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Security Assurance Market Size

ID: MRFR//6401-HCR | 110 Pages | Author: Shubham Munde| June 2024

The security assurance market is impacted by using some market elements that form its factors and development. One of the key market elements affecting the security assurance market is the rising recurrence and complexity of digital dangers. As organizations and institutions face a developing range of digital assaults, the demand for security assurance preparations and administrations rises, riding market improvement. Furthermore, the developing administrative scene assumes a widespread part in forming the security assurance market. Additionally, mechanical headways and the multiplication of advanced exchange drives upload to the development of the security assurance market. As associations embrace distributed computing, IoT, and other superior improvements, the requirement for full-of-life safety features rises, transferring the market forward.


Moreover, the growing familiarity with the significance of cybersecurity amongst organizations and customers fills in as a vital market component. With excessive-profile facts breaks and virtual assaults' status out as absolutely newsworthy, associations are gradually specializing in security assurance ventures to protect their sources and keep up with consumer considerations. One more powerful market component is the growing reception of security assurance preparations throughout diverse enterprise verticals. From money and scientific services to government and retail, businesses throughout unique areas are perceiving the criticality of security assurance using the market extension. Moreover, the upward push of recent threat vectors, for instance, ransomware and inventory network attacks, energizes the demand for cutting area security assurance arrangements, similarly molding the market scene.


Moreover, the severe scene and market union upload to the factors of the security assurance market. As laid-out players develop and beautify their contributions, and new members convey tough improvements to the market, competition strengthens, cultivating improvement and driving market development. Also, consolidations, acquisitions, and associations amongst security assurance suppliers affect the market, impacting the scope of preparations available and the critical situating of market players. The worldwide economic weather likewise assumes a tremendous component in molding the security assurance market. Monetary variances, international activities, and industry-explicit trends can affect the assignment restriction of associations, thus impacting the demand for security assurance arrangements and administrations.


Additionally, the growing spotlight on remote work and computerized coordinated effort at once following the Coronavirus pandemic has accelerated the reception of security assurance preparations, setting out new open doorways and difficulties for market gamers.

Covered Aspects:

Report Attribute/Metric Details
Market Size Value In 2023 USD 5.11 Billion
Growth Rate 11.66% (2024-2032)

Security Assurance Market Overview


The Security Assurance Market is projected to grow from USD 5.79 billion in 2024 to USD 14.01 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.66% during the forecast period (2024 - 2032). Additionally, the market size for Security Assurance was valued at USD 5.11 billion in 2023.


Increasing risks to network safety and increased backing for the BYOD movement are the key market drivers enhancing market growth.


Figure 1: Security Assurance Market Size, 2024 - 2032 (USD Billion)

Security Assurance Market Overview

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Security Assurance Market Trends


Growing demand for cloud-based services among SMEs is driving the market growth

Market CAGR for security assurance is driven by the growth of cloud-based technology the growth of cloud-based technology. With the help of software-defined perimeters and other ancillary infrastructure technologies, businesses may build highly secure platforms in the cloud. The growth of the international cyber security industry is also being fueled by the issuance of specific guidelines and laws for cloud platform security by governments in numerous nations. Moving to cloud-based platforms like Software-as-a-Service (SaaS) and Infrastructure-as-a-Service (IaaS) is a common strategy for SMEs updating their applications and infrastructures. Demand for security assurance is expected to rise due to the issues mentioned above in the future.


Additionally, rising worries about cyberattacks, phishing, and malware among enterprises fuel expansion in the global security assurance market. The security assurance business is expanding thanks to the Internet of Things and bring-your-own-device policies. However, the security assurance business is slowing down because of concerns about privacy and security. As a result of its usefulness in keeping businesses' security at an acceptable level, it has seen widespread adoption among businesses using cloud services. Also, the need for security assurance is significant to safeguard operations from external and internal risks due to the persistent creation of technologies and software in the financial and banking industry. Moreover, the percentage of SMEs that regularly use security assurance to protect their operations will grow in the years ahead. Therefore, the increasing prevalence of security assurance is fueling the expansion of the international market.


For instance, IBM declares that it has bought Polar Security, a leader in technology that helps businesses find, continuously monitor, and secure cloud and software-as-a-service (SaaS) application data. It helps solve the growing shadow data problem. As a result, the demand for security assurance is predicted to grow throughout the forecasted time due to the rising demand for cloud-based technology. Thus, the driving factor is the security assurance market revenue.


Security Assurance Market Segment Insights


Security Assurance Application Insights


The global security assurance market segmentation, based on application, includes mobility solutions, business applications, systems infrastructure and network infrastructure. In 2022, the mobility solutions segment led the security assurance market in revenue because of a rise in the number of mobile devices used around the globe. As the number of people who need and utilize mobile devices and Internet access rises, so does the probability that their networks will be attacked.


Security Assurance Organization Size Insights


The global security assurance market segmentation, based on the organization size, includes SMEs and large enterprises. The SMEs category is expected to grow fastest at a CAGR of 13.45% because more people understand the need to protect their data.


Figure 2: Global Security Assurance Market by Organization Size, 2022 & 2032 (USD Billion)


Global Security Assurance Market by Organization Size, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Security Assurance Vertical Insights


The global security assurance market segmentation, based on the vertical, includes BFSI, Telecommunications and IT, Healthcare and Pharmaceuticals, Government, Retail & E-Commerce, and Manufacturing. The BFSI category is expected to grow because there is a growing need for proactive end-to-end security solutions in the BFSI sector to protect against threats and unauthorized access as the sector upgrades its processes and transaction technologies.


