Report Overview

Integration of innovative technologies including artificial intelligence (AI) and machine learning (ML) in business operations, combined with an increasingly sophisticated threats, stringent regulations and laws by the government, and the proliferation of voluminous consumer data are expected to drive India managed security services (MSS) market during the forecast period between 2023 and 2029.

India Managed Security Services (MSS) Market – Industry Trends & Forecast Report, 2029

India managed security services (MSS) market size was estimated at USD 606.2 million in 2022. During the forecast period between 2023 and 2029, the India managed security services (MSS) market size is projected to grow at a CAGR of 13.5% reaching a value of USD 1,470.8 million by 2029. Major growth factors for the India managed security services (MSS) market include the integration of technology like artificial intelligence (AI) and machine learning (ML) in business operations, combined with a growth in new threats, laws from the government, and the proliferation of consumer data.

India Managed Security Services (MSS) Market – Overview

Outsourced management and monitoring of security systems and devices is a feature of managed security services (MSS). Managed firewalls, intrusion detection systems, virtual private networks, vulnerability scans, and antiviral services are typical managed security service provider services. A managed security service provider (MSSP) is a third party that offers its clients cybersecurity services. Managed services enable continuous network monitoring instead of outsourcing IT only when an issue arises. A managed service provider also takes care of all maintenance.

India Managed Security Services (MSS) Market

Growth Drivers

Growing Adoption of Cloud Computing

Organizations across various sectors in India are adopting cloud services for data storage, application hosting, and infrastructure management. This shift to the cloud has expanded the attack surface, making it crucial to secure cloud resources effectively. Securing data and applications in the cloud can be complex due to the dynamic and distributed nature of cloud environments. MSS providers offer specialized expertise to navigate these complexities and ensure comprehensive security. Businesses are increasingly storing sensitive and critical data in the cloud. Protecting this data from breaches and data loss is a top priority, leading organizations to seek MSS for robust data protection measures.

Restraints

High Cost of Managed Security Service (MSS) Products & Solutions

Small and medium-sized enterprises (SMEs) often have budget constraints. The high cost of MSS can make it challenging for SMEs to afford these services, potentially leaving them vulnerable to security threats. Startups in India may find it difficult to allocate a significant portion of their limited budgets to security services. As a result, they might prioritize other business expenses over MSS, potentially exposing them to cyber risks. Industries that are particularly cost-sensitive, such as manufacturing or retail, may be hesitant to invest heavily in MSS, especially if they perceive the cost as prohibitively high.

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

The sudden shift to remote work during lockdowns increased the attack surface for cybercriminals. Cyberattacks, such as phishing, ransomware, and data breaches, surged as attackers targeted remote workers and vulnerable systems. With the heightened cybersecurity threats, organizations in India became more aware of their vulnerability and the need for robust security measures. This led to increased demand for managed security services (MSS). MSS providers offered scalable solutions that allowed businesses to adapt to changing security needs as they navigated the uncertainties of the pandemic.

India Managed Security Services (MSS) Market

Segmental Coverage

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

Based on security type, the India managed security services (MSS) market is divided into network security, endpoint security, application security, cloud security, and other segments. The cloud security segment accounts for the highest market share. With cloud security, businesses can better safeguard their digital assets and lower the risks of human error, decreasing the probability that they may sustain costly losses as a result of preventable breaches. However, network security is also gaining significant traction in the market to enhance protection from malware and other cyberattacks such as distributed denial of service (DDoS).

India Managed Security Services (MSS) Market – By Deployment Mode

Based on deployment mode, the India managed security services (MSS) market is segmented into On–Premises and cloud. The on-premises deployment mode holds a higher share in the India managed security services (MSS) market owing to its popularity among large organizations. This type of deployment offers customization for large organizations with complex IT requirements. However, cloud deployment is projected to gain a high CAGR during the forecast period owing to its increasing adoption among SMEs due to its lower cost.

India Managed Security Services (MSS) Market – By Organization Size

Based on organization size, the India managed security services (MSS) market is split into large enterprises and SMEs segments. The large enterprises segment accounts for a higher market share. Large businesses tend to outsource services more frequently. Another significant factor fueling the market expansion is the focus on the prevention and management of increase in cyberattacks, which expose huge companies to unanticipated losses in revenue and reputation. However, SMEs are projected to register a higher growth rate during the forecast period owing to the increasing adoption of cloud computing among small organizations.

India Managed Security Services (MSS) Market – 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. Because banks and other financial organizations are at a high risk of cyberattacks, the BFSI industry dominates the India managed security services (MSS) market. Customers and their data are now more vulnerable to potential ransomware attacks and other cybercrimes as Internet banking and online payment systems are becoming more widely used. As a result, the financial industry is spending more money on managed security services (MSS) and other aspects of cybersecurity, which is expected to drive market expansion over the forecast period.

