Increasing Adoption of Cloud Infrastructure to Drive Security as a Service Market during 2022–2028
According to our latest market study, titled "Security as a Service Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Organization Size, Application and Vertical," the market is expected to grow from US$ 13,712.87 million in 2022 to US$ 34,854.10 million by 2028. It is anticipated to grow at a CAGR of 16.8% from 2022 to 2028.
The Covid-19 pandemic has increased the use of cloud-based services, including virtualization, edge computing, and work from home. Undoubtedly, this has increased productivity during trying times, but it has also made companies an obvious target for cybercriminals. Small and medium-sized businesses are increasingly focusing on streamlining their business models by implementing cloud services in order to increase market efficiency. Additionally, SMEs lack strong security measures to protect their files, networks, endpoints, and apps from cyber-attackers to simplify their operations. Therefore, cloud-based data management solutions and service providers are predicted to experience a significant potential for innovation and the uptake of better security solutions as SMEs focus their attention on cloud services. These factors drive the security as a service market.
The North America security as a service market is segmented into the US, Canada, and Mexico. The popularity of cybersecurity solutions is probably going to increase as the internet becomes more widely used in the region. Additionally, due to increased data susceptibility brought on by the wireless network expansion for mobile devices, cybersecurity has become crucial to every firm in North America. Companies in the area are constantly working on new products to address the demands of sophisticated cyber-attacks. Such rising demand for cybersecurity will likely drive the security as a service market growth during the forecast period.
The global security as a service market ecosystem comprises several stakeholders, namely system integrators, security as a service vendors, and end users. The system integrators offer various types of offerings, such as Infrastructure as a Service (IaaS), Software as a Service (SaaS), and Platform as a Service (PaaS) to their customers. Then security as a service vendor provides software modules incorporating various business functions about security management. The end users of the security as a service market include various industry verticals, such as healthcare, BSFI, Media & Entertainment, and ICT.
The security as a service market is analyzed on the basis of component, organization size, application, and vertical. Based on component, the security as a service market is bifurcated into solution and service. By organization size, the market is segmented into SMEs and large enterprises. By application, the security as a service market is segmented into network security, endpoint security, application security, cloud security, and others. Based on vertical, the market is segmented into BFSI, Government & defense, retail, healthcare, IT & telecom, energy & utilities, manufacturing, and others.
Security as a Service Market Share - by Geography, 2021
Security as a Service Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Service), Organization Size (SMEs and Large Enterprises), Application (Network Security, Endpoint Security, Application Security, Cloud Security, and Others), and Vertical (BFSI, Government & Defense, Retail, Healthcare, IT & Telecom, Energy & Utilities, Manufacturing, and Others)
Security as a Service Market Size, Trend & Growth Analysis 2028
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Alert Logic, Inc.; Barracuda Networks, Inc.; Clearswift; Silversky; IBM Corporation; McAfee, LLC; Microsoft Corporation; Radware; Trend Micro Incorporated, and Zscaler, Inc. are among the key market players profiled during this study. In addition, several other important market players were studied and analyzed during this market study to get a holistic view of the global market and its ecosystem.
The security as a service market growth benefited from the COVID-19 outbreak. The pandemic had consequences for security service providers in the immediate and long term. Lockdown restrictions imposed as a result of the pandemic significantly impacted numerous enterprises, manufacturing facilities, and retail operations. However, the shift toward remote working environments is a byproduct of the epidemic. Adopting a work-from-home policy has raised awareness among enterprises about data security and cyber-attacks and increased demand for cloud-based security solutions. Additionally, many primary and small businesses increased their expenditure on cybersecurity-related products. Such factors are driving the security as a service market substantially.
In North America, attacks on recently and quickly built remote access and teleworking infrastructure has grown due to the COVID-19 outbreak. The US Department of Homeland Security (DHS) Cybersecurity and the Infrastructure Security Agency (CISA) reported that they are seeing a sharp increase in phishing and malware distribution using COVID-19-themed lures and the registration of new domain names with coronavirus- or COVID-19-related terms. Hence, more companies are focusing on the cybersecurity infrastructure, which has created a mammoth of opportunities for market players. Hence, COVID-19 positively influenced North America security as a service market.
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