Managed security service refers to network security services, which offers remote monitoring, management of IT security functions, intrusion detection, scanning & anti-viral services, and among others. Managed Security Services (MSS) are provided by the managed security service providers (MSSP), which aid client organizations including small and medium sized enterprises (SMEs) and large enterprises such as IBM Corporation, Integralis Inc., and AT&T, in management of security of their networks. Increasing number of cyber threats has led to adoption of managed security services by enterprises in various sectors such as BFSI, IT and telecommunication, and government, which is expected to aid in the market growth of managed security service providers. Managed security service providers are majorly focusing on balancing device management, incident response, risk, and compliance functions. Additionally, companies are providing customized services including language support and data sovereignty. Moreover, the providers are adopting network behavioral analysis and predictive analysis to detect threats and events likely to place in the future systems and networks.