Security As A Service Market - Forecast(2024 - 2030)
Security As A Service Market Overview
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 2021-2026. 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 (2020-2025)”, 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)
Key Takeaways
- Solution segment is anticipated to dominate the market with a CAGR 10.3% during 2021-2026 due to growing demand for protecting network and web applications from vulnerabilities.
- BFSI sector is estimated to hold the largest market share from 2021 to 2026 owing to massive penetration of digitalization and alarming growth in sophisticated cyber-attacks in this sector.
- North America dominated the SaaS market acquiring a share of 32% due to high investments towards security platform in IT infrastructure.
- Increasing adoption of cloud based technologies and stringent Government policies are augmenting the market.
- Privacy concern is hampering the adoption.
Security As A Service Market, By Region, 2020 (by %)
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.
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.
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
- Cisco Systems Inc.
- Ciphercloud
- Radware Ltd
- MCAFEE
- Panda Security
- IBM Corporation
- Dell Technologies
- Barracuda Networks
- Symantec Corporation
- Trend Micro among others.
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.
Relevant Reports:
Adaptive Security Software Market
Report Code: ITR
0196
Advanced Security Analytics Market
Report
Code: ITR 0193 Report
For more Information and Communications Technology Market reports, please click here
LIST OF TABLES
1.Global Security as a Service Market Analysis By Solution Market 2023-2030 ($M)1.1 Endpoint Protection Market 2023-2030 ($M) - Global Industry Research
1.2 Security Information & Event Management Market 2023-2030 ($M) - Global Industry Research
1.3 Identity Access Management Market 2023-2030 ($M) - Global Industry Research
1.4 Intrusion Detection & Prevention Systems Market 2023-2030 ($M) - Global Industry Research
1.5 Email Encryption Market 2023-2030 ($M) - Global Industry Research
1.6 Data Loss Prevention Market 2023-2030 ($M) - Global Industry Research
2.Global Security as a Service Market Analysis By Service Market 2023-2030 ($M)
2.1 Training & Education Market 2023-2030 ($M) - Global Industry Research
2.2 Consulting Services Market 2023-2030 ($M) - Global Industry Research
3.Global Market Analysis By Organization Size Market 2023-2030 ($M)
3.1 Small & Medium Enterprises Market 2023-2030 ($M) - Global Industry Research
3.2 Enterprises Market 2023-2030 ($M) - Global Industry Research
4.Global Security as a Service Market Analysis By Vertical Market 2023-2030 ($M)
4.1 IT & Telecom Market 2023-2030 ($M) - Global Industry Research
4.2 BFSI Market 2023-2030 ($M) - Global Industry Research
4.3 Retail Market 2023-2030 ($M) - Global Industry Research
4.4 Healthcare Market 2023-2030 ($M) - Global Industry Research
4.5 Government & Defense Market 2023-2030 ($M) - Global Industry Research
4.6 Oil & Gas Market 2023-2030 ($M) - Global Industry Research
5.Global Security as a Service Market Analysis By Solution Market 2023-2030 (Volume/Units)
5.1 Endpoint Protection Market 2023-2030 (Volume/Units) - Global Industry Research
5.2 Security Information & Event Management Market 2023-2030 (Volume/Units) - Global Industry Research
5.3 Identity Access Management Market 2023-2030 (Volume/Units) - Global Industry Research
5.4 Intrusion Detection & Prevention Systems Market 2023-2030 (Volume/Units) - Global Industry Research
5.5 Email Encryption Market 2023-2030 (Volume/Units) - Global Industry Research
5.6 Data Loss Prevention Market 2023-2030 (Volume/Units) - Global Industry Research
6.Global Security as a Service Market Analysis By Service Market 2023-2030 (Volume/Units)
6.1 Training & Education Market 2023-2030 (Volume/Units) - Global Industry Research
6.2 Consulting Services Market 2023-2030 (Volume/Units) - Global Industry Research
7.Global Market Analysis By Organization Size Market 2023-2030 (Volume/Units)
7.1 Small & Medium Enterprises Market 2023-2030 (Volume/Units) - Global Industry Research
7.2 Enterprises Market 2023-2030 (Volume/Units) - Global Industry Research
8.Global Security as a Service Market Analysis By Vertical Market 2023-2030 (Volume/Units)
8.1 IT & Telecom Market 2023-2030 (Volume/Units) - Global Industry Research
8.2 BFSI Market 2023-2030 (Volume/Units) - Global Industry Research
8.3 Retail Market 2023-2030 (Volume/Units) - Global Industry Research
8.4 Healthcare Market 2023-2030 (Volume/Units) - Global Industry Research
8.5 Government & Defense Market 2023-2030 (Volume/Units) - Global Industry Research
8.6 Oil & Gas Market 2023-2030 (Volume/Units) - Global Industry Research
