern technologies, such as artificial intelligence (AI) and machine learning (ML) in corporate operations, together with an increase in new threats, stringent regulations, and the proliferation of voluminous consumer data.

BlueWeave Consulting, a leading strategic consulting and business research firm, in its recent study, estimated that the India managed security services (MSS) market size at USD 606.2 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India managed security services (MSS) market size to expand at a significant CAGR of 13.5% reaching a value of USD 1,470.8 million by 2029. The increasing use of emerging technologies, such as artificial intelligence (AI) and machine learning (ML), in corporate operations, together with an increase in new sophisticated threats, government’s stringent regulations, and the proliferation of voluminous consumer data, are expected to drive the expansion of the India managed security services (MSS) (MSS) industry during the period in analysis.

Opportunity: Growing Use of IoT to drive the market growth

The number of IoT devices in India is growing rapidly across various sectors, including manufacturing, healthcare, smart cities, agriculture, and logistics. Each of these devices represents a potential entry point for cyberattacks. IoT devices are often vulnerable to cyber threats due to factors like weak authentication, inadequate security updates, and unencrypted communications. MSS providers offer expertise in addressing these vulnerabilities. IoT devices often collect and transmit sensitive data. Ensuring the privacy and security of this data is a top concern for organizations.

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BFSI segment hold the largest market share by end user

Based on end user, the India managed security services (MSS) market is segmented into BFSI, IT & telecommunications, energy & utilities, healthcare, manufacturing, defense, and others. The BFSI segment dominates the India managed security services (MSS) market owing to the high risk of cyberattacks on banks and other financial institutions. The deepening penetration of Internet banking and online payment platforms has exposed customers and their data to potential ransomware attacks and other cybercrimes. As a result, the financial sector is increasingly investing in cybersecurity, including managed security services (MSS), which is anticipated to proliferate market growth during the forecast period.

Impact of COVID-19 on India Managed Security Services (MSS) market

Because of the abrupt switch to remote work during lockdowns, cybercriminals now have a larger attack surface. As attackers targeted distant workers and weak networks, cyberattacks including phishing, ransomware, and data breaches increased. Organizations in India are now more conscious of their susceptibility and the necessity for strong security measures due to the increased cybersecurity threats. As a result, managed security services (MSS) witnessed a surge in demand. MSS suppliers provided scalable solutions that enabled companies to adjust to shifting security requirements as they navigated the pandemic's unknowns.

Competitive Landscape

The India managed security services (MSS) market is fragmented, with numerous players serving the market. The key players dominating the India managed security services (MSS) market include AT&T, BAE Systems, Inc., Cisco, Check Point Software Technologies, Fortinet, Inc., Fujitsu, IBM, Palo Alto Networks, Rapid 7, and Verizon. These players are using various strategies including product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

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

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

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