Security Service Edge Market worth $2.8 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 9, 2023 /PRNewswire/ -- The Security Service Edge Market will continue to innovate and adapt, providing organisations with advanced security solutions to secure their networks, applications, and data from an ever-changing threat landscape.

The Security Service Edge Market is expected to reach USD 2.8 billion by 2028 from USD 0.8 billion in 2023, at a CAGR of 25.4 % during 2023–2028, according to a new report by MarketsandMarkets™.

Browse in-depth TOC on "Security Service Edge Market"

200 - Tables
50 - Figures
290 - Pages

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Scope of the Report

The adoption of SSE has experienced a remarkable surge in recent years, driven by integration of a cloud access security broker (CASB) into an organization's security framework. This integration plays a pivotal role in addressing the challenges brought about by the widespread adoption of Software as a Service (SaaS) applications, often referred to as the "SaaS explosion." CASBs are purpose-built to provide organizations with the necessary tools to monitor, control, and secure data in the cloud. They offer visibility, data protection, and compliance enforcement for cloud-based applications, which is crucial in a landscape where data resides both on-premises and in the cloud.

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By integrating CASBs with SSE or Secure Access Service Edge (SASE) solutions, organizations create a holistic security ecosystem. This comprehensive approach extends uniform security policies and controls across the entire network, encompassing remote work scenarios and cloud resources. CASBs excel in safeguarding data, offering features like data loss prevention (DLP), encryption, and threat detection. Moreover, they ensure compliance with industry regulations, enabling organizations to navigate complex data privacy and security requirements. CASBs also provide real-time visibility into cloud application usage, enabling proactive security measures based on user behavior and context. As the SaaS landscape continues to evolve, CASBs remain adaptable, accommodating new services and threats to maintain the security and compliance of organizations in the dynamic digital environment.

The Cloud Access Security Broker (CASB) registers the second highest market size in the SSE market during the forecast period.

Cloud Access Security Brokers (CASBs) are vital security solutions that help organizations manage and safeguard their data as it traverses multiple SaaS applications and cloud environments, whether within their on-premises data centers or accessed by mobile workers. CASBs serve as intermediaries between an organization's security policies and the cloud resources, ensuring that authorized users can securely access and consume these resources while consistently enforcing security, governance, and compliance measures. There are two primary types of CASBs available: traditional CASBs and integrated CASBs.

The BFSI segment is projected to register highest CAGR during the forecast period.

The BFSI industry deals with sensitive financial data and customer information and demands rigorous security measures to safeguard against data breaches and cyber threats. In this context, financial institutions and insurance companies must implement robust SSE solutions encompassing secure access controls, encrypted communications, and continuous monitoring.

With the ever-increasing reliance on digital platforms for financial transactions and customer services, SSE ensures the protection of sensitive financial data and maintains compliance with stringent industry regulations. It enables secure online banking, safeguards against cyber threats such as fraud and data breaches and ensures the continuity of essential services. Moreover, SSE supports the secure remote access of financial professionals and the seamless integration of new fintech applications, bolstering the industry's agility and competitive edge. As cybersecurity remains a paramount concern in the BFSI sector, SSE provides a robust defense against evolving threats while facilitating the delivery of secure and efficient financial services to customers.

Based on region, Asia Pacific is projected to register the highest CAGR during the forecast period.

APAC countries are highly concerned about the increase in security spending due to the ever-growing threat landscape. The region comprises emerging economies, such as China, Japan, and India. With effective government regulations and technological advancements, SSE is witnessing high growth opportunities in this region. The Asia Pacific SSE market is experiencing substantial growth, primarily driven by the increasing acceptance of remote work, cloud adoption, and the imperative for enhanced security in remote work environments. The COVID-19 pandemic, which necessitated rapid remote work adoption, prompted significant investments in security control systems to protect remote employees. While the pandemic played a pivotal role in driving the SSE market, a surge in highly sophisticated cyberattacks targeting critical infrastructure and government entities has further compelled organizations in the region to bolster their investments in SSE technologies.

Top Key Companies in Security Service Edge Market:

The report profiles key players such as Netskope (US), ZScaler (US), Palo Alto Networks (US), Cisco (US), Broadcom (US), Forcepoint (US), Lookout (US), iBoss (US), Skyhigh Security (US), Cloudflare (US), Trend Micro (Japan), Akamai (US), Fortinet (US), Aruba Networks (US), Citrix (US), Cato Networks (Israel), Perimeter81 (Israel), Open Systems (Switzerland), Menlo Security (US).

Recent Developments:

• In September 2023, Netskope acquired digital experience monitoring (DEM) startup Kadiska. The acquisition is a bid for Netskope to boost its capabilities on the monitoring side of its secure access service edge (SASE) platform initiatives.
• In April 2023, Palo Alto Networks and Accenture joined forces to offer AI-powered Prisma SASE solutions, enhancing cyber resilience and enabling secure access control for organizations amidst the complexities of remote work and multi-cloud environments.
• In February 2023, Zscaler acquired Canonic Security, a SaaS application security platform innovator. By integrating Caconic's new supply chain security capabilities into its data protection services, Zscaler strengthens its CASB and SSPM (SaaS Security Posture Management) offerings, enabling companies to consolidate point products, reducing cost and simplifying management.

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Security Service Edge Market Advantages:

• Strong security protections are provided by SSE at the network edge, protecting enterprises from constantly changing cyberthreats and vulnerabilities.
• SSE makes use of the cloud to provide security services, guaranteeing that defences are constantly current and flexible enough to adapt to the demands of the company.
• SSE reduces latency by handling security functions at the network edge, which enhances user experience and network performance.
• SSE advocates for a Zero confidence security architecture in which all users and devices undergo constant authentication and verification, and confidence is never taken for granted.
• SSE's centralised administration and policy enforcement streamline security administration and lessen the difficulty of safeguarding a dispersed workforce.
• Due to their great scalability, SSE solutions can grow with their organisations as they expand and change to meet evolving business needs.
• Organisations can save money by reducing the requirement for substantial on-premises hardware and maintenance when using cloud-based SSE.
• SSE ensures complete protection by integrating many security features, such as threat intelligence, firewall as a service, secure online gateways, and data loss prevention.

Report Objectives

• To determine and forecast the global SSE market by offering (solutions and services), solutions, services, vertical, and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors that affect the market growth.
• To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA).
• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the SSE market.
• To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall SSE market.
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the SSE market.
• To profile the key market players; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the market's competitive landscape.
• Track and analyze competitive developments in the market, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.

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