Security-as-a-Service is also known as SECaaS and SaaS. It is a type of outsourcing model for security management. The security-as-a-service can be deployed on monthly rental basis along with customizable and scalable solution range. In this model, vendors integrate their cloud security services into corporate network to provide cloud based security services to enterprises. SECaaS is being adopted significantly among enterprises due to its less cost, and ease of management. Combination of Internet of Things (IoT) and cloud security will provide comprehensive security solutions across IoT connected devices where traditional security service providers does fulfill all the security needs for connected devices, such factors are driving the security as a service market growth.
Nowadays, a large number of enterprises are implementing IoT-based solutions progressively. On the one hand, IoT solution providers are integrating security as a service in order to reduce cyber-attacks on connected devices, to identify threat, and fix susceptibilities before launching it in the market. With growing application of security services in IoT, demand for security as a service solution is expected to rise significantly over the next five years.
Subscription-Based Model Creating Potential Growth Opportunities
Security as a service technology follows a pay-as-you-go service subscription model. This subscription-based model helps all team members in an enterprise gain access to updated software, and ensures that these members use the same version. Such model also provides flexibility to enterprises to scale-up and scale-down pricing as per their current need, storage and capital. In the subscription-based model, enterprises can control their expected costs, as it provides a clearer picture of IT-related expenditure.
For instance Genetec – a video management provider – implemented the subscription-based security as a service model within its organization and for its channel partners to minimize the company’s capital expenditure, in addition to providing secure solutions to clients on cloud.
Enabling Multi-users to Share Hardware and Software Services – Key Growth Influencer
Security as a service allows multi-users to share hardware and software, which reduces their respective operational expenses. Moreover, these services can be provided over the cloud and through third-party management, thereby helping in reducing cost of maintenance and acting as a replacement for IT infrastructure in an organization. These cost benefits are influencing users, especially small businesses, to adopt security as a service solutions.
For instance, companies such as OneLogin, Ping and Okta are offering identity as a service to users to replace on-premise based identity access management solutions and to reduce operational costs
Low Cost of Maintenance Drives Adoption in SMBs
With rapid advances in digitalization, small and medium businesses (SMBs) have been moving towards cloud-based solutions to manage their business applications and other activities. On the flip side, cloud-based applications could be prone to risks, due to lack of authentication, which has been encouraging SMB operators to use security as a service solutions for securing their cloud-based identities. Availability of hosted services, where solution providers or third-party can host hardware and software of these small companies in their data centers, can help reduce cost of IT set-up and enable fast updates to user organizations. Such factors has been triggering the adoption of security as a service solutions in SMBs.
APEJ to Display Noteworthy Opportunities for Security as a Service Market Players
The security as a service market in Asia Pacific Excluding Japan (APEJ) is anticipated to witness an impressive growth, as both large and small enterprises in the region are working on reducing their IT set-up and staff costs to focus on other complex business issues. In APEJ region, demand for security as a service solutions is relatively high among large enterprises as compared to SMEs. The large enterprises in region are adopting security as a service solutions to support theft control and management of cyber-risk, in addition to securing their cloud-based identities.
Key players in the security as a service market are focusing on investing through collaborations, acquisitions, and mergers with local players or existing players in APEJ region.
The Analysts’ View Point
A complete view of the security as a service market has led our analysts to recommend that the market is proliferating at a remarkable rate. Regions such as North America are holding a large part of the security as a service market. Integration of technologies such as IoT and escalation in cybercrime activities could provide assistance in rapidly evolving cloud computing and competitive environment, thereby fueling the growth of the security as a service market. High demand for email security on the cloud of key market players will also give momentum to the security as a service market. Regional expansion along with collaborations with other security as a service providers are some strategies adopted by key players to strengthen their position in the market.
Security-as-a-Service Market - Scope of the Report
Persistence Market Research (PMR) recently published a new research analysis on the security-as-a-service market for the assessment period 2019 - 2029. The research study on the security-as-a-service market offers a close look at the evolving aspects of the security-as-a-service market as well as the dynamics impacting the market growth. The research study focuses on the key developments that have made their mark in the security-as-a-service market and other developments that are on the cards. The report talks about various macro- and micro-economic factors responsible for having an in-depth impact on the growth of the security-as-a-service market.
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Security-as-a-Service Market: Taxonomy
PMR’s research study on the global security-as-a-service market offers a detailed market taxonomy, wherein the key segments have been discussed in detail. The segmentation of the security-as-a-service market has been offered on the basis of component, security type, enterprise type, industry type and region. Every segment has been analyzed in detail and data pertaining to the growth of each segment has been included in the study.
Security-as-a-Service Market: Key Questions Answered in the Report
The research study on the security-as-a-service market offers inclusive insights about the growth of the market in the most comprehensible manner for better understanding of users. The insights offered in the digital signature report answer some of the most salient questions that assist the stakeholders in gauging all the emerging possibilities.
Security-as-a-Service Market: Research Methodology
A unique and promising research methodology forms the base of the Security-as-a-Service Market during the forecast period. The report has been prepared after a comprehensive analysis of the market happenings and then riveting insights have been compiled meticulously. The research methodology of the Security-as-a-Service Market has been a two-step process that comprises of primary and secondary research. Key stakeholders, which include digital signature manufacturers, suppliers, and distributors, have been interviewed and experts of several designations, including executive vice presidents, directors, service engineers, technical advisors, GM marketing professionals, and sales professionals.
Secondary sources referred to garner the report findings include investor presentations of manufacturers, World Bank, and many other credible sources.