GlobalData predicts the global cybersecurity market will be worth $290bn by 2027 Credit: Getty Images / da-kuk

Managed security services will be the largest sub-segment within the cybersecurity market in 2027, according to research and analysis company GlobalData. 

Managed security services relate to services that have been outsourced to an external vendor or supplier. This is becoming increasingly popular as companies face a cybersecurity skills gap and stronger threats, such as AI. 

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Companies in a wide range of industries are finding it safer to outsource their security services to external experts. 

The revenues in the sub-segment will increase by a compound annual growth rate of 13.5% between 2022 and 2027, reaching $107bn in 2027, according to GlobalData’s Thematic Intelligence: Cybersecurity (2024) report. 

The research and analysis company found that the next largest segment is identity and access management (IAM). 

IAM products set privileges for end-users based on their profiles to access company IT resources. This restricts end users from unauthorised access within and outside a company and allows companies to monitor end users’ behaviour in a network. 

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IAM is one of the most important security measures in the industry today due to the rise in cloud computing and the increase in globally distributed staff. 

According to Verizon’s 2023 Data Breach Investigations Report, cited by GlobalData, 74% of all breaches include the human element, with people involved either via error, privilege misuse, use of stolen credentials, or social engineering.

The global cybersecurity market will be worth $290bn by 2027, having grown at a CAGR of 13% between 2022 and 2027, according to GlobalData forecasts.

Software-based cybersecurity products will be the largest market segment, contributing 44% of total revenue in 2027, with services accounting for 37%.