The Security as a Service Market is expected to reach USD 26,965 million by 2027, growing at a CAGR of 13.3% over the forecast period (2020-2027).
The factors driving the growth of Security as a Service Market includes rising concerns related to cybercrimes, growing trend of Bring Your-Own Device (BYOD) around the world, improvements in the IT infrastructure, strict regulations imposed by Governments related to data security. As per the report published by Forbes, during the last decade, 300 data breaches involving theft around 100,000 records were reported and data breaches exposed approximately 4.1 billion records in the first six months of 2019, this on-going increase in cyber-attacks in pushing companies to adopt security as a service solutions. Moreover, the growing adoption of advanced technologies such as Artificial Intelligence (AI), Big Data analytics and Internet of Things (IoT), increasing expenditure of small and medium organizations on network security solutions and rise in the launch of innovative products, are some of the additional factors supplementing the Security as a Service Market size. In addition, the increasing investments by major corporations on research and development, emergence of Over the Top (OTT) platforms, rising disposable incomes and growing population growth rates, are further contributing to the market growth.
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However, the growth of Security as a Service Market is hindered due to high cost of security as a service solution.
The major players operating in the market are International Business Machines Corporation, Barracuda Networks Inc., Proofpoint Inc., McAfee, LLC, Dell Technologies Inc., Cisco Systems, Alert Logic, Inc., Broadcom Inc., Qualys Inc. and Microsoft Corporation, among others.
Based on Organization Size, the Small and Medium Enterprises segment is predicted to expand at a significant CAGR during the forecast period
Rising trend of BYOD, growing adoption of security solutions and rising adoption of advanced technologies some of the factors responsible for the segment’s growth.
Based on Industry Vertical, the Banking, Financial Services, and Insurance (BFSI) segment is projected to grow at a remarkable CAGR over the forecast period
Rise in the number of data breaches in the banking sector and increase in online transactions worldwide, are some of the factors propelling the growth of the segment.
Based on Region, the North American region is anticipated to expand at a robust CAGR during the forecast period
As per the Security as a Service Market Analysis, Government policies regarding data protection, presence of the leading players such as Dell Technologies Inc., and Microsoft Corporation, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North America.
Key Development
In 2020, McAfee, LLC, partnered with Atlassian Corporation PLC. This partnership is focused on developing enhanced data security and threat protection to common customers moving to the cloud computing infrastructure.
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
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
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