Pune, 24, Nov 2022: According to Maximize Market Research, the Security as a Service Market is expected to reach USD 52.73 billion 2029 with 18.9 % CAGR during the forecast period. Deep Dive Analysis of 20+ Countries across 5 Key Regions, 50+ Companies Scrutined, Driven by Cloud Infrastructure & Cyber Security.
Security as a Service Market Scope and Research Methodology
The research report makes extensive use of primary and secondary data sources. The research process involves looking into a variety of factors that have an impact on the industry, such as regulatory requirements, the market environment, the competitive landscape, historical data, current market trends, technological innovation, upcoming technologies, technical advancement in related industries, as well as market risks, opportunities, barriers, and challenges. All conceivable factors that might have an impact on the markets covered by this research study have been taken into account, thoroughly examined, verified through primary research, and evaluated to produce the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the impact of inflation, economic downturns, regulatory & policy changes, and other variables is accounted for in the forecast. This information is combined with detailed inputs and analysis and presented in the report.
The bottom-up approach was used for market estimation and global market trend analysis. To obtain accurate inferences, data was collected from a large sample using both primary and secondary research methods. Surveys, questionnaire distribution, and phone interviews with industry experts, market leaders, entrepreneurs, and marketing professionals were among the primary methods employed. Secondary data was meticulously gathered from a carefully selected set of sources to ensure the accuracy of the conclusions. Official databases of various organizations and government websites, industry journals, white papers, annual reports, product manufacturer and supplier releases, and paid databases are just a few examples. PESTLE was used to understand various market factors, while SWOT analysis was used to understand key companies’ strengths and weaknesses. As a result, the report provides a thorough examination of the Security as a Service Market.
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Security as a Service Market Overview
Security as a service, or SaaS, is an outsourcing model used in various enterprises for security management. Security as a service can be installed on a monthly rental basis in conjunction with scalable and configurable solution offerings. Security solutions include anti-virus software, intrusion detection, authentication, anti-malware/spyware, penetration testing, and security event management. SaaS solution providers integrate their cloud security services into corporate networks in order to provide cloud-based security services to various enterprises. SaaS is being used in a wide variety of businesses due to its low cost and ease of management.
Several businesses have begun to implement IoT-based solutions to improve operational efficiencies. Before releasing their products to the market, IoT solution vendors are implementing security as a service to reduce cyber-attacks, identify risks, and repair flaws. Furthermore, as the use of security services in IoT grows, the demand for security as a service solutions is expected to grow dramatically in the near future, with significant growth potential.
Security as a Service Market Dynamics
Cloud-based security solutions are becoming increasingly important for SMEs: Businesses can use cloud implementation to integrate supplemental infrastructure technologies, such as software-defined perimeters, to build resilient and secure platforms. Several governments develop unique recommendations and laws for cloud platform security, promoting the growth of the global cyber security market. Small and medium-sized enterprises (SMEs) are constantly looking for new ways to update their applications and infrastructures by leveraging cloud-based platforms such as Software-as-a-Service (SaaS) and Infrastructure-as-a-Service (IaaS) (IaaS). Most SMEs in all industries become prime targets for fraudsters looking to exploit security flaws. Traditional appliance-based firewalls and security gateways are incapable of protecting cloud-based apps from malware, ransomware, phishing, and DNS data exfiltration.
As SMEs prioritize cloud platform adoption, security administrators in these SMEs drive demand for cloud-based security as a service solution to improve performance and protect online and mobile apps, as well as critical network infrastructure. Cloud-based security as a service solution eliminates the need to deploy a stack of security equipment on-premises and use cloud services to protect applications, data, users, and devices. As SMEs seek to address data and information security concerns in the cloud, demand for cloud-based security as a service solution is expected to rise, opening up market opportunities.
Over the last five years, the IT infrastructure has become more complicated and diverse due to the introduction of new platforms, BYOD regulations, CYOD trends, business apps, and other technologies. Rapid advancements in mobile computing have increased workplace adoption of the BYOD and CYOD trends. These trends promote work freedom and increased employee productivity by allowing employees to access corporate data from anywhere, at any time, using their devices. As a result, protecting the confidentiality and integrity of corporate data from potential threats is critical.
Security as a Service Market Regional Insights
North America is expected to have the largest global market share. Security as a service is in high demand across the region to protect organizations’ confidential data from cyber-attacks. Furthermore, intense competition and U.S. government regulations regarding cyber security have encouraged the market to create a better service while complying with government regulations, which is expected to boost demand for security as a service in this region. Major market players such as IBM Corporation, Microsoft Corporation, Forcepoint, and Cisco Systems, among others, contribute to revenue generation in the region.
Security as a Service Market Segmentation
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Others (Email Security, Web Security, and Database Security)
- Banking, Financial Services, Insurance,
- Government and Defense
- IT and Telecom
- Energy and Utilities
Security as a Service Market Key Competitors:
- Trend Micro
- International Business Machines Corporation
- Alert Logic
- Barracuda Networks
- Panda Security
- Sentinel Technologies
- Happiest Minds
- Egress Technologies
- Kaspersky Lab
- DXC Technology
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Key questions answered in the Security as a Service Market are:
- What is a Security as a Service?
- What is the growth rate of the Security as a Service Market over the forecast period?
- What is the nature of competition in the Security as a Service industry in developed economies and developing economies?
- Who are the key players in the Security as a Service Market?
- Who are the market leaders in Security as a Service in Europe?
- Who are the market leaders in Security as a Services in USA and Canada?
- Who are the market leaders in Security as a Services in India, China, Japan, and South Korea?
- What are the factors affecting growth in the Security as a Service Market?
- Who held the largest market share in the Security as a Service Market?
- What are the factors for the growth of the Asia-Pacific region in the Security as a Service Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Component, Application, Industry, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading research firm, has also published the following reports:
Commercial Security Market – The Commercial Security Market size is expected to reach USD 429.58 billion by 2029 at a CAGR of 8.7 percent during the forecast period. The Commercial Security Market is expected to be driven by a growing demand for private security is a major driver of market growth.
Security Analytics Market – The Security Analytics Market size is expected to reach USD 39.61 billion by 2029 at a CAGR of 16.1 percent during the forecast period. The Security Analytics Market is expected to be driven by a rising number of cybercrimes and security breaches across the world.
IoT Security Market – The IoT Security Market size are expected to reach USD 73.60 billion by 2029 at a CAGR of 22.1 percent during the forecast period. The IoT Security Market are expected to be driven by a growing need for IoT security.
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