Security as a Service Market Size, Share & Industry Analysis By Component (Solution, Services), By Organization Size (Small & Medium Enterprises, Large Enterprises), By Application (Network Security, Endpoint Security, Application Security, Cloud Security, Others), By Industry (BFSI, Government, Healthcare, Retail & E-commerce) And Regional Forecast, 2024-2032

Security as a service is a method to provide security technologies to organization for data centers or regional gateways. It has become an important model for businesses to grow mobile and cloud deployments as it helps to provide secure access to applications. There are multiple types of security solutions which are used to improve organizations application security. These security solution includes data loss prevention (DLP), compliance solutions, advanced malware prevention, cloud access security brokers formulating choices, and continuous monitoring, among others. Service providers offer their services on a subscription basis to organizations at an affordable cost. Owing to these advantages, demand for security as a service marketing is growing among end-use industries which is expected to propel the growth of the security as a service market.

Security as a service are significantly used in organizations as it provides several benefits over traditional methods such as faster operations, constant virus updates, cost effective solutions, and faster operations. Use of cloud technology has increased significantly over the years as a result of this, it has created the need to have more cost-effective and protected security solutions. Furthermore, rise in digitization and growing adoption of cloud-based services in multiple industries increases demand for security solution globally. In past few years, many businesses have implemented business applications, bring your own device (BYOD) policies, choose your own device (CYOD) trends and other technologies. Adoption of these policy offer work flexibility and increased employee productivity. These has increased concern for confidentiality and integrity of the organizational data. In order to ensure the organizational data safety, demand for security as a service has prominently increased which is anticipated to fuel the growth of the market.

IMPACT OF COVID-19 ON SECURITY AS A SERVICE MARKET

The COVID-19 had positive impact on the security as a service market. COVID-19 pandemic has ramifications for the security service providers for short term as well as long term outlook. Due to pandemic, many businesses, manufacturing plants, retail business were negatively affected due to imposition of lockdown. However, the pandemic has resulted in the shift toward remote working environments. Adoption of work from home policy has increased demand for cloud-based security solutions and it has created awareness among organizations regarding data security and cyber-attacks. Also, many small and medium size enterprises and large enterprises have increased their budget spending for cyber security related solutions. Thus, it is analyzed that COVID-19 pandemic has transformed the approach of a company’s management towards cybersecurity and it has positively impacted the security as a service market.

KEY INSIGHTS

The report will cover following key insights:

• Micro Macro Economic Indicators


• Drivers, Restraints, Trends and Opportunities


• Business Strategies Adopted by the Players


• Impact of COVID-19 on Security as a service Market


• Consolidated SWOT Analysis of Key Players

REGIONAL ANALYSIS

North America is expected hold the largest market share in the global market. Demand for security as a service is significantly increasing across the region to protect organizations confidential data from cyber-attacks. Additionally, intense competition and the U.S. government regulations regarding cyber security have encouraged the market to create a better service, complying with government regulations which is anticipated to boost the demand for security as a service market in this region. The presence of major market players such as IBM Corporation, Microsoft Corporation, Forcepoint, and Cisco Systems, among others helps in generating revenue in the region.

Asia Pacific is anticipated to showcase significant growth during forecast period. Growing adoption of security as a services across China, India, Singapore, South Korea and others are expected to drive the market growth rapidly in this region. Small and medium enterprises, as well as large enterprises in the Asia Pacific region, have become more aware of the rise in number of cybercrimes, which results in growing adoption of security as a service to reduce cyber threats. In addition, presence of adequate number of market vendors is propelling demand for security as a service in the region.

KEY PLAYERS COVERED

The report will include the profiles of key players such as Trend Micro Incorporated, IBM Corporation, Microsoft Corporation, Zscaler, Inc., Forcepoint, Sophos Ltd., Clearswift, Alert Logic, Barracuda Networks, Cisco Systems, Fortinet, Radware, NortonLifeLock, Sentinel Technologies, Proofpoint, Kaspersky Lab, HackerOne, and others.

Key players in the market like Trend Micro Incorporated, IBM Corporation, Microsoft Corporation, and Forcepoint etc. are entering into strategic partnerships and collaborations to expand the business. Market players are focused on new product launch and product enhancement in existing product to accelerate market growth.

SEGMENTATION

KEY INDUSTRY DEVELOPMENTS

• October 2021- Forcepoint partnered with KPMG India to offer data protection services to businesses in India. This partnership will enable enterprises and government agencies to protect their critical data from cyber-attacks.


• July 2021- Trend Micro Incorporated announced collaboration with Microsoft Corporation. Through this collaboration Trend Micro Incorporated aims to deliver technologically advanced and more secured cybersecurity for joint customers.