NEW DELHI, April 23, 2019 /PRNewswire/ -- According to a new report Global Security as a Service Market, published by KBV research, The Global Security as a Service Market size is expected to reach $19.1 billion by 2024, rising at a market growth of 16.4% CAGR during the forecast period. The market is driven by the increase of cybercrime activities, the pool of sensitive organizational data, and the emerging trend of mobile devices. Over the years, the use of cloud technology has grown significantly, which means that there is a need for more secure and efficient security solutions. The strict regulations of the government have pushed the market to create an even more integrated service that complies with government rules.
The North America market would dominate the Global Security as a Service Solution Market by Region by 2024, growing at a CAGR of 13.8 % during the forecast period. The North America security as a service market is fuelled by key factors like Increasing Internet of Things (IoT), cloud adoption, Bring Your Own Device (BYOD) trends as well as surging internal and external threats. The security as a services market of APAC is gaining momentum as it provides proactive safety measures against the rapidly evolving cyber-attacks. The rising prevalence of cybercrimes has compelled SMEs as well as large-scale organizations within the APAC region to adopt security as a service solutions and services to combat them. The Europe market is expected to witness a CAGR of 14.3% during (2018 - 2024).
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The Network Security market dominated the Global Security as a Service Market by Application 2017. The Endpoint Security market is expected to witness a CAGR of 15.7% during (2018 - 2024). Additionally, The Cloud Security & Others market is expected to witness highest CAGR of 18.5% during (2018 - 2024).
The Large Enterprises market dominated the Global Security as a Service Market by Organization Size 2017, growing at a CAGR of 15.3 % during the forecast period. The SMEs market is expected to witness a CAGR of 18.5% during (2018 - 2024). With the evolution of the telecommunications industry and its inclination towards a digital business model, key players increasingly adopt cloud-based services. This provides a wide range of advantages like cheaper services, additional computing power and easy availability of storage space. Telecom companies offer more affordable, agile and enhanced services by clicking on the cloud model available on the Internet on demand.
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The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Zscaler, RUAG (Clearswift), Alert Logic, Panda Security S.L., Stratejm Inc., Sentinel Technologies Inc., Happiest Minds Technologies, Intel Corporation (McAfee), Microsoft Corporation, and Fortinet Inc. In order to understand the competitive landscape, the KBV Cardinal Matrix has been provided with this report. It is a visual representation about the key players in the industry. The matrix is designed considering the major strategic developments including Mergers & Acquisitions, product launches, partnership among others and the financial strength of the company in the considered years. The major strategies followed by the market participants are Product launches and Acquisitions. Based on the Analysis presented in the Cardinal matrix, Intel Corporation (McAfee) and Microsoft Corporation are some of the forerunners in the Security as a Service market.
Global Security as a Service Market Segmentation
- Security Information & Event Management
- Identity & Access Management
- Data Loss Prevention & Encryption
- Business Continuity & Disaster Management
- Network Security
- Endpoint Security
- Application Security
- Cloud Security & Others
By Organization Size
- Large Enterprises
By End User
- Telecom & IT
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
- RUAG (Clearswift)
- Alert Logic
- Panda Security S.L.
- Stratejm Inc.
- Sentinel Technologies Inc.
- Happiest Minds Technologies
- Intel Corporation (McAfee)
- Microsoft Corporation
- Fortinet Inc.
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SOURCE KBV Research