Based on the Security as a Service Market Forecast, the market is anticipated to grow at a CAGR of 21.59% during the forecast period, with an estimated market value of USD 14.25 billion. SaaS is basically a cloud-based system where the security vendors take responsibility of securing and maintaining the enterprise, data, and network over the cloud and on-premises environment. This service enables provisioning of services and security solutions from the cloud.
This report covers the Security as a Service Market Growth and Security as a Service Market Analysis in detail. The Security as a Service Market Segments along with regional analysis are also, covered. It also puts lights on the recent developments that has taken the Security, Security as a Service Business to a new extent. Major key players of the market, market dynamics and its post covid-19 situation can also be found in this report.
Covid-19 impact Analysis:
The pandemic covid-19 has affected organizations in any way. Since the governments have been forced to continue lockdowns for infinite periods to keep social distancing going, the organizations have embraced many digital ways of doing their business. In fact, it has become a new Business Continuity Plan for many well-known organizations.
Organizations have also modernized their work culture by embracing new work cultures such as work from home WFH) and bring your own device (BYOD).
The new work culture has exposed the companies security as the employees are working remotely on office laptops that has zero firewall protection or on their personal laptops with zero antivirus packages. The crisis of Covid-19 has forced the companies to transform their mentality towards cybersecurity. This crisis has exposed to situations where their IPs are at stake. Therefore, SMBs, large enterprises, and startups are considering cybersecurity as an unavoidable Capital Expenditure (CAPEX). This situation is leading the growth of the SaaS market at a rapid speed.
Organizations hugely implementing the cloud-computing to create highly secured platforms for their business is the primary driving force of the growth of the market. Many governments of many countries have set special rules and regulations for cloud-based security, which is also responsible for the market's growth worldwide. SMEs are an easy target to cybercriminals, which is why they are becoming more aware of cybersecurity and leaning towards it, which is a boosting factor for market growth. The demand for cloud-based security solutions is expected to increase more in the future, which will be a constant boon to the Security as a Service Industry.
The rapid adoption of cloud computing security is expected to create huge opportunities in the market. The cost-effectiveness of cloud-based security is also a reason behind its growth in the global market. Additionally, new trends like BYOD and CYOD is also making the organizations more aware of their security system, which is driving the growth in the market.
Based on the global Security as a Service Market, it is segmented into-
Based on component, the global market of Security as a Service is further segmented into-
By Application Area:
Based on the application area, the global market of Security as a Service is further segmented into-
By Organization Size:
Based on organization size, the global market of Security as a Service is further segmented into-
Based on verticals, the global market of Security as a Service is further segmented into-
Based on region, the global market of Security as a Service is further segmented into-
Security as a Service Market Regional Analysis:
The Regional analysis of Security as a Service market is majorly based on four regions- North America, Europe, APAC and the rest of the world. Among all these regions, North America is expected to dominate the global security market as a service. Technological advancement and the advent of cloud computing is hugely driving the growth of the market in the region. This region is expected to have the highest Security as a Service Market Profit during the forecast period. The United States and Canada are mostly the dominant market shareholders of the North American region.
On the other hand, Europe is expected to witness high growth during the forecast period. The companies in this regional market are investing heavily in cybersecurity which is driving the market forces in Europe.
The APAC market is also expected to grow with the fastest speed among all the regional markets. As large enterprises have shown a rapid shift in cloud computing, it provides a huge boost to the Asian market. In the region, India, China and Japan have the largest customer base, making them the leading markets.
July 2020- together, Microsoft and NEC facilitate Microsoft Azure, NEC's network, Microsoft 365, IT expertise and 5G technologies through a partnership of multi-year strategy. They also aim to provide IoT and AI solutions to help the public sectors and customers in various industries and markets.
July 2021-McAfee and Visa made a new partnership that enabled Visa to offer award-winning cybersecurity to Visa Business cardholders in North America and EMEA. With this collaboration, Visa cardholders have been facilitated to save on a two-year subscription up to 40% on comprehensive McAfee solutions. Additionally, they get protection for sensitive data via email, web and firewall protection, mobile VPN, and safeguard from the malware and latest cyber threats.
Security as a Service Market Major Key Players:
There are many major key players behind the Security as a Service Market Profit. Here is a list of some prominent investors of the market-
The report comprises of
|Market Size||USD 14.25 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Application Area|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Symantec Corporation (US), Intel Corporation (US), Trend Micro Incorporated (Japan), Cisco Systems Inc. (US), Fortinet Inc. (US), Panda Security (Spain), CipherCloud (US), Zscaler Inc. (US), Alert Logic Inc. (US), and Radware Ltd (Israel), International Business Machines Corporation (US), Verizon (US), and SecureWorks (US)|
|Key Market Opportunities||Cloud-based security ensures the security of customer’s data and information at a low-cost. Furthermore, the rise in demand for cloud computing security is expected to be one of the major factors fueling the growth of the security as a service market over the forecast period.|
|Key Market Drivers||
The security as a service market can thrive at 21.59% CAGR by 2023.
Based on the Security as a Service Market Forecast, the market is anticipated to grow at a CAGR of 21.59% during the forecast period, with an estimated market value of USD 14.25 billion.
CipherCloud (US), Alert Logic Inc. (US), and Zscaler Inc. (US) are some reputed names in the security as a service market.
email security, network security, web security, and database cloud security are applications of security as a service.
identity access management (IAM) and security information and event management (SIEM) are some security as a services.
It is a model designed explicitly for security management to deploy security services and solutions over the Internet.