Security as a Service Market:
Growth opportunities in the security as a service market look promising over the next six years. This is mainly due to the increasing awareness about data security and reducing cyber-attacks on connected devices, rapid increase in e-business services, and rising adoption of technologies including cloud computing and Big Data.
Security as a Service Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The boost in the e-service business, accelerating adoption of technologies like Big Data, artificial intelligence (AI), cloud computing, and IoT in businesses, and augmenting consciousness about data security and decreasing cyber-attacks on connected devices are the drivers contributing to the growth of the security as a service market. Moreover, industries such as manufacturing, banking, defense, retail, energy, and healthcare are using the SECaaS solutions because of the consistency, lower upfront cost, simpler management, wide availability and accessibility, and scalability.
Also, the service provides numerous benefits, including prevention of data loss, antivirus management, web security, ongoing monitoring, email security, identity and access management, vulnerability scanning, and intrusion protection, which will raise the security as a service market size. In accordance with the Identity Theft Resource Center (ITRC), the U.S. witnessed around 540 data breaches and approximately 164 million people affected with those who got more than one breach notice in the first six months of 2020. This will further strengthen the security as a service market share.
However, huge cost of SECaaS solutions and inadequate skilled IT professionals may hamper the market growth. Moreover, trust issues on third-party applications to share sensitive data and augmenting concerns for cyberattacks will curb the industry growth.
Industry Vertical Segment Drivers
On the basis of industry vertical, the BFSI sector is expected to grow at a faster CAGR over the forecast period. This is because of the increasing occurrence of banking data breaches about customers’ data & employee information, which include debit & credit cards, bank account details, and other confidential data. The growing number of online transactions and e-financial services offered by companies are fuelling the market growth.
Regional Drivers
Based on regional coverage, North America is projected to expand at a faster CAGR during the forecast period. This is primarily attributed to the massive growth in the defense, utilities, financial, manufacturing, and energy sectors in the U.S. Moreover, the prevalence of many leading security as a Service provider, including Cisco Systems, Inc., Microsoft Corporation, Dell Technologies Inc., and International Business Machines Corporation, will promote market growth.
Security as a Service Market leading Manufacturers:
- Alert Logic, Inc.
- Qualys Inc.
- Proofpoint Inc.
- International Business Machines Corporation
- Dell Technologies Inc.
- Microsoft Corporation
- Broadcom Inc.
- Barracuda Networks Inc.
- Cisco Systems, Inc.
- McAfee
Security as a Service Market Segmentation:
Segmentation by Solution:
- Identity and Access Management
- Secure Email Gateway
- Secure Web Gateway
- Vulnerability Management
- Security Information and Event Management (SIEM)
- Application Security Testing
- Others
Segmentation by Organization Size:
- Small and Medium Enterprises
- Large Enterprises
Segmentation by Industry Vertical:
- Banking, Financial Services, and Insurance (BFSI)
- Government and Defence
- Retail
- Healthcare
- IT and Telecom
- Energy and Utilities
- Manufacturing
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business insights and market research reports for large and small & medium enterprises. Our detailed reports help the clients to make strategic business policies and achieve sustainable growth in the particular market domain. The company’s large team of seasoned analysts and industry experts with experience from different regions such as Asia-Pacific, Europe, North America, among others, provides a one-stop solution for the client. Our market research report has in-depth analysis, which includes refined forecasts, a bird’s eye view of the competitive landscape, key factors influencing the market growth, and various other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping our clients to stay ahead of the curve.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com