The cybersecurity managed services market was worth US$70 billion in 2023, and is forecast to grow 15% in 2024, according to the latest Canalys estimates.
Total cybersecurity services, including consulting and support services, are forecast to grow 13% to US$163 billion in 2024. Contrasting these figures with the cybersecurity product market, which is predicted to grow 10% in 2024 to US$87 billion, it is clear customers are aware that a new piece of software won’t solve their problems.
The Canalys (now part of Omdia) Now and next for cybersecurity managed services report, delivers expert insights from leading analysts, offering new research on the biggest trends and predictions for the cybersecurity managed services market.
Key insights:
- Cybersecurity managed services are forecast to grow 15% in 2024 as customers continue their search for improved security.
- The managed service provider (MSP) model is evolving as more partners build operational maturity, M&A activity continues at a strong pace and MSPs increase the share of managed security in their portfolios.
- The vendor platform drive has been shaken by the recent global Microsoft/CrowdStrike outage but is unlikely to be damaged in the long term due to enterprise spending consolidation patterns and entrenched positions.
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