The global security-as-a-service market is estimated to reach a valuation of USD 10.4 billion in 2021 and is projected to grow at a CAGR of 17% during the forecast period till 2030.
Pune, India, May 17, 2021 (GLOBE NEWSWIRE) -- The global security-as-a-service market is estimated to reach a valuation of USD 10.4 billion in 2021 and is projected to grow at a CAGR of 17% during the forecast period till 2030.
Security-as-a-service (SaaS) provides cloud-hosted security services on a subscription basis. Security-as-a-service is widely used by small, medium, and large businesses because of the primary benefits it provides for corporate infrastructures, such as fulfilling the duties of in-house security teams, increasing security requirements as the business expands, and avoiding the costs and maintenance of on-premise alternatives. Security-as-a-service (SaaS) is an outsourced service in which a third party operates and manages security. The use of anti-virus software over the Internet is the simplest example of security-as-a-service.
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Online business enterprises face server-related challenges when it comes to cybersecurity. They don't have any on-site hardware to monitor cybersecurity since they don't have a physical workplace. These enterprises also lack the financial resources to hire analysts and security specialists. However, since most companies operate on a network or in the cloud, the risk of cyber-attacks is increasing as sophisticated attacks and threats become more frequent. Such enterprises can use security-as-a-service to outsource their security needs to a provider. The provider will be in charge of security services, such as authentication, intrusion detection, antivirus, and malware management. Off-site security facilities can be handled using the provider's hardware and cybersecurity equipment. Without providing their resources for this task, organizations can easily monitor threats within their networks using security-as-a-service.
The demand for security-as-a-service solutions has grown in response to rising threats to businesses and corporations, and an increase in identity fraud. Using IAM (Identity and Access Management) tools is one of the constructive ways to tackle identity fraud. These solutions rely on a centralized framework to determine and modify user access rights and monitor authorization based on those rights.
To protect against cybersecurity threats, security service providers are constantly upgrading their software. Although it is impossible to prevent all threats, enterprises should take steps to minimize the risk, such as limiting access to confidential data and increasing the use of controlled security services.
The growing dependence on third-party providers, such as managed security services, has increased the risk of planned attacks. Since they are well-informed and aware of emerging security technology and breaches, many hacker groups specialize in planned hacking for safe applications. This factor can hinder the market growth.
Some Significant Market Developments Considered in the Report:
In September 2020, Proofpoint, Inc., a pioneer in cybersecurity and enforcement, expanded its partnership with CyberArk, one of the global leaders in privileged access management. Because of the enhanced integration of Proofpoint Targeted Attack Protection with CyberArk's Privileged Access Security Solution, organizations can identify their very attacked people (VAPs), apply additional security policies to their high-risk users with privileged access, and remediate phishing attempts.
In May 2020, McAfee, a device-to-cloud cybersecurity company, collaborated with Atlassian, a leading provider of team collaboration and productivity software. Customers of Atlassian can use McAfee MVISON Cloud to extend their security policies to their use of Atlassian services because of this collaboration.
In July 2020, Thales Group collaborated with Google Cloud to improve enterprises' ability to securely transfer confidential data between public cloud, hybrid, and private IT infrastructures.
COVID-19 Impact on Global Security-as-a-Service Market
The QMI team is closely monitoring the impact of COVID-19 on the global security-as-a-service industry, and it has been observed by our team that the demand for security-as-a-service is slowing down during the pandemic time. However, starting in mid-2021, it is expected to grow at a sustainable rate. Many countries around the globe have imposed stringent lockdown regulations to prevent the pandemic from spreading, causing all types of business operations to be hampered.
The demand and supply of raw materials and product manufacturing and distribution have been completely disrupted due to the closing down of the marketplace. Among various industries, transportation, aviation, oil and gas, and electronic industries have suffered huge financial losses. This has created weak demand for several products and components, and security-as-a-service are one of them. In this report, all of these aspects have been closely examined.
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Global Security-as-a-Service Market, by Component
Based on component, the global security-as-a-service market is bifurcated into solution and services. The solution segment is further divided into identity and access management, data loss prevention (DLP), continuous monitoring, intrusion management, business continuity and disaster recovery, security information and event management, vulnerability scanning, email security, network security, web security, and others. The service segment is further divided into training and education, consulting, and support and maintenance.
The security information and event management (SIEM) segment is growing as it combines the functions of security information management and security event management into one system. Security-as-a-service providers use SIEM to collect and compile security logging data from all devices in the security management domain. End systems, servers, local and cloud applications, switches, routers, firewalls, and anti-virus software are some of the products in this category. SIEM re-arrange and analyze possible security incidents and generate a report, and alerts the security-as-a-service provider.
Global Security-as-a-Service Market, by Organization Size
Based on the organization size, this market is bifurcated into small and medium-sized enterprises (SMEs) and large enterprises. The small and medium-sized enterprises (SMEs) segment is expected to grow significantly during the forecast period. SME's (small and medium-sized enterprises) are a major source of innovation and growth around the world. Since setting up and running a whole server system in a traditional way is challenging and costly, SMEs stand to benefit the most from cloud computing.
Small and medium-sized enterprises (SMEs) are increasingly adopting security-as-a-service technologies as they have minimal resources to manage software applications and other business operations. Furthermore, cloud-based systems are commonly used by small businesses. Cloud-based systems, on the other hand, are often vulnerable to cyber-attacks due to a lack of authentication. Therefore, security-as-a-service plays an important role in securing their business, fueling demand and propelling market growth.
Global Security-as-a-service Market, by Vertical
Based on vertical, this market is classified into banking, financial services, and insurance (BFSI), energy and utilities, government and defense, healthcare, IT and telecom, manufacturing, retail, and others. As this banking, financial services, and insurance (BFSI) industry contribute to the economy, it remains a national priority and a concern for people's well-being. Therefore, significant security steps are taken to safeguard this industry against sophisticated attacks and threats. This factor is expected to fuel the demand for a security-as-a-service model in the BFSI industry.
Global Security-as-a-service Market, by Region
Based on regions, the global security-as-a-service market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The North America region is projected to hold a significant market share over the forecast period. This growth is attributed to the presence of a large number of security-as-a-service vendors in the region. The U.S. accounts for the largest market share in the North American region, owing to the presence of major market players in the country. Increased development of unprotected new technologies, such as the Internet of Things (IoT), and a rise in cybercrime activity in North America have resulted in a rise in malicious attacks. Therefore, in North America the security-as-a-service model is rapidly adopted by enterprises, thereby boosting the market growth.
Some Major Findings of the Security-as-a-service Market Report Include:
Major global market trend and forecasts analysis along with the country-specific market analysis for up to 25 countries
An in-depth global security-as-a-service market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors
Profiles of major market players operating in the global security-as-a-service market, which include Broadcom Inc., Trend Micro Incorporated, McAfee, LLC, Fortinet, Inc., Panda Security, S.L., CipherCloud, Inc., Zscaler, Inc., Alert Logic, Inc, Radware Ltd., Happiest Minds, Paladion's, Forcepoint, Digital Guardian, Volta, Okta, Proofpoint Inc., and Thales Group
Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global security-as-a-service market.
Impact of COVID-19 on the global security-as-a-service market
Browse key industry insights spread across 191 pages with 134 market data tables and 89 figures & charts from the report, “Security-as-a-service Market” in depth analysis along with the table of contents (ToC).
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