202 Users Online
Tthe North American market for Security-as-a-Service (SaaS) Market held the largest market share of 29.1% in 2022.
The global security-as-a-service market had a total market value of US$ 10,211.3 Mn in 2022, this value is estimated to reach US$ 12,182.1 Mn in 2023 and over the forecast period, the market is estimated to grow at a CAGR of 20.9% and reach the valuation of US$ 81,504.7 Mn by 2033.
Security-as-a-Service market is defined around software services that deal with the cybersecurity domain and are typically delivered through or as a cloud platform, because it is usually provided as a cloud service it’s pricing structure is pay-as-use, meaning that consumers are only charged based on selected packages and their usage. The numerous services offered under security-as-a-service include email security, data-loss prevention and others.
Several businesses are faced with security threats regarding data-leaks and data-breaches, along with individual threats of identity theft, in this scenario several corporations and individuals will be inclined to purchase security services.
Due to the flexibility and cost-efficiency provided by cloud services, as one only pays for what they use, many companies are attracted towards cloud version of their required service.
The market share of security-as-a-service market was estimated to have been dominated by the North American market that held the largest market share of 29.1% in 2022, followed by the European market, that held the market share of 22.3%.
Security-as-a-Service Market Size (2023)
US$ 12,182.1 Mn
Projected Market Value (2033)
US$ 81,504.7 Mn
Global Market Growth Rate (2023-2033)
Solution Segment Market Share (2022)
U.S. Market Share (2022)
Network Security Segment Market Share (2022)
“Enterprise Size, Industrial Background and Past Security Incidents Could Determine the Implementation of Security-as-a-Service”
Businesses of all size and backgrounds can benefit from security-as-a-service since they could only pay for the services they need and only pay as they go, allowing them to invest in the cyber security solutions of the company in a much economical manner. While companies can invest in security as a basic necessity, the level of security can depend on the enterprise size and industrial background, if the organisation has faced any form of attack in the past, the security measures would reflect in the policies and application of security solutions.
“Large Scale Application of Software and Cloud Technologies Open the Window for Cyber Threats in US”
The implementation of cloud solutions and services has occurred at a respectable rate in the US, especially among small and medium enterprises, implying that the enterprises in this country have taken steps to implement software and cloud solutions to keep up with the developing trends. This, however, opens the door to increased security threats, because the more solutions that are implemented, the more likely it is that bugs and vulnerabilities will be discovered during software testing.
These can be misused as openings for cyber-attacks. The US is already a well-developed and economically prosperous country, allowing the US market for security-as-a-service to have the largest market share of 18.1%.
“Presence of a Large Financial Industry Makes Europe and Especially Germany a target to Cyber Attackers, Creating Demand for Security-as-a-Service”
Europe is a vast region, and because many European countries share a common government, cyber security safety regulations are shared by many European countries. A major drawback from a cyber-security perspective is that the BFSI industry in Europe is highly developed. Due to its direct involvement with monetary assets, it is one of the primary targets of cybercriminals. The ongoing conflict between Russia and Ukraine has increased the risk of cyber-attacks from Russia against European countries.
Germany, being one of the most powerful European countries with the largest population and economic prosperity, becomes one of the biggest targets for these reasons. Due to these reasons, the market share for security-as-a-service held a share of 14.6% for 2022.
“Being a Developing Country Can Increase Cyber Security Threats for India”
India is the world's second-most populous country, and it is rapidly advancing in terms of economic strength and industrialization, allowing cyber security threats to grow as well. Unstable relations with neighbouring countries cause cyber security to be a national security issue as well.
IT and telecommunications, edu-tech, and manufacturing, which is also growing rapidly, are among the most developed industries in this country. Due to these factors, the market for security-as-a-service in India is estimated to grow at a CAGR of 23.3% over the forecast period.
Why Security-as-a-Service Solutions Held the Largest Market Share for the Market by Component?
“Developing Technologies and Changing Trends Make it Important for Organisations to Implement the New and Security Solutions”
Security-as-a-service solutions were estimated to have held the largest market share in 2022. As industries implement IoT technology and cloud solutions, it becomes important for organisations to implement IoT security and cloud security, among numerous other security solutions that are being developed based upon the changing trends.
With practises such as remote work and BYOD (bring your own device), the threats of data leaks and breaches increase, and even among companies that are not large or economically powerful, basic cyber security solutions are always implemented.
Due to these reasons, the market share for solutions was estimated to be the largest for the security-as-a-service market in 2022, with a market share of 58.7% by component.
What factors Allow Network Security to Have the Largest Market Share by Application?
“Network Security Allows the Cyber Security of All the Devices Within the Company Network”
Network security was estimated to have the largest market share by application. Since corporations want to protect their data against hackers that may try to sell this data online or their business rivals, leading to a variety of problems like identity theft, stolen assets, and reputational harm, maintaining network security is very important for companies to ensure there are no risks to smooth and continuous operations and regulation-based problems.
Network security can ensure a very strict network environment, keeping known threats at bay, and new generation programmes are even capable of detecting unknown threats. An efficient network security programme leaves no threats for endpoint security to handle. Network security solutions such as firewalls are some of the most basic solutions widely implemented among companies and can be implemented to protect the numerous devices on the company network.
Due to these reasons, the market share for network security held the largest market share for security-as-a-service at 28.1%.
The companies that offer security-as-a-service can offer numerous types of security solutions under their product portfolio, numerous companies are also developing security solutions specific to the needs of the specific industry they belong to.
Recent developments related to key players providing security-as-a-service market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.
Historical Data Available for
US$ Mn for Value
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
In 2022, the market value of security-as-a-service was worth US$ 10,211.3 Mn.
The global security-as-a-service market is estimated to grow by 20.9% CAGR over the forecast period.
The market for security-as-a-service is forecasted to reach US$ 81,504.7 Mn by 2033.
Demand for security-as-a-service market in India is projected to rise at a CAGR of 23.3% over the forecast period.
Implementation of multi-layered security across organisations to protect data and enterprise resources.