9.North America Security as a Service Market Analysis By Solution Market 2023-2030 ($M)
9.1 Endpoint Protection Market 2023-2030 ($M) - Regional Industry Research
9.2 Security Information & Event Management Market 2023-2030 ($M) - Regional Industry Research
9.3 Identity Access Management Market 2023-2030 ($M) - Regional Industry Research
9.4 Intrusion Detection & Prevention Systems Market 2023-2030 ($M) - Regional Industry Research
9.5 Email Encryption Market 2023-2030 ($M) - Regional Industry Research
9.6 Data Loss Prevention Market 2023-2030 ($M) - Regional Industry Research
10.North America Security as a Service Market Analysis By Service Market 2023-2030 ($M)
10.1 Training & Education Market 2023-2030 ($M) - Regional Industry Research
10.2 Consulting Services Market 2023-2030 ($M) - Regional Industry Research
11.North America Market Analysis By Organization Size Market 2023-2030 ($M)
11.1 Small & Medium Enterprises Market 2023-2030 ($M) - Regional Industry Research
11.2 Enterprises Market 2023-2030 ($M) - Regional Industry Research
12.North America Security as a Service Market Analysis By Vertical Market 2023-2030 ($M)
12.1 IT & Telecom Market 2023-2030 ($M) - Regional Industry Research
12.2 BFSI Market 2023-2030 ($M) - Regional Industry Research
12.3 Retail Market 2023-2030 ($M) - Regional Industry Research
12.4 Healthcare Market 2023-2030 ($M) - Regional Industry Research
12.5 Government & Defense Market 2023-2030 ($M) - Regional Industry Research
12.6 Oil & Gas Market 2023-2030 ($M) - Regional Industry Research
13.South America Security as a Service Market Analysis By Solution Market 2023-2030 ($M)
13.1 Endpoint Protection Market 2023-2030 ($M) - Regional Industry Research
13.2 Security Information & Event Management Market 2023-2030 ($M) - Regional Industry Research
13.3 Identity Access Management Market 2023-2030 ($M) - Regional Industry Research
13.4 Intrusion Detection & Prevention Systems Market 2023-2030 ($M) - Regional Industry Research
13.5 Email Encryption Market 2023-2030 ($M) - Regional Industry Research
13.6 Data Loss Prevention Market 2023-2030 ($M) - Regional Industry Research
14.South America Security as a Service Market Analysis By Service Market 2023-2030 ($M)
14.1 Training & Education Market 2023-2030 ($M) - Regional Industry Research
14.2 Consulting Services Market 2023-2030 ($M) - Regional Industry Research
15.South America Market Analysis By Organization Size Market 2023-2030 ($M)
15.1 Small & Medium Enterprises Market 2023-2030 ($M) - Regional Industry Research
15.2 Enterprises Market 2023-2030 ($M) - Regional Industry Research
16.South America Security as a Service Market Analysis By Vertical Market 2023-2030 ($M)
16.1 IT & Telecom Market 2023-2030 ($M) - Regional Industry Research
16.2 BFSI Market 2023-2030 ($M) - Regional Industry Research
16.3 Retail Market 2023-2030 ($M) - Regional Industry Research
16.4 Healthcare Market 2023-2030 ($M) - Regional Industry Research
16.5 Government & Defense Market 2023-2030 ($M) - Regional Industry Research
16.6 Oil & Gas Market 2023-2030 ($M) - Regional Industry Research
17.Europe Security as a Service Market Analysis By Solution Market 2023-2030 ($M)
17.1 Endpoint Protection Market 2023-2030 ($M) - Regional Industry Research
17.2 Security Information & Event Management Market 2023-2030 ($M) - Regional Industry Research
17.3 Identity Access Management Market 2023-2030 ($M) - Regional Industry Research
17.4 Intrusion Detection & Prevention Systems Market 2023-2030 ($M) - Regional Industry Research
17.5 Email Encryption Market 2023-2030 ($M) - Regional Industry Research
17.6 Data Loss Prevention Market 2023-2030 ($M) - Regional Industry Research
18.Europe Security as a Service Market Analysis By Service Market 2023-2030 ($M)
18.1 Training & Education Market 2023-2030 ($M) - Regional Industry Research
18.2 Consulting Services Market 2023-2030 ($M) - Regional Industry Research
19.Europe Market Analysis By Organization Size Market 2023-2030 ($M)
19.1 Small & Medium Enterprises Market 2023-2030 ($M) - Regional Industry Research
19.2 Enterprises Market 2023-2030 ($M) - Regional Industry Research
20.Europe Security as a Service Market Analysis By Vertical Market 2023-2030 ($M)
20.1 IT & Telecom Market 2023-2030 ($M) - Regional Industry Research
20.2 BFSI Market 2023-2030 ($M) - Regional Industry Research
20.3 Retail Market 2023-2030 ($M) - Regional Industry Research
20.4 Healthcare Market 2023-2030 ($M) - Regional Industry Research
20.5 Government & Defense Market 2023-2030 ($M) - Regional Industry Research
20.6 Oil & Gas Market 2023-2030 ($M) - Regional Industry Research
21.APAC Security as a Service Market Analysis By Solution Market 2023-2030 ($M)
21.1 Endpoint Protection Market 2023-2030 ($M) - Regional Industry Research
