Security as a Service Market Size Worth $34.85Bn by 2028 at 16.8% CAGR, Driven by Cloud Infrastructure & Cyber Security, Deep Dive Analysis of 18+ Countries across 5 Key Regions, 50+ Companies Scrutinized: The Insight Partners

NEW YORK, July 5, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Security as a Service Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Service), Organization Size (SMEs and Large Enterprises), Application (Network Security, Endpoint Security, Application Security, Cloud Security, and Others), and Vertical (BFSI, Government & Defense, Retail, Healthcare, IT & Telecom, Energy & Utilities, Manufacturing, and Others)", the global security as a service market size is projected to reach $34.85 Billion by 2028 from $13.71 Billion in 2022; it is expected to grow at a CAGR of 16.8% from 2022 to 2028.

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Security as a Service Market Report Scope & Strategic Insights:

Security as a Service Market: Competitive Landscape and Key Developments

Alert Logic, Inc.; Barracuda Networks, Inc.; Clearswift; Silversky; IBM Corporation; McAfee, LLC; Microsoft Corporation; Radware; Trend Micro Incorporated, and Zscaler, Inc. are the key market players profiled during this study. In addition, several other important market players were studied and analyzed during this study to get a holistic view of the global market and its ecosystem.

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In 2022, HelpSystems announced its plans to acquire Alert Logic to provide customers with a hybrid IT approach to address the shortage of cybersecurity skills.

In 2022, IBM Corporation announced its plans to acquire Randori, a provider of offensive cyber protection and attack surface management. IBM intends to combine Randori's software with the extended detection and response (XDR) features of IBM Security QRadar, according to ITPro.

Security as a Service Market Analysis: Key Insights

The security as a service market growth driven by the increasing adoption of cloud infrastructure and increasing government initiatives to promote cyber security, multi cloud infrastructure. The US, Germany, India, South Africa, and Brazil are the countries are registering a high growth rate during the forecast period. The solution segment led the global market in 2021.

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The security as a service market is broadly segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America is the most technologically advanced region with major economies, such as the US and Canada. According to a recent study by Specops Software, a password management company, the US has seen more severe cyberattacks over the past 14 years than any other nation has. Cybersecurity & Infrastructure Security Agency (CISA) advises all businesses, regardless of size, to adopt a more aggressive approach to cybersecurity and safeguarding their most important assets. It recognizes that finding money for critical security improvements can be difficult for many companies. Such factors are contributing to the security as a service market growth.

In terms of region, APAC accounted for the third-largest share in the security as a service market. APAC includes various developed and developing economies, such as Australia, China, India, Japan, and South Korea. With the growing usage of cloud infrastructure in both developed and emerging economies, the use of cybersecurity services is anticipated to increase over the forecast period. This is expected to promote the security as a service market growth substantially.

Additionally, data vulnerability has increased due to the expansion of the wireless network for mobile devices, making cybersecurity a crucial component of every organization. Numerous developing nations in the region, including India, Sri Lanka, Pakistan, and Bangladesh, are dealing with a rising number of cybersecurity-related problems. India has seen a sharp rise in the number of cybercrime reports, and it currently ranks fifth globally in terms of DNS hijacks. Additionally, according to Gemalto, 37% of all worldwide data breaches involve stolen or compromised Indian records.

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According to the most recent report from the CISCO Cybersecurity Series, Asia Pacific nations often host a more significant percentage of their infrastructures in the cloud rather than on-premise. 52% of organizations in Asia Pacific countries felt the ease of use of cloud deployment, and 50% of the organization in the region felt cloud deployment of cybersecurity solutions offers better data security. All these factors contribute to the revenue generated in the security as a service market in APAC.

Security as a Service Market Analysis: Technology Overview

Based on the component, the security as a service market is segmented into solution and service. Security-as-a-Service (SaaS) is a business model similar to Software-as-a-Service (SaaS) in that it allows vendors to provide cloud-based solutions to clients on a subscription basis. In this situation, however, the solutions would be focused on cybersecurity to protect the customer's networks and information systems from intrusion attempts. Customers, who are typically business entities, are effectively contracting their security operations to the SECaaS service provider, who is responsible for ensuring that the customer's operations, network, and information security satisfy industry requirements. Security as a service (SECaaS) is a business model in which a service provider integrates their security services into a corporate infrastructure on a subscription basis at a lower cost than most people or organizations can supply on their own. SECaaS is based on the "software as a service" approach as applied to information security services, and it does not require on-premises hardware, which saves money. Such benefits are leading to a higher growth rate of the SaaS segment in the security as a service market.

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Browse Adjoining Reports:

Cloud Security Market to 2028 – COVID-19 Impact and Global Analysis – by Solution (Data Loss Protection, Email Protection, Web Security, Cloud IDS/IPS, Network Security, Encryption Services, Cloud IAM); Service (Implementation and Maintenance, Training and Certification); Industry Vertical (BFSI, Healthcare, IT and Telecom, Government and Military, Commercial, Others) and Geography

Cloud Infrastructure Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware, Services); End-Use Industry (BFSI, IT and Telecom, Healthcare, Government, Retail, Manufacturing, Media and Entertainment, Others) and Geography

Cloud Infrastructure Services Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Service (Compute as a Service, Storage as a Service, Recovery & Backup as a Service, Networking as a Service and Others); Deployment Mode (Public Cloud, Private Cloud and Hybrid Cloud); End-user Industry (BFSI, IT & Telecom, Government, Retail, Manufacturing, Power & Energy, Entertainment and Others)

Cyber security as a Service Market to 2028 – COVID-19 Impact and Global Analysis – by Type (Enterprise Security, Endpoint Security, Cloud Security, Network Security, Application Security); Industry Vertical (IT and Telecom, Retail BFSI, Healthcare, Government and defense, Automotive, Others); Organization Size (Large Enterprise, SMEs) and Geography

Defense Electronic Security and Cybersecurity Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Solutions (Identity and Access Management, Unified Threat Intelligence and Response Management, Data Loss Prevention Management, Security and Vulnerability Management); Security Type (Network Security, Endpoint Security, Application Security, Cloud Security, Industrial Control System Security, Other Security) and Geography

Content-Aware Data Loss Prevention Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (Cloud-Based, On-Premise); End User (Manufacturing, Telecommunication and IT, Healthcare, Aerospace and Defense, Retail and Logistics, Government, Others) and Geography

Data Loss Prevention Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Solution (Network DLP, Data Center DLP, Endpoint DLP); Service Type (Professional Services, Managed Services); Enterprise Size (Small and Medium-Size Enterprises, Large Enterprises); Deployment Type (Cloud, On-premises); Application (Cloud Storage, Encryption , Web and Email Protection, Policy Standards and Procedures , Others); End-user (BFSI, IT and Telecom, Government and Defense, Healthcare, Public Utilities, Others) and Geography

Service Orchestration Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering (Solutions, Services); Cloud Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud); End-User (Cloud Service Providers, Telecom Service Providers, Business Service Providers) and Geography

Aviation Cyber Security Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Solution (Antivirus and Anti-Malware, Data Encryption, Data Loss Prevention, Identity and Access Management, Unified Threat Management, Others); Security Type (Network Security, Endpoint Security, Application Security, Content Security, Wireless Security, Cloud Security, Others); Deployment Type (On-Premises, Cloud); End User (Commercial, Military) and Geography

Application Security Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Component, Deployment Type, Testing Type, Enterprise Size, and Vertical

Content Delivery Network Security Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Component (Solution, Service); Content Type (Static Content, Dynamic Content); Application (Media and Entertainment, Online Gaming, Ecommerce, Others) and Geography

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