|Global Managed & Professional Security Services Market, Forecast to 2023|
Growth and diversity are prominently on display in the global managed & professional security services market. The global managed & professional security services market is expected to grow from $21 billion in 2018 to $35.6 billion in 2023, at a compound annual growth rate (CAGR) of 11.1%.
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.