21.2 Security Information & Event Management Market 2023-2030 ($M) - Regional Industry Research
21.3 Identity Access Management Market 2023-2030 ($M) - Regional Industry Research
21.4 Intrusion Detection & Prevention Systems Market 2023-2030 ($M) - Regional Industry Research
21.5 Email Encryption Market 2023-2030 ($M) - Regional Industry Research
21.6 Data Loss Prevention Market 2023-2030 ($M) - Regional Industry Research
22.APAC Security as a Service Market Analysis By Service Market 2023-2030 ($M)
22.1 Training & Education Market 2023-2030 ($M) - Regional Industry Research
22.2 Consulting Services Market 2023-2030 ($M) - Regional Industry Research
23.APAC Market Analysis By Organization Size Market 2023-2030 ($M)
23.1 Small & Medium Enterprises Market 2023-2030 ($M) - Regional Industry Research
23.2 Enterprises Market 2023-2030 ($M) - Regional Industry Research
24.APAC Security as a Service Market Analysis By Vertical Market 2023-2030 ($M)
24.1 IT & Telecom Market 2023-2030 ($M) - Regional Industry Research
24.2 BFSI Market 2023-2030 ($M) - Regional Industry Research
24.3 Retail Market 2023-2030 ($M) - Regional Industry Research
24.4 Healthcare Market 2023-2030 ($M) - Regional Industry Research
24.5 Government & Defense Market 2023-2030 ($M) - Regional Industry Research
24.6 Oil & Gas Market 2023-2030 ($M) - Regional Industry Research
25.MENA Security as a Service Market Analysis By Solution Market 2023-2030 ($M)
25.1 Endpoint Protection Market 2023-2030 ($M) - Regional Industry Research
25.2 Security Information & Event Management Market 2023-2030 ($M) - Regional Industry Research
25.3 Identity Access Management Market 2023-2030 ($M) - Regional Industry Research
25.4 Intrusion Detection & Prevention Systems Market 2023-2030 ($M) - Regional Industry Research
25.5 Email Encryption Market 2023-2030 ($M) - Regional Industry Research
25.6 Data Loss Prevention Market 2023-2030 ($M) - Regional Industry Research
26.MENA Security as a Service Market Analysis By Service Market 2023-2030 ($M)
26.1 Training & Education Market 2023-2030 ($M) - Regional Industry Research
26.2 Consulting Services Market 2023-2030 ($M) - Regional Industry Research
27.MENA Market Analysis By Organization Size Market 2023-2030 ($M)
27.1 Small & Medium Enterprises Market 2023-2030 ($M) - Regional Industry Research
27.2 Enterprises Market 2023-2030 ($M) - Regional Industry Research
28.MENA Security as a Service Market Analysis By Vertical Market 2023-2030 ($M)
28.1 IT & Telecom Market 2023-2030 ($M) - Regional Industry Research
28.2 BFSI Market 2023-2030 ($M) - Regional Industry Research
28.3 Retail Market 2023-2030 ($M) - Regional Industry Research
28.4 Healthcare Market 2023-2030 ($M) - Regional Industry Research
28.5 Government & Defense Market 2023-2030 ($M) - Regional Industry Research
28.6 Oil & Gas Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Security As A Service Market Revenue, 2023-2030 ($M)2.Canada Security As A Service Market Revenue, 2023-2030 ($M)
3.Mexico Security As A Service Market Revenue, 2023-2030 ($M)
4.Brazil Security As A Service Market Revenue, 2023-2030 ($M)
5.Argentina Security As A Service Market Revenue, 2023-2030 ($M)
6.Peru Security As A Service Market Revenue, 2023-2030 ($M)
7.Colombia Security As A Service Market Revenue, 2023-2030 ($M)
8.Chile Security As A Service Market Revenue, 2023-2030 ($M)
9.Rest of South America Security As A Service Market Revenue, 2023-2030 ($M)
10.UK Security As A Service Market Revenue, 2023-2030 ($M)
11.Germany Security As A Service Market Revenue, 2023-2030 ($M)
12.France Security As A Service Market Revenue, 2023-2030 ($M)
13.Italy Security As A Service Market Revenue, 2023-2030 ($M)
14.Spain Security As A Service Market Revenue, 2023-2030 ($M)
15.Rest of Europe Security As A Service Market Revenue, 2023-2030 ($M)
16.China Security As A Service Market Revenue, 2023-2030 ($M)
17.India Security As A Service Market Revenue, 2023-2030 ($M)
18.Japan Security As A Service Market Revenue, 2023-2030 ($M)
19.South Korea Security As A Service Market Revenue, 2023-2030 ($M)
20.South Africa Security As A Service Market Revenue, 2023-2030 ($M)
21.North America Security As A Service By Application
22.South America Security As A Service By Application
23.Europe Security As A Service By Application
24.APAC Security As A Service By Application
25.MENA Security As A Service By Application
26.Symantec Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.MCAFEE, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Trend Micro, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Panda Security, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Ciphercloud, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Radware Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)