The security as a service (SaaS) market will progress at 17.4% CAGR during 2020–2030, on account of burgeoning popularity of the bring-your-own-device (BYOD) culture in offices, rising penetration of cloud solutions, and increasing implementation of government regulations mandating data security. The market stood at $7.8 billion in 2019 and it is projected to reach $43.4 billion by 2030. Moreover, surging number of BYOD and data security regulations has fueled the demand for multi-factor authentication solutions from business organizations. To maintain data security, players are integrating authentication solutions in their offerings.
One of the major growth drivers for the security as a service market is the soaring adoption of cloud solutions in different industries. Business and government organizations are switching to the cloud for data storage, as it does not require any physical information technology (IT) infrastructure and professionals. Also, the installation and operation of the cloud solutions are a cost-effective and convenient affair. The deployment of the solutions enables users to access their data from any remote location and enhance security.
Currently, the security as a service market is witnessing numerous mergers and partnerships among leading players like Microsoft Corporation, McAfee LLC, Cisco Systems Inc., Trend Micro Incorporated, ScienceSoft USA Corporation, IBM Corporation, Sophos Group plc, Intel Corporation, Qualys Inc., Broadcom Inc., Alert Logic Inc., Check Point Software Technologies Ltd., and Citrix Systems Inc. For instance, in November 2019, Check Point Software Technologies Ltd. integrated its CloudGuard solutions with the Microsoft Azure Security Center. This was the initial step toward collaboration between the two cyber security solution providers.
The application segment of the security as a service market is classified into identity and access management, data loss prevention, encryption, risk and compliance management, unified threat management, intrusion detection, and others. Among these, the identity and access management category will register the fastest growth during the forecast period, due to the rapid adoption of SaaS solutions by businesses to protect their cloud-based data. These solutions allow the enterprises to grant access privileges to their employees, after considering their designation.
Moreover, categories under the vertical segment of the security as a service market include banking, financial services, and insurance (BFSI), healthcare, IT and telecom, retail, government, and others. Among these, the BFSI category held the largest market share in 2019. As financial organizations deal with critical customer data, they are compulsorily needed to adhere to data security norms, which when combined with the escalating usage of the cloud, results in high usage of cloud-based security solutions in this sector.
Geographically, North America held the largest share in the market in 2019, owing to the stringent customer data protection laws, primarily for the healthcare and BFSI sectors, in the region. Moreover, the developed IT infrastructure, rapid technological developments, frequent cyberattacks, and high-adoption rate of cloud solutions have contributed to the market growth. Whereas, the Asia-Pacific (APAC) market will experience the fastest growth in the forecast years, on account of mounting IT investments, booming number of small and medium enterprises (SMEs), and soaring popularity of the BYOD culture.
Thus, the rising usage of cloud solutions in businesses and financial organizations will boost the market growth in the foreseeable future.
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.
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.
Complete Report Details @ https://www.marketresearchfuture.com/reports/security-as-a-service-market-6709 Regional AnalysisBy 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).
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.
Global Security-as-a-Service (SaaS) market revenues totalled US$ 3.3 billion in 2016, and are anticipated to grow at a staggering CAGR of 17.1% through 2026.
The key end use sectors for SaaS include telecom and IT, BFSI, and healthcare remain the largest end-users of SaaS, with telecom and IT particularly witnessing robust adoption.
By 2026, the revenue share of telecom & IT is expected to reach 30%, whereas BFSI sector will account for 20.3% of total revenues.Concerns about potential security threats to confidential and important information is influencing telecom & IT companies to invest in SaaS.
Consequently, providing end-to-end security solutions remains a lucrative mode of operation of SaaS companies.
Prominent SaaS companies, including Intel Security, Cisco Systems, Inc., and Oracle Corporation are focusing on offering customised solutions to their clients.
Request For Report Sample: https://www.researchreportinsights.com/report/upsample/120124598/Security-as-a-Service-MarketGlobal SaaS market revenues remain equally concentrated between large players and local vendors.