Security Assurance Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American security assurance market will dominate because the country has a growing cloud security infrastructure. In addition, increasing mobile device usage and network connections and the growing number of SMBs that use IoT networks have made it clear that security assurance services are needed.


Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: GLOBAL SECURITY ASSURANCE MARKET SHARE BY REGION 2022 (USD Billion)


GLOBAL SECURITY ASSURANCE MARKET SHARE BY REGION 2022


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe’s security assurance market accounts for the second-largest market due to mobility, and security assurance in business and other network infrastructures should be stressed. Further, the security assurance market held the largest market share, and the UK security assurance market was the fastest-growing market in the European region.


The Asia-Pacific security assurance market is expected to grow at the fastest CAGR from 2023 to 2032 due to the increasing research and development efforts for the security assurance sector and the rising number of small and medium-sized enterprises (SMEs) in the region is expected to increase the need for affordable security assurance solutions. Moreover, China’s security assurance market held the largest market share, and the Indian security assurance market was the fastest-rising market in the Asia-Pacific region.


Security Assurance Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development to expand their product lines, which will help the security assurance market grow even more. There are some strategies for action that market participants are implementing to increase their presence around the world's global footprint, with important market developments including new product launches, contractual agreements and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the security assurance industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics manufacturer use in the global security assurance industry to benefit clients and increase the market sector. In recent years, the security assurance industry has offered some of the most significant technological advancements. Major players in the security assurance market, including Avaya Inc.(US), IBM Corporation (US), Infosys Limited (India), Micro Focus (UK), NETSCOUT (US), SAS Institute Inc. (US), Capgemini (France), Spirent Communications (UK), Radix Security Inc. (Israel), Tenable Inc. (US), Telos Corporation (US), Happiest Minds (India), CIPHER Security LLC (US), BizCarta Technologies India Pvt Ltd, Aura Information Security (Australia), and others are attempting to grow market demand by investing in research and development operations.


Telos Corporation provides the most security-aware companies in the world with tools to ensure the safety of their employees, data, and infrastructure around the clock. Solutions for IT risk management and information security are available from Telos, as are cloud security solutions for the protection of cloud-based assets and the facilitation of continuous compliance with industry and government security standards, and enterprise security solutions for the administration of identities, the protection of mobile communications, the management of internal communications, and the protection of computer networks. The company's clientele consists of businesses, industries subject to government oversight, and governments. In March 2023, Telos is delighted to announce a partnership with IBM Security as part of IBM's Active Governance Services (AGS), which helps businesses overcome obstacles related to cybersecurity compliance and regulatory concerns through the operationalization and automation of formerly manual processes.


NETSCOUT SYSTEMS protects the connected world from cyberattacks and performance and availability problems with its unique visibility platform and solutions driven by its pioneering deep packet inspection at scale technology. NETSCOUT works with the world's biggest businesses, service providers, and government agencies. In June 2023, NETSCOUT SYSTEMS, INC. created the Visibility without Borders platform to help key companies keep goods and services moving by combining performance, security, and availability into one common data framework. By autonomously finding areas of complexity, fragility, and risk, the platform unlocks insights at a scale never before seen. It gives the intelligence needed to increase visibility, improve agility, and keep data and applications safe.


Key Companies in the Security Assurance Market include




  • Avaya Inc.(US)




  • IBM Corporation (US)




  • Infosys Limited (India)




  • Micro Focus (UK)




  • NETSCOUT (US)




  • SAS Institute Inc. (US)




  • Capgemini (France)




  • Spirent Communications (UK)




  • Radix Security Inc. (Israel)




  • Tenable Inc. (US)




  • Telos Corporation (US)




  • Happiest Minds (India)




  • CIPHER Security LLC (US)




  • BizCarta Technologies India Pvt Ltd




  • Aura Information Security (Australia)




Security Assurance Industry Developments


July 2023: Sophos has joined up with Cysurance, a risk mitigation firm that provides insurance, warranties, and certification for security products. This collaboration allows businesses in the United States that rely on Sophos MDR to get cyber insurance at a competitive, flat rate. These regulations are the first to commend businesses implementing a system to monitor and respond to security threats.


June 2023: NETSCOUT SYSTEMS, a market leader in enterprise performance management, carrier service assurance, cybersecurity, and distributed denial of service (DDoS) prevention, has introduced the newest iteration of its Omnis Cyber Intelligence (OCI) product. Using highly scalable deep packet inspection (DPI) and multiple threat detection methods at the source of packet capture, OCI is an advanced network detection and response (NDR) solution that can detect threats in real time and permits historical investigation of high-fidelity network metadata and packets.


Security Assurance Market Segmentation


Security Assurance Application Outlook




  • Mobility solutions




  • Business applications




  • System Infrastructure




  • Network Infrastructure




Security Assurance Organization Size Outlook




  • SMEs




  • Large Enterprise




Security Assurance Vertical Outlook




  • BFSI




  • Telecommunications and IT




  • Healthcare and pharmaceuticals




  • Government




  • Retail and e-commerce




  • Manufacturing




Security Assurance Regional Outlook





  • North America



    • US




    • Canada






  • Europe



    • Germany




    • France




    • UK




    • Italy




    • Spain




    • Rest of Europe






  • Asia-Pacific



    • China




    • Japan




    • India




    • Australia




    • South Korea




    • Australia




    • Rest of Asia-Pacific






  • Rest of the World



    • Middle East




    • Africa




    • Latin America






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