India Managed Security Services (MSS) Market – By Region

Based on region, the India management security services (MSS) market is divided into North India, South India, East India, and West India. North India is expected to grow at the highest CAGR during the forecast period. North India is home to major economic and business hubs, including Delhi and Gurugram (formerly Gurgaon). These cities have a high concentration of businesses, government organizations, and financial institutions that require robust cybersecurity services. The Indian government has been actively promoting initiatives such as "Digital India" and "Make in India," which have led to increased digitalization and the need for enhanced cybersecurity measures. Government entities in North India are investing in MSS to safeguard their digital infrastructure.

Competitive Landscape

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

Recent Developments

• In July 2021- Palo Alto Networks and Tech Mahindra formed partnership as a managed security services provider (MSSP). As a result of the deal, Tech Mahindra and the US-based multinational company expanded their global relationship to offer a comprehensive range of managed security services (MSS). As an MSSP, Tech Mahindra would provide total visibility and control over network, endpoint, and cloud security, as well as value-added services to the company's clients like risk assessment, posture management, workload protection, and orchestration.

Scope of the Report

Attributes	Details
Years Considered	Historical Data – 2019–2022
	Base Year – 2022
	Estimated Year – 2023
	Forecast Period – 2023–2029
Facts Covered	Revenue in USD Million
Market Coverage	India
Product/ Service Segmentation	Security Type, Deployment Mode, Organization Size, End User
Key Players	AT&T, BAE Systems, Inc., Cisco, Check Point Software Technologies, Fortinet, Inc., Fujitsu, IBM, Palo Alto Networks, Rapid 7, Verizon

 

By Security Type

• Network Security

• Endpoint Security

• Organization Size Security

• Cloud Security

• Others

By Deployment Mode

• On–Premises

• Cloud

By Organization Size

• Large Enterprises

• SMEs

By End User

• BFSI

• IT & Telecommunication

• Energy & Utilities

• Healthcare

• Manufacturing

• Defense

• Others

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Managed Security Services Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Growing adoption of cloud computing
         2. Growing demand for managed security services in small and medium–sized enterprises (SMEs)
      2. Restraints
         1. High cost of managed security services
      3. Opportunities
         1. Growth of the internet of things (IoT)
      4. Challenges
         1. Increasing sophistication of cyberattacks
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Managed Security Services Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Security Type
         1. Network Security
         2. Endpoint Security
         3. Organization Size Security
         4. Cloud Security
         5. Others
      2. By Deployment Mode
         1. On–premises
         2. Cloud
      3. By Organization Size
         1. Large Enterprises
         2. SMEs
      4. By End User
         1. BFSI
         2. IT & Telecommunications
         3. Energy & Utilities
         4. Healthcare
         5. Manufacturing
         6. Defense
         7. Others
      5. By Region
         1. North India
         2. South India
         3. East India
         4. West India
5. North India Managed Security Services Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Security Type
      2. By Deployment Mode
      3. By Organization Size
      4. By End User
6. South India Managed Security Services Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Security Type
      2. By Deployment Mode
      3. By Organization Size
      4. By End User
7. East India Managed Security Services Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Security Type
      2. By Deployment Mode
      3. By Organization Size
      4. By End User
8. West India Managed Security Services Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Security Type
      2. By Deployment Mode
      3. By Organization Size
      4. By End User
9. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. India Managed Security Services Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
10. Impact of Covid-19 on India Managed Security Services Market
11. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)

AT&T

BAE Systems, Inc.

Cisco

Check Point Software Technologies

Fortinet, Inc.

Fujitsu

IBM

Palo Alto Networks

Rapid 7

Verizon

11. 11. Other Prominent Players
12. Key Strategic Recommendations
13. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Country
    5.  Assumptions & Limitations

 

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

 

List of Figures

 

Figure 1       India Managed Security Services Segmentation     

Figure 2       India Managed Security Services Market Value Chain Analysis    

Figure 3       Company Market Share Analysis, 2022

Figure 4       India Managed Security Services Market Size, By Value (USD Million), 2019–2029          

Figure 5       India Managed Security Services Market Share, By Security Type, By Value, 2019–2029  

Figure 6       India Managed Security Services Market Share, By Deployment Mode, By Value, 2019–2029 

Figure 7       India Managed Security Services Market Share, By Organization Size, By Value, 2019–2029 

Figure 8       India Managed Security Services Market Share, By End User, By Value, 2019–2029          

Figure 9       North India Managed Security Services Market Size, By Value (USD Million), 2019–2029  

Figure 10     North India Managed Security Services Market Share, By Security Type, By Value, 2019–2029 

Figure 11     North India Managed Security Services Market Share, By Deployment Mode, By Value, 2019–2029

