Published: March 2020 | Report Code: IM11906 | Available Format: PDF | Pages: 172
The security as a service market revenue stood at $7.8 billion in 2019, and it is projected to reach $43.4 billion by 2030. The market is predicted to demonstrate a 17.4% CAGR between 2020 and 2030. The key factors driving this growth are the surging popularity of the bring-your-own-device (BYOD) culture in offices, increasing adoption of cloud solutions, and the increasing implementation of strict government regulations mandating data security.
The database security category, within the security type segment, will continue to dominate the security as a service industry in the forthcoming years. This can be owed to the low maintenance costs, improved performance, and greater flexibility of cloud databases. However, as the cloud is highly vulnerable to cyberattacks, users are struggling to make their cloud database secure.
The hybrid cloud category, under the deployment model segment, is expected to demonstrate the highest growth rate in the market for security as a service solutions during 2020–2030. This will be because the hybrid cloud model offers personalized features and higher flexibility of data ownership, storage, control, access, updation, and maintenance.
The large enterprises category, within the enterprises segment, held the largest share during 2014–2019. This can be credited to the high volumes of data generated and consumed in these companies and rapid shift of large enterprises toward the cloud technology, which propels the requirement for robust cybersecurity measures.
In the security as a service market, the identity & access management category will demonstrate the fastest growth, under the application segment. Enterprises are procuring software as a service (SaaS) security solutions for granting access privileges to their employees, depending on their designation and protecting their cloud-based data.
In 2019, the banking, financial services, and insurance (BFSI) category accounted for the largest share, within the vertical segment, in the market for security as a service solutions. This is credited to the fact that financial companies are required to strictly adhere to the data security regulations, as they have to deal with sensitive consumer data. Moreover, the extensive adoption of the cloud technology also pushed up the demand for cloud-based security solutions in this sector.
Globally, the Asia-Pacific (APAC) region is expected to be the fastest-growing region in the market in the coming years. This is ascribed to the rapid economic growth, surging number of small and medium enterprises, growing popularity of the BYOD culture, and hefty IT investments being made in the region.
The security as a service market is observing the rising adoption of such solutions for identity & access management. The adoption of cloud-based security solutions requires granting and revoking identity and access permissions and authorizing and securing them. As the SaaS security solutions allow people to access data from any location, their adoption amplifies the risk of cyberattacks.
Thus, to keep a tab on the person accessing the data and the place from where it is being accessed, enterprises are increasingly adopting identity & access management software for their platform as a service (PaaS) and infrastructure as a service (IaaS) solutions.
The rapid adoption of cloud computing technology has become a key growth driver for the market. As cloud solutions do not require any physical information technology (IT) infrastructure and professionals, their adoption massively reduces the financial burden on businesses. Additionally, these solutions allow users to select the services that they want and access their data from anywhere, over a secure connection. However, this technology is highly vulnerable to data breaches and, therefore, requires security solutions.
|Market Size by Segments||Security Type, Deployment Model, Enterprise, Application, Vertical|
|Market Size of Geographies||U.S., Canada, Germany, U.K., France, Russia, Italy, The Netherlands, China, Japan, India, Australia, Brazil, Mexico, Argentina, Turkey, Nigeria, South Africa, Saudi Arabia|
|Market Players||Cisco Systems Inc., Microsoft Corporation, International Business Machines (IBM) Corporation, Broadcom Inc., McAfee LLC, Trend Micro Incorporated, DXC Technology Company, Qualys Inc., Sophos Group plc, Citrix Systems Inc., Avast Software s.r.o., Ivanti Inc.|
The players operating in the security as a service market can expand their businesses by incorporating multi-factor authentication in their offerings. Enterprises are increasingly demanding multi-factor authentication, on account of the growing culture of the BYOD policy and the increasing enactment of stringent government regulations pertaining to data security.
Multi-factor authentication can be incorporated into security as a service solutions by using a plethora of token generation software, such as Google Authenticator and Yubikey. The adoption of these solutions reduces the need for individual multi-factor authenticator applications, which, in turn, helps customers reduce their IT spending.
The major players operating in the global security as a service market are Cisco Systems Inc., Microsoft Corporation, Intel Corporation, Broadcom Inc., IBM Corporation, McAfee LLC, Trend Micro Incorporated, Qualys Inc., Sophos Group plc, Citrix Systems Inc., Alert Logic Inc., ScienceSoft USA Corporation.
HyTrust Inc., Zscaler Inc., vArmour Inc., Fortinet Inc., Twistlock Ltd., Netskope Inc., Proofpoint Inc., CipherCloud.com, Lacework Inc., CloudPassage Inc., Cloudian Inc., LayerStack Limited, and Plaxonic Technologies.
The security as a service market report offers comprehensive market segmentation analysis along with market estimates for the period 2014–2030.
Based on Security Type
Based on Deployment Model
Based on Enterprise
Based on Application
Based on Vertical
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