Security as a Service Market

Analysis from GMI Research finds that the Security as a Service Market earned revenues of USD 14,443 million in 2022 and forecast to touch USD 39,218 million in 2030 will grow at a CAGR of 13.3% from 2023-2030

Security as a Service Market Overview

Security as a Service (SECaaS) can be defined as a cloud computing model that provides managed cyber security services over the internet. Security as a Service solutions hosted by cloud providers help in easing the in-house security team’s responsibilities and scaling security needs for corporate infrastructures.

To have an edge over the competition by knowing the market dynamics and current trends of “Security as a Service Market”, request for Sample Report here

Major Security as a Service Market Drivers

The rapid increase in the e-business services; rising adoption of technologies including cloud computing, Big Data, IoT, and artificial intelligence (AI), in businesses; and growing awareness about data security and reducing cyber-attacks on connected devices are expected to drive the growth of the security as a service market size. Additionally, industries including banking, manufacturing, healthcare, defence, retail, and energy are increasingly adopting the SECaaS solution owing to its lower upfront costs, scalability, consistency, simpler management, greater availability and accessibility.

Moreover, the security as a service offer various benefits including continuous monitoring, data loss prevention, business continuity and disaster recovery, email security, antivirus management, spam filtering, identity and access management, intrusion protection, security assessment, network security, security information and event management, web security, and vulnerability scanning, this further expected to propel the market demand. Furthermore, according to the Identity Theft Resource Center (ITRC), in the first six months of 2020, in U.S., there were 540 data breaches and approximately 164 million people affected including those who received more than one breach notice. This is anticipated to augment the growth of the market over the forecast period.

Restraint in the Security as a Service Market

However, high cost of SECaaS solutions and the lack of skilled IT professionals are expected to restraint the growth of the market. Moreover, lack of trust issues on third-party applications to share sensitive data and rising concern for cyberattack may further hamper the market growth.

Do you want to know more about the Research process and detailed Method ology, Request Research Methodology of this report

Solution – Segment Analysis

Based on the solution, secure email gateway is expected to acquire a large share in the market owing to the increasing use of email service by companies due to its advantages that includes faster communication, cost-effective way of promotion, high accessibility, and a quick and easy way for customer service and feedback. Additionally, according to the American Library Association, the total number of business and consumer emails sent and received per day is expected to grow at an average rate of 4.4 percent annually, reaching 319.6 billion messages per day by the end of 2021.

Organization Size – Segment Analysis

Based on the organization, small and medium enterprises are expected to grow substantially during the forecast period. This is primarily due to the increasing adoption of IoT, BYOD trend, and rising demand for security solutions for protecting enterprise sensitive data. Moreover, small and medium enterprises represent about 90% of businesses globally and it is estimated to provide 600 million jobs by 2030, according to the World Bank Group.

Industry Vertical – Segment Analysis

Based on the industry vertical, the BFSI sector is projected to hold a notable market share over the forecast period primarily due to the rising incidences of banking data breaches pertaining customers data & employee information such as debit & credit cards, bank account details, and other confidential data. Rising number of online transaction and e-financial services provided by companies in the sector is further contributing to the market growth.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

Regional – Segment Analysis:

Based on region, North America is expected to account for a large share in the Security as a Service market primarily due to high growth in the manufacturing, defence, energy, utilities, and financial sectors in U.S. Moreover, presence of large number of some of the leading Security as a Service providers including Cisco Systems, Inc., International Business Machines Corporation, Dell Technologies Inc., and Microsoft Corporation is expected to stimulate the market growth.

Top Market Players

Several Leading players operating in the market, include, McAfee, LLC, Dell Technologies Inc., Cisco Systems, Inc., International Business Machines Corporation, Barracuda Networks Inc., Proofpoint Inc., Broadcom Inc., Qualys Inc., Microsoft Corporation, and Alert Logic, Inc. among others. 

Key Developments: 

• • In 2020, McAfee, LLC, one of the leading cloud-based cybersecurity company, collaborated with Atlassian Corporation PLC, one of the prominent software development companies. The partnership is aimed for developing enhanced data security and threat protection to common customers moving to the cloud computing infrastructure.

Segments covered in the Report:

The global Security as a Service Market has been segmented on the basis of solution, organization size, industry vertical, and key regions. Based on solution, the market is segmented into identity and access management, secure email gateway, secure web gateway, vulnerability management, security information and event management (SIEM), application security testing, and others. Based on organization size, the market is segmented into small and medium enterprises, and large enterprises. Based on industry vertical, the market is segmented into banking, financial services, and insurance (BFSI), government and defence, retail, healthcare, IT and telecom, energy and utilities, manufacturing, and others. 

For detailed scope of the “Security as a Service Market” report request a Sample Copy of the report

Market Segmentation

Global Security as a Service Market by Solution

• • Identity and Access Management
  • Secure Email Gateway
  • Secure Web Gateway
  • Vulnerability Management
  • Security Information and Event Management (SIEM)
  • Application Security Testing
  • Others

Global Security as a Service Market by Organization Size

• • Small and Medium Enterprises
  • Large Enterprises

Global Security as a Service Market by Industry Vertical

• • Banking, Financial Services, and Insurance (BFSI)
  • Government and Defence
  • Retail
  • Healthcare
  • IT and Telecom
  • Energy and Utilities
  • Manufacturing
  • Others

Global Security as a Service Market by Region

• • North America Security as a Service Market (Option 1: As a part of the free 25% customization)

    • By Solution
    • By Organization Size
    • By Industry Vertical
    • US Market All-Up
    • Canada Market All-Up

  • Europe Security as a Service Market (Option 2: As a part of the free 25% customization)

    • By Solution
    • By Organization Size
    • By Industry Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Security as a Service Market (Option 3: As a part of the free 25% customization)

    • By Solution
    • By Organization Size
    • By Industry Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Security as a Service Market (Option 4: As a part of the free 25% customization)

    • By Solution
    • By Organization Size
    • By Industry Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Security as a Service Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • McAfee, LLC
  • Dell Technologies Inc.
  • Cisco Systems, Inc.
  • International Business Machines Corporation
  • Barracuda Networks Inc.
  • Proofpoint Inc.
  • Broadcom Inc.
  • Qualys Inc.
  • Microsoft Corporation
  • Alert Logic, Inc.

vitamin-d market