Figure 12     North India Managed Security Services Market Share, By Organization Size, By Value, 2019–2029

Figure 13     North India Managed Security Services Market Share, By End User, By Value, 2019–2029  

Figure 14     South India Managed Security Services Market Size, By Value (USD Million), 2019–2029  

Figure 15     South India Managed Security Services Market Share, By Security Type, By Value, 2019–2029 

Figure 16     South India Managed Security Services Market Share, By Deployment Mode, By Value, 2019–2029

Figure 17     South India Managed Security Services Market Share, By Organization Size, By Value, 2019–2029

Figure 18     South India Managed Security Services Market Share, By End User, By Value, 2019–2029  

Figure 19     East India Managed Security Services Market Size, By Value (USD Million), 2019–2029  

Figure 20     East India Managed Security Services Market Share, By Security Type, By Value, 2019–2029 

Figure 21     East India Managed Security Services Market Share, By Deployment Mode, By Value, 2019–2029

Figure 22     East India Managed Security Services Market Share, By Organization Size, By Value, 2019–2029 

Figure 23     East India Managed Security Services Market Share, By End User, By Value, 2019–2029  

Figure 24     West India Managed Security Services Market Size, By Value (USD Million), 2019–2029  

Figure 25     West India Managed Security Services Market Share, By Security Type, By Value, 2019–2029 

Figure 26     West India Managed Security Services Market Share, By Deployment Mode, By Value, 2019–2029

Figure 27     West India Managed Security Services Market Share, By Organization Size, By Value, 2019–2029

Figure 28     West India Managed Security Services Market Share, By End User, By Value, 2019–2029  

 

List of Tables

 

Table 1 India Managed Security Services Market Size, By Value (USD Million), 2019–2029

Table 2 India Managed Security Services Market Size, By Security Type, By Value, 2019–2029

Table 3 India Managed Security Services Market Size, By Deployment Mode, By Value, 2019–2029

Table 4 India Managed Security Services Market Size, By Organization Size, By Value, 2019–2029

Table 5 India Managed Security Services Market Size, By End User, By Value, 2019–2029

Table 6 North India Managed Security Services Market Size, By Value (USD Million), 2019–2029

Table 7 North India Managed Security Services Market Size, By Security Type, By Value, 2019–2029

Table 8 North India Managed Security Services Market Size, By Deployment Mode, By Value, 2019–2029

Table 9 North India Managed Security Services Market Size, By Organization Size, By Value, 2019–2029

Table 10      North India Managed Security Services Market Size, By End User, By Value, 2019–2029

Table 11      South India Managed Security Services Market Size, By Value (USD Million), 2019–2029

Table 12      South India Managed Security Services Market Size, By Security Type, By Value, 2019–2029

Table 13      South India Managed Security Services Market Size, By Deployment Mode, By Value, 2019–2029

Table 14      South India Managed Security Services Market Size, By Organization Size, By Value, 2019–2029

Table 15      South India Managed Security Services Market Size, By End User, By Value, 2019–2029

Table 16      East India Managed Security Services Market Size, By Value (USD Million), 2019–2029

Table 17      East India Managed Security Services Market Size, By Security Type, By Value, 2019–2029

Table 18      East India Managed Security Services Market Size, By Deployment Mode, By Value, 2019–2029

Table 19      East India Managed Security Services Market Size, By Organization Size, By Value, 2019–2029

Table 20      East India Managed Security Services Market Size, By End User, By Value, 2019–2029

Table 21      West India Managed Security Services Market Size, By Value (USD Million), 2019–2029

Table 22      West India Managed Security Services Market Size, By Security Type, By Value, 2019–2029

Table 23      West India Managed Security Services Market Size, By Deployment Mode, By Value, 2019–2029

Table 24      West India Managed Security Services Market Size, By Organization Size, By Value, 2019–2029

Table 25      West India Managed Security Services Market Size, By End User, By Value, 2019–2029

Table 26      AT&T Company Overview

Table 27      AT&T Financial Overview

Table 28      BAE Systems, Inc. Company Overview

Table 29      BAE Systems, Inc. Financial Overview

Table 30      Cisco Company Overview

Table 31      Cisco Financial Overview

Table 32      Check Point Software Technologies Company Overview

Table 33      Check Point Software Technologies Financial Overview

Table 34      Fortinet, Inc. Company Overview

Table 35      Fortinet, Inc. Financial Overview

Table 36      Fujitsu Company Overview

Table 37      Fujitsu Financial Overview

Table 38      IBM Company Overview

Table 39      IBM Financial Overview

Table 40      Palo Alto Networks Company Overview

Table 41      Palo Alto Networks Financial Overview

Table 42      Rapid 7 Company Overview

Table 43      Rapid 7 Financial Overview

Table 44      Verizon Company Overview

Table 45      Verizon Financial Overview