According to the new market research report "Security Assurance Market by Application (Business Applications, System & Network Infrastructure, and Mobility Solutions), Organization Size, Industry Verticals (BFSI, Telecommunications, Government, Healthcare), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Security Assurance Market size is expected to grow from USD 3.53 billion in 2018 to USD 5.48 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period.
Growing deployment of third-party applications integrated with the core software, resulting in cyber-attacks, and rapid adoption of cloud-based services, leading software to be more prone to security threats are the major factors which are driving the Security Assurance Market.
Among applications, the mobility solutions segment is expected to grow at the highest CAGR during the forecast period
The rapid growth in the number of mobile devices across the globe is one of the driving factors for the growth of this market. Due to the increasing number of mobile devices and end-point connectivity, networks are more vulnerable to cyber-attacks. This has further resulted in the growth of the mobility solutions segment at the highest CAGR and is expected to account for the largest market share in the Security Assurance Market throughout the forecast period.
In verticals, the healthcare industry vertical is expected to grow rapidly during the forecast period
The growth of the Security Assurance Market within the healthcare industry vertical is attributed to the increasing data on the public internet, resulting in the rising issues related to the security and integrity of the data. Healthcare companies need to develop their website availability, consistency, and on-time delivery of Protected Health Information (PHI) and other medical related data to improve services and patient care. This is resulting healthcare to be a prominent growth sector during the forecast period.
By region, North America is expected to account for the largest market size duringthe forecast period
North America is expected to be the main revenue contributor to the Security Assurance Market, and growth in this region is expected to be driven by the increase in the deployment of third-party applications, increasing cyber-attacks, and the introduction of cost-effective cloud-based security solutions.
The key players in the global Security Assurance Market include Sogeti, a part of Capgemini (Sogeti), Avaya Inc. (Avaya), Content Security Pty Ltd. (Content Security), Radix Security Inc. (Radix Security), BizCarta Technologies India Pvt Ltd. (BizCarta), Infosys Limited (Infosys), OpenText Corporation (OpenText), Tenable Inc. (Tenable), Microsoft Corporation (Microsoft), Aura, an Independent Division Of Kordia Limited (Aura Information Security), SAS Institute Inc. (SAS), Happiest Minds Technologies (Happiest Minds), CIPHER Security LLC (CIPHER), IBM Corporation (IBM), Accenture plc (Accenture), Micro Focus International plc (Micro Focus), NETSCOUT Systems (NETSCOUT), Oracle Corporation (Oracle), Wipro Limited (Wipro), Telos Corporation (Telos), CRITICAL Software, Spirent Communications plc (Spirent Communications), and Signature Consulting Group, LLC (Signature Consulting).
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