The global managed security services market was valued at $19.4 billion in 2017 and is forecast to reach $46.1 billion by 2023 at a CAGR of 14.9%. There has been an upward trend seen in the need for threat-intelligence by several sectors today. Due to an increased requirement to fight against the advanced threat landscape, customers today expect managed IT service providers and MSPs to adopt advanced security technologies to detect better and anticipate potential threats well in time.