Morocco Managed Security Services Market Research Report: Forecast (2024-2030)

Market Definition

Managed Security Services are cybersecurity services for devices and entire networks, both public and private. These services are operated by third-party providers, typically on a consumption-based model, and include security such as firewalls and real-time intrusion detection and analysis.

Market Insights & Analysis: Morocco Managed Security Services Market (2024-30):

The Morocco Managed Security Services Market size is estimated to grow at a CAGR of around 8.58% during the forecast period, i.e., 2024-30. Morocco's enduring economic and political vision has spurred the expansion of enterprises in key sectors like IT, Healthcare, Banking, financial services and insurance (BFSI), etc. This is accompanied by the embracement of digital transformation across this sector, which has led to the expansion of digital processes and data storage. Consequently, the Morocco Managed Security Services Market has experienced substantial growth, fueled by the imperative need for effective cybersecurity solutions in the face of advancing digitalization across diverse sectors.

Moreover, the government is aiming to make the country a hub for FDI and reduce the disparities between the regions in investment attraction, for which in 2022, the government adopted a new investment charter for both foreign and domestic investment. This new charter establishes investment support systems in the form of subsidies or grants for investment projects carried out in the regions or prefectures and the priority sectors of activities. It also offers special incentives to investment projects of a strategic nature, and very small enterprises, and SMEs, to encourage Moroccan companies to have an international presence. This is further fueling the expansion of business establishments in the country, which would support the market growth during the forecast period.

Morocco Managed Security Services Market Driver:

Rising Cyber Threats Fuelling Growth in Morocco’s Managed Security Services Market – The ongoing digital transformation of the different sectors such as BFSI, Healthcare, IT & Telecom, etc., owing to government initiatives, increasing private investments, etc., have made these end-user organizations are more susceptible to cyberattacks like phishing, denial-of-service attacks, etc. For instance,

• In 2022, the company IKEA confirmed that the servers in the company's outlet in Morocco were cyberattacked, potentially leaking the customer's personal and critical information.

Therefore, these end-user organizations are seeking to incorporate cybersecurity solutions such as endpoint security, information security, cloud security, etc., driving the Morocco Managed Security Solution Market.

Morocco Managed Security Services Market Opportunity:

Expansion of Data Centers to Amplify the Requirement for Managed Security Services – In recent years, there has been a surge in the setup of data centers in the country owing to the growing demand for digital services enhanced technological infrastructure, and increasing foreign investments in various sectors, including technology and telecommunications. According to the United Nations Conference on Trade and Development (UNCTAD), foreign direct investments in the country in 2021 reached USD 2,266 million, an increase of about 59.69% compared to 2020. These investments facilitated the setup of several industries and companies like Dalrada Technologies, Workhy, etc., in Morocco, leading to the generation of large amounts of data. Therefore, to store large amounts of data and process and analyze data at scale, the development of data centers in Morocco is consistently rising.

Morocco Managed Security Services Market Challenge:

High Cost of Managed Security Services Hinders the Adoption in Small-Scale Organizations – Managed Security Service Providers such as Accenture, IBM Corporation, and others offer solutions based on advanced technologies and tools to provide effective protection against sophisticated threats, owing to which the costs of these security services are relatively higher. According to the Ponemon Institute, an independent research and education organization, in 2020, the average cost of managed security services for organizations varies from USD 1.6 million per year to around USD 3.2 million per year based on the organization's size. Therefore, small-scale enterprises in the country rely on traditional in-house security measures rather than managed security services, negatively impacting the Morocco Managed Security Market.

Morocco Managed Security Services Market Trend:

Growing Inclination Towards Cloud-Based Security Solutions to Amplify Market Growth – In recent years, end-user organizations have been migrating from in-house servers and hardware towards the cloud owing to the numerous benefits it offers like increased efficiency, flexibility, scalability, cost-effectiveness, and innovation. Traditionally, organizations like IT and telecom companies used and maintained their servers, devices, and networking hardware to store critical information such as the company’s financial information, employee-related data, etc., which required significant upfront capital investment and costs for regular hardware maintenance and upgrades.

Therefore, to eliminate the requirement for additional investments and maintenance costs for on-premises storage infrastructure, IT and telecom companies are adopting cloud storage solutions to store and manage large volumes of data.

Morocco Managed Security Services Market (2024-30): Segmentation Analysis

The Morocco Managed Security Services Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024–2030 at the national level. According to the analysis, the market has been further classified as:

Based on Type:

• Fully Managed Security Services
• Co-managed Security Services

Businesses of all sizes have shown a preference for fully managed security services, regardless of their scale, as a strategy to delegate the responsibility of cybersecurity management. This approach enables them to focus more on their core business functions without being overwhelmed by security concerns. The pervasive adoption of digital technologies and online platforms in businesses has widened the attack surface for cybercriminals. The sectors dealing with sensitive customer information, such as finance, healthcare, e-commerce, etc., which are high-priority targets for cyberattacks, have notably become inclined toward embracing fully managed security services, as it allows them to eliminate the need for an in-house security team.

Based on Security Type:

• Network Security
• Cloud Security
• Endpoint Security
• Application Security

Network Security has registered noteworthy demand in sectors like banking, government, healthcare, etc., owing to the significant adoption of digital services in these sectors. These organizations operate in complex and interconnected networks to facilitate various financial transactions and data exchanges. In addition, these enterprises rely on secured communication channels for internal communications and interactions with other financial institutions. Hence, these organizations use network security solutions to safeguard critical information and ensure uninterrupted operation in these organizations, enhancing the share of network security in the Morocco Managed Security Services Market.

Morocco Managed Security Services Industry Recent Development:

• 2023: IBM announced a collaboration with Amazon Web Services (AWS) to offer a broad array of its software catalog as Software-as-a-Service (SAAS) on AWS. This collaboration would provide clients with quick and easy access to IBM software that spans automation, data and AI, security, and sustainability capabilities.

Gain a Competitive Edge with Our Morocco Managed Security Services Market Report

1. Morocco Managed Security Services Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps business organizations to gain a holistic understanding of the market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing business organizations to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Morocco Managed Security Services Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, business organizations can develop strategies to minimize risks & optimize their operations.