Security as a Service Market is projected to reach USD 1.2 Billion at a CAGR of 12% by Forecast to 2023
The security as a service (SECaaS) market 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.
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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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.
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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