Market Analysis
The Security as a Service Market size is projected to reach USD 14.25 billion at a healthy 21.59% CAGR between 2017- 2023, states the new MRFR’s security as a service market forecast. Security as a service or SaaS, or SECaaS is an outsourcing model for security management. Defense, government, healthcare, retail, IT and telecom, oil and gas, BFSI, and others are some of its end users.
Various factors are fuelling the demand for the global security as a service market. Such factors, as revealed by the new MRFR analysis, include the rise in cybercrime activities, rising trend of mobile devices, growth of sensitive organizational data, increase in the use of cloud technology, need for more cost-effective and protected security solutions, strict government regulations, rise in e-businesses, growing awareness about data security, growing trend of BYOD and IoT, and increasing adoption of managed security practices.
On the contrary, the on-going COVID-19 impact, the dynamic & increasing nature of cybercrime, reluctance to share sensitive data, accessibility of security services that are free of cost, and hesitation by organizations to cloud-based security may limit the global security as a service market growth over the forecast period.
Market Segmentation
The security-as-a-service market has been bifurcated on the basis of vertical, organization size, application area, and component.
The security-as-a-service market by component has been segmented into service and solution. The solution segment is again segmented into data loss prevention, email encryption, intrusion detection, and prevention systems, identity access management, security information and event management, endpoint protection, and others. The service segment is again segmented into managed services and professional services. Of these, the services will lead the market over the forecast period.
Based on the application area, the global security as a service market is segmented into web security, database cloud security, email security, network security, and others. Of these, the network security will dominate the market over the forecast period.
Based on organization size, the global security as a service market is segmented into large enterprise and SME. Of these, the SME will have a major share in the market over the forecast period.
Based on vertical, the global security as a service market is segmented into defense, government, healthcare, retail, IT and telecom, oil and gas, BFSI, and others. Of these, the BFSI and healthcare will have stay at the forefront in the market over the forecast period.
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Regional Analysis
By region, the global SECaaS market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), & the Rest of the World (RoW). Among these, North America will lead the market over the forecast period. Increasing use of cloud-based services, technological advances, presence of leading providers, the growing trend of IoT and BYOD, and increasing external and internal threats are adding to the global security as a service market growth in the region. The US, Mexico, and Canada have the utmost share in the market.
In the APAC region, the security as a service market is predicted to grow at a fast pace over the forecast period. Need for data protection, increasing cyber-attacks, complete adoption of cloud-based security by large enterprises, vast customer base, the constant expansion of economies in the IT, government, education, and manufacturing sectors, and increase in adoption of cloud computing and cloud technology providers in Japan, India, and China are adding to the global security as a service market growth in the region.
In Europe, the global security as a service market is predicted to have sound growth over the forecast period. An increase in cyber-attacks, rise in hosted servers, presence of large enterprises, rise in data theft, and increasing adoption of cloud-technology by healthcare industry verticals and BFSI in Germany are adding to the global security as a service market growth in the region.
In the RoW, the global security as a service market is predicted to have steady growth over the forecast period.
Key Players
Leading contenders profiled in the global security as a service market report include SecureWorks (US), Verizon (US), International Business Machines Corporation (US), Radware Ltd (Israel), Alert Logic Inc. (US), Zscaler Inc. (US), CipherCloud (US), Panda Security (Spain), Fortinet Inc. (US), Cisco Systems Inc. (US), Trend Micro Incorporated (Japan), Intel Corporation (US), and Symantec Corporation (US).
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Security as a Service Market Research Report, Component (Solution and Service), Application Area (Network, Email, and Other Security), Organization Size (SMEs and Large Enterprises), Vertical (BFSI, IT and Telecom, and Others) - Global Forecast till 2023Market HighlightsSecurity as a service offers faster provisioning and best security for businesses and their clients; it enables continuous monitoring and prevention from loss of business data, along with vulnerability scanning.
With the emergence of outsourcing security services and solutions, enterprises can focus on their core business which is one of the factors for the increasing adoption of security as a service by large enterprises.Symantec Corporation, a provider for cyber-security solutions, unveiled a cloud-based network security solution enhanced with web isolation.
The security solution offers complete endpoint protection which protects the devices of a companies employees anywhere at anytime.
The web isolation feature allows web browsing without any risk of malware.
Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/6709Key playersThe prominent players in the security as a service market are Symantec Corporation (US), Intel Corporation (US), Trend Micro Incorporated (Japan), Cisco Systems Inc. (US), Fortinet Inc. (US), Panda Security (Spain), CipherCloud (US), Zscaler Inc. (US), Alert Logic Inc. (US), and Radware Ltd (Israel).International Business Machines Corporation (US), Verizon (US), and SecureWorks (US) are among the other players in this market.
Regional AnalysisThe regional analysis of security as a service market is considered for North America, Europe, Asia-Pacific, and the rest of the world.Technological advancements and increasing adoption of cloud-based services in North American countries such as the US, Canada, and Mexico is expected to dominate the security as a service market over the forecast period.
The vendor landscape of the global cyber security as a service market is becoming increasingly crowded and competitive, observes Transparency Market Research in a recent report.
Rapid adoption of cyber security as a service across the world has led helped many companies to innovate and develop cyber security solutions and services.
Owing to the increased demand, a large number of start-ups have emerged in the cyber security market in order to establish significant presence in the market.Some of the leading companies in the global cyber security as a service market are AT, Armor Defense Inc., BlackStratus, Capgemini, Choice CyberSecurity, Transputec Ltd, Cloudlock (Cisco), BAE Systems, FireEye, Inc., Optiv Security Inc., LookingGlass Cyber Solutions, Inc., and Tata Consultancy Services Limited.According to the report, the global cyber security as a service market is expected to reach US$87.59 bn in revenue by 2025, rising from US$ 30.91 Bn in 2016.
Request for Custom Research - https://www.transparencymarketresearch.com/sample/sample.php?flag=CR_id=40166High Demand for Auditing and Logging Security Services to Remain Key to Healthy Market ExpansionOf the key cyber security services provided by the market, the segment of auditing and logging is expected to surge during the forecast period.
Auditing and logging applications are used in the organizations to audit unauthorized access performed on internal systems or network and are witnessing an increased uptake across small- and medium-sized enterprises that are increasingly relied upon data saved on cloud networks.Geographically, the market in North America presently dominates the global cyber security as a service market accounting for the dominant share of revenue and is expected to dominate over the forecast period as well.Rising Sophistication of Cyber Attacks Compel Increased Adoption of Cyber Security MeasuresGlobal cyber security as a service market is mainly driven by the increased adoption of cyber security as a service across small- and medium-sized enterprises.
As majority of the cyber-attacks are targeted at small and medium companies due to limited awareness and investment for the cyber security solutions, enterprises are becoming increasingly mindful regarding the need to adopt effective security solutions.
