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The latest report by IMARC, titled “ SecurityasaServiceMarket:GlobalIndustryTrends,Share,Size,Growth,OpportunityandForecast2 023-2028
” " the global security as a service market reached a value of US$ 14.5 Billion in 2022.
Security as a service (SECaaS) refers to a cloud-based model for outsourcing cybersecurity services. The service provider handles and manages the security of the organization by integrating its security services into the organization’s infrastructure on a subscription basis. Anti-virus, anti-malware, secure email and web gateway, vulnerability management, identity and access management, intrusion detection, and application security testing are some of the standard services provided by SECaaS solutions. They are employed to assist organizations in providing enhanced protection against online threats, faster provision, and greater agility, increasing security, compliance, and cost-effectiveness, and improving organizational performance.
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The increasing instances of cyberattacks, viruses, and spyware across sectors, specifically in the BFSI industry, are creating a positive outlook for the market. SECaaS is widely used in banking systems as they consist of sensitive information about employee identity, tangible and intangible assets, money transactions, and customer information. In line with this, the increasing penetration of cloud-based technology to simplify digital banking processes and reduce the costs and risks of on-premises security solutions is favoring the market growth. Apart from this, the widespread product adoption among organizations amid the coronavirus disease (COVID-19) outbreak due to the rising security concerns and the increasing number of individuals following the work-from-home (WFH) corporate model is providing a thrust to the market growth.
Moreover, various technological advancements, such as the integration of the Internet of Things (IoT) and real-time monitoring, owing to the emerging trend of bring-your-own-device (BYOD), are propelling the market growth. Other factors, including the increasing demand for cloud-based security solutions, significant improvements in the information technology (IT) infrastructure, and the implementation of various government initiatives mandating and regulating data protection laws, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market is expected to reach US$ 33.0 Billion by 2028, exhibiting a CAGR of 14.5% during 2023-2028.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
MarketSummary:
BreakupbyComponent:
• Solution
• Services
BreakupbyOrganizationSize:
• Small and Medium-sized Enterprises
• Large Enterprises
BreakupbyApplication:
• Network Security
• Endpoint Security
• Application Security
• Cloud Security
• Others
BreakupbyVertical:
• BFSI
• Government and Defense
• Retail and E-Commerce
• Healthcare and Life Sciences
• IT and Telecom
• Energy and Utilities
• Manufacturing
• Others
BreakupbyRegion:
• 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
CompetitiveLandscapewithKeyPlayers:
• 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
• Zscaler Inc.
ViewFullReportwithTOC&ListofFigure:
https://www.imarcgroup.com/security-as-a-service-market
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