The Security-as-a-service (SECaaS) market is expected to grow ~21% annually through 2029. SECaaS is a cloud computing design that provides managed security services over the internet and offers new opportunities to create security infrastructure for information systems. The alarming rise in the number of cyber-attacks has led to increasing adoption of SECaaS across numerous enterprises in recent years.
As per the report, the global Security-as-a-service market generated a revenue of ~US$ 9.8 Bn in 2018. The adoption of cloud computing is an essential step for various organizations. Cloud services are provided on-demand and managed by service-level agreements between users and providers, which is predicted to drive the growth of the Security-as-a-service market during the forecast period. Increasing demand for cloud-based security along with the shift from traditional to advanced security have been further working to the advantage of the market players.
Key Takeaways from Security-as-a-Service Market Study
- In response to increasing usage of digital technologies, the adoption of Security-as-a-service is likely to increase on a pace in IT and telecom industry.
- Security-as-a-services will fare much better in the coming years, considering the growing demand for integrated security solutions in BFSI where security is of paramount importance.
- Incorporation of machine-learning and cloud solutions in Security-as-a-service platform is predicted to reduce potential risks and improve operational efficiency.
- Although professional services continue to witness relatively high demand, managed security services (MSS) have been garnering significant traction as viable options for those lacking security expertise.
- PMR reports that the demand for Security-as-a-service software is expected to increase with a striking CAGR of ~22% through 2029.
- While North America continues to maintain a leading position in the market, consolidation in Asia Pacific excluding Japan will remain key to gaining distinct competitive edge due to robust growth of IT infrastructure and favorable government initiative to promote digitalization in SMEs.
“As organization are continuously in search of efficient solutions to ensure the protection of their sensitive data, it is critical for Security-as-a-service market players to improve their offerings and include threat predicting tools to stay ahead of the pack,” says the PMR analyst.
Opportunities Abound in Small & Medium-sized Enterprises
In recent years, many small and medium-sized enterprises have been adopting the BYOD policy, which demands that certain security software should be in place to protect corporate data across a multitude of devices. In addition, the risk of cyberattacks has been on the rise in small and medium-sized enterprises due to lack of adequate network security. As a result, Security-as-a-service solution providers are focusing on implementing right technology for SMEs that helps mitigate their operational expenses, while maximizing business productivity.
The Security-as-a-service market is poised to create an incremental opportunity of ~ US$ 64 Bn throughout the forecast period. Security-as-a-service is based on the software-as-a-service model but is restricted to specialized security information services, fulfilling the need to protect sensitive information and thwart organized cyberattacks.
PMR’s report provides a detailed analysis on the global Security-as-a-service market. To help clients leverage significant opportunities in Security-as-a-Service landscape, the report is segmented on the basis of component (software and services), security (network security, endpoint security, application security, and cloud security), enterprises (small enterprise, medium enterprise, and large enterprise), and industry (BFSI, IT and telecom, retail and consumer goods, healthcare, hospitality, and manufacturing).
About the IT & Telecommunications Division at PMR
With a repository of over 500 reports on IT & telecommunications and 100+ specific for ‘as-a-service’ business model, the IT & telecommunications team at Persistence Market Research aims at following the trails of evolving trends of ICT landscape. The team has also executed various complex projects pertaining to ‘as-a-service’ business models which are gaining significant momentum across enterprises worldwide. Through end-to-end research and analysis on the latest regional trends, the team offers consulting services, reach out to explore how we help clients meet their business intelligence needs.