IndustryARC updated the market research study on “Security As A Service Market”- Forecast (2023 - 2030)
Security As A Service Market size was valued at US$ 8.95 billion in 2020, and it is estimated to grow at CAGR 15.45% during 2023 - 2030. The major factors driving the growth of the Security As A Service?Market are the high adoption of cloud security services, IoT connected devices, increased implementation of bring-your-own-device trend and work-from-home model; has led to the increasing number of data breaches over the past few years. This, along with exponential growth in sensitive organizational data has contributed to a rise in security concerns and is pushing enterprises to take advanced approaches to defend their networks from threats. The rising adoption of vulnerability management by enterprises for prioritizing potential threats and minimize security vulnerabilities in system and software has contributed to the growth of the market. Furthermore, stringent government policies such as the cybersecurity act in Europe introduced?a cybersecurity certification framework for ICT products, services and processes for the businesses operating across the European region and this will?push the organizations towards creating better integrated services complying with government regulations and drives the growth of the market.
Security as A Service Market Report Coverage
The report: “Security As A Service?Market Forecast (2023 - 2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Security As A Service?Market.
By offering: Software, Solutions(Endpoint Protection, Security Information & Event Management, Identity Access Management, Intrusion Detection & Prevention Systems, Email Encryption, Data Loss Prevention, Others), Services(Training & Education, Consulting Services)
By Organization Size: Large Enterprises, Small & Medium-Sized Enterprises (SME)
By Applications: Network Security, Web Security, Email Security, Database Cloud Security and Others.
By Indyustry Vertical: Automotive, Aeroapace & Defense, IT & Telecommunications, BFSI, Retail & e-commerce, Healthcare, Government, Consumer electronics, Oil & Gas, Media, Maritime and Others.
By Geography: North America (U.S., Canada and Mexico); Europe (U.K., Germany, Italy, France, Rest of Europe); APAC (China, Japan, South Korea, India, Rest of APAC); South America (Brazil, Argentina, Rest of Americas), RoW (Middle East & Africa)
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Key Takeaways
Security As A Service?Market Segment Analysis- By Offering
By offering, Security As A Service?Market has been segmented into software, solution and services. Solution segment dominated the market in 2020 acquiring a share of 41% and is estimated to hold the major market share with a CAGR 10.3% during the forecast period 2021-2026 owing to increasing demand for filtering traffic to identify and mitigate the incoming threat for protecting the server and the network from vulnerabilities. Software solutions unit is anticipated to be the fastest growing market owing to the growing demand for concealing unauthorized or unauthenticated users from network resources to prevent data vulnerability over heavy traffic network. In March 2021, Exetel launched anti-malware and content control services to protect Australian consumers by a premium cyber-security solution leveraging Allot Ltd.’s security as a service platform and such collaborations are analyzed to propel the growth of?Security As A Service?Market from 2021 to 2026.
Security As A Service?Market Segment Analysis- By Industry Vertical
By industry vertical, Security As A Service Market has been segmented into Automotive, Aerospace & Defense, IT & Telecommunications, BFSI, Retail & e-commerce, Healthcare, Government, Consumer electronics, Oil & Gas and Others The BFSI vertical has recorded the highest market share of 18% and is estimated to dominate the market during 2021-2026 owing to massive penetration of cloud based technology to simplify digital banking processes and increased instances of spyware, ransomware, Trojans, viruses, and other malware in this sector. Also, the BFSI is the most sought after target for cybercriminals owing to the fact that they hold sensitive information about money transactions, customer information, employee identity, tangible and intangible assets amongst many others. This trend is set to drive the Security As A Service Market in the BFSI vertical during the forecast period 2021-2026. In March 2021, cyber-security firm FirstWave announced a partnership with Moja Access to enhance their cyber-security as a service platform. Such strategic partnerships are analyzed to stimulate the market from 2021 to 2026.
