ID: MRFR/ICT/6401-HCR | February 2021 | Region: Global | 110 pages
The Global Security Assurance Market is Expected to Register a CAGR of 10.4% During The Forecast Period to Reach USD 6.71 billion by 2024.
Enterprises across the globe are dependant on software to protect their computing environment and data on the cloud as well as on premise which has increased the requirement of software security assurance. The enterprises use software security to assess the security assurance practices of their technology suppliers/partners. One of the major factors contributing to market growth is the emergence of increasingly complex and stringent government regulations to protect enterprise data from unlawful access. Additionally, the growing adoption of cloud-based security assurance solutions among enterprises is also expected to drive the market. The growing deployment of third-party applications which protect the computing environment and data, integrated with the core software is another factor which contributes to the market size. However, the concerns regarding hybrid cloud security are expected to limit market growth during the forecast period. Growing cloud-based applications across verticals and the increasing trend of IoT and connected mobile devices are expected to offer lucrative opportunities to the key providers of security assurance in the global market.
The global security assurance market has been segmented based on application, organization size, vertical, and region/country.
By application, the global security assurance market has been divided into mobility solutions, business applications, and system and network infrastructure.
Based on organization size, the global security assurance market has been divided into small- and medium-sized enterprise (SME) and large enterprise.
On the basis of vertical, the global security assurance market has been divided into banking, financial services and insurance (BFSI), telecommunications and IT, healthcare and pharmaceuticals, government, retail and e-commerce, manufacturing, and others.
The global security assurance market has been analyzed for four regions—North America, Europe, Asia-Pacific, and the rest of the world.
The Global Security Assurance Market is estimated to grow moderately during the forecast period from 2019 to 2024. The geographic analysis of the global security assurance market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
North America accounts for the highest market share owing to the rapid adoption of cloud technology as well as increasing stringency of data protection regulations. The study has covered the US, Canada, and Mexico under the region. Increasing measures to prevent increasing security attacks and breaches act as a driver for the growth of the market in the US.
The market in Europe is expected to be the second-largest during the review period due to the need to mitigate IT security threats. Asia-Pacific is anticipated to be the fastest growing market in the global security assurance market during the forecast period. The rise in the adoption of security assurance services among SMEs is expected to contribute to the growth of the security assurance market in Asia-Pacific.
Source: MRFR Analysis
The security assurance vendors are increasingly focusing on offering innovative solutions and services thus making significant investments in their research & development (R&D) activities. Software launches, service enhancement, mergers, acquisitions, and partnerships are the major strategies adopted by vendors in the security assurance market to cater to the diverse requirements of the clients and expand to new regions. For instance, in April 2019, SAP (Germany) and Micro Focus (UK) partnered which led to the integration of SAP Code Vulnerability Analyzer and SAP Fortify by Micro Focus to achieve security assurance.
Frequently Asked Questions (FAQ) :
The security assurance market can thrive at 10.4% CAGR by 2024.
The security assurance market can value at USD 6.71 Bn by 2024.
Avaya Inc.(US), Micro Focus (UK), Infosys Limited (India), and IBM Corporation (US) are some reputed names in the security assurance market.
Business applications, mobility solutions, and network infrastructure are areas of application of security assurance solutions.
Healthcare, telecommunications and IT, and pharmaceuticals are some major end-users of security assurance solutions.