The latest research study by IMARC Group, “Security As A Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” offers a comprehensive analysis of the industry, which comprises insights on global security as a service market growth. The global security as a service market reached a value of US$ 12.64 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 30.17 Billion by 2027, exhibiting a CAGR of 15.10% during 2022-2027.
Security as a Service Industry Outlook:
Security as a Service (SECaaS) is a cloud-computing cybersecurity solution outsourced by organizations. Some commonly provided SECaaS solutions include identity and access management, antivirus, anti-malware, intrusion detection, secure email and web gateway, vulnerability management, and application security testing. These services are incorporated into the business infrastructure and provided on a subscription basis. They also offer several benefits, including greater security, quick threat response, outsourcing administrative tasks, and constant virus definition updates. In addition, they help organizations in data encryption, preventing data loss, working with the latest tools and security updates, disaster recovery, and scaling security needs as the business grows. As a result, SECaaS is widely used across retail and e-commerce, healthcare, government and defense, information and technology (IT), telecom, energy utility, manufacturing, banking, financial services, and insurance (BFSI) industries.
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Market Trends:
The market is primarily driven by the increasing demand for cloud-based security solutions and the advent of smartphones and the internet. In addition, the improving IT infrastructure of organizations has escalated the incidences of online threats, such as data breaches and identity thefts which are contributing to the market growth.
Moreover, the rising security concerns on account of the increasing number of masses working remotely amid the recent coronavirus disease (COVID-19) outbreak are prompting organizations to adopt advanced security solutions like SECaaS. Besides this, the key players are focusing on product innovations to extend their product portfolio and attain a competitive edge in the market, which is anticipated to propel market growth.
Other factors, including the increasing penetration of the Internet of Things (IoT), the rising adoption of bring-your-own-device (BYOD) policies, and technological advancements, are also creating a positive market outlook.
Key Market Segmentation:
The report has been segmented the market into following categories:
Breakup by Component:
- Solution
- Services
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Application:
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Others
Breakup by Vertical:
- BFSI
- Government and Defense
- Retail and E-Commerce
- Healthcare and Life Sciences
- IT and Telecom
- Energy and Utilities
- Manufacturing
- Others
Breakup by Geography:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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List of Key Companies Covered in this Market Report:
The major players in the market are Alert Logic Inc., Barracuda Networks Inc., Cisco Systems Inc., Dell Technologies Inc., Fortinet Inc., International Business Machines Corporation, McAfee LLC, Microsoft Corporation, Okta Inc., Proofpoint Inc., Qualys Inc., Radware Ltd., Trend Micro Incorporated and Zscaler Inc.
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About IMARC Group:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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