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Security As A Service?Market Segment Analysis – By Geography
By geography, Security As A Service Market has been segmented into North America, Europe, APAC, South America and RoW. North America dominated the market acquiring a share of 32% in 2020 and is estimated to hold the Security As A Service Market share with a CAGR 11.56% during 2021-2026 owing to high investment in IT infrastructure and alarming growth in number of cyber-attacks in this region. APAC is estimated to be the fastest growing market during the forecast period 2021-2026 with a CAGR 12.78% owing to the growing demand for digital business strategy and massive and quick adoption of cloud based applications. For the past few years India has witnessed frequent cyber-threats and attacks across various industry verticals and thus propelling the market growth. According to Indian Computer Emergency Response Team, India has faced nearly 7 Lakhs cyber-attacks till August, 2020 and such growing potential threats are analysed to stimulate the market between 2021 and 2026.
Security As A Service?Market Drivers
Increasing adoption of Cloud based services is driving SaaS Market
The Covid-19 pandemic has led to higher adoption of cloud based services such as work from home, edge computing and virtualization. This has undoubtedly helped with improving productivity during difficult times but at the same time has made them an easy target of cyber criminals. In order to maximize market productivity, Small and Medium scale Enterprises are also increasingly concentrating on streamlining their business models by adopting cloud services. Furthermore, in order to streamline their operations, SMEs do not have strict security measures to secure their files, networks, endpoints and applications from cyber-attackers. As SMEs turn their attention to cloud services, it is anticipated that cloud-based data management solutions and service providers will see huge opportunities for innovation and adoption of better security solutions which in turn will fuel the Security As A Service Market. A recent report by Interpol on increased cyber-crime during Covid-19 pandemic said that about 59% of cyber-threats were reported regarding phishing, scam and frauds. The report further suggests that this trend is likely to increase due to the economic downturn and shift in the business landscape following the pandemic. In March 2021, Aruba announced new digital transformation solutions to accelerate the transition from edge to cloud in a collaboration with Microsoft and thus steering the market growth.
Increasing cyber threats and stringent government guidelines is propelling the market growth
The SaaS market is driven by the rise in cybercrime activities, the growth of confidential organizational data, and the growth of trends in mobile devices. Over the years, the use of cloud technologies has increased greatly, increasing the need to provide more reliable and cost-effective security solutions. Increased e-business, increased knowledge of data protection, growth in the trend of bringing your own device (BYOD) and acceptance of controlled security practices generate significant market opportunities. According to Singapore Cybersecurity Act, enterprises should build a resilient infrastructure creating a safer cyberspace while strengthening international partnerships. Such government laws to mitigate potential cyber threats and attacks are anticipated to create growth opportunities for Security As A Service Market during the forecast period 2021-2026.
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Security As A Service?Market Challenges
Ability of vendors to access confidential data is hampering the market growth
According to FBI report, financial losses caused by internet crime came to a total of US$ 4.2 billion in the US and the most common cyber-crimes were phishing, non-payment/non-delivery scams and extortion, with 28,500 complaints associated with COVID-19 fraud and thus the adoption of robust security infrastructure has been inevitable. The software as a services is only accessible online, which makes it vulnerable to security threats in the system. Furthermore, the rate of adoption of Security as a Service is restricted due to consumers' refusal to exchange confidential information with the vendors, the availability of cost-free security services, and enterprises' unwillingness to use cloud-based security solutions are some of the major challenges impeding the market growth.
Security As A Service?Market Landscape
Product launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Security As A Service Market. In 2020, the market of Security as a Service industry outlook has been fragmented into several companies. Security as a Service top 10 companies include
Acquisitions/Product Launches
In January 2021, Thornton Tomasetti, announced the launch of a new software as a service (SaaS) platform called T2D2. It uses artificial intelligence (AI) and computer vision powered by advanced deep learning to identify and assess the damages and deterioration to building envelopes and structures through images.
In August 2020, InteliSecure, a leading data protection services provider, announced the opening of its Microsoft 365 Managed Data Protection Service powered by ApertureTM, the very first cloud-native, multi-tenant network to incorporate the Microsoft 365 ecosystem of data protection. This new service helps companies to make full use of their Microsoft licenses at the enterprise level for more efficient data security.