Security as A Service Market Overview
Security as a Service Market size was valued at US$ 8.95 billion in 2020, and it is estimated to grow at CAGR 15.45% during 2021-2026. The major factors driving the growth of the Security as a Service Market are the high adoption of cloud security services, IoT connected devices, increased implementation of bring-your-own-device trend and work-from-home model; has led to the increasing number of data breaches over the past few years. This, along with exponential growth in sensitive organizational data has contributed to a rise in security concerns and is pushing enterprises to take advanced approaches to defend their networks from threats. The rising adoption of vulnerability management by enterprises for prioritizing potential threats and minimize security vulnerabilities in system and software has contributed to the growth of the market. Furthermore, stringent government policies such as the cybersecurity act in Europe introduced a cybersecurity certification framework for ICT products, services and processes for the businesses operating across the European region and this will push the organizations towards creating better integrated services complying with government regulations and drives the growth of the market.
Security as A Service Market Report Coverage
The report: “Security as A Service Market Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Security as a Service Market.
<span lang="EN-US" times="" new="" roman";="" mso-bidi-font-family:calibri;mso-bidi-theme-font:minor-latin;color:black;="" mso-themecolor:text1;mso-no-proof:yes"="" style="box-sizing: border-box;">By offering: <span lang="EN-US" times="" new="" roman";mso-bidi-font-family:calibri;mso-bidi-theme-font:minor-latin;="" color:black;mso-themecolor:text1;mso-bidi-font-weight:bold;mso-no-proof:yes"="" style="box-sizing: border-box;">Software, Solutions(Endpoint Protection, Security Information & Event Management, Identity Access Management, Intrusion Detection & Prevention Systems, Email Encryption, Data Loss Prevention, Others), Services(Training & Education, Consulting Services)
<span lang="EN-US" times="" new="" roman";="" mso-bidi-font-family:calibri;mso-bidi-theme-font:minor-latin;color:black;="" mso-themecolor:text1;mso-no-proof:yes"="" style="box-sizing: border-box;">By Organization Size:<span lang="EN-US" times="" new="" roman";mso-bidi-font-family:calibri;mso-bidi-theme-font:minor-latin;="" color:black;mso-themecolor:text1;mso-bidi-font-weight:bold;mso-no-proof:yes"="" style="box-sizing: border-box;"> Large Enterprises, Small & Medium-Sized Enterprises (SME)
<span lang="EN-US" times="" new="" roman";="" mso-bidi-font-family:calibri;mso-bidi-theme-font:minor-latin;color:black;="" mso-themecolor:text1;mso-no-proof:yes"="" style="box-sizing: border-box;">By Applications: <span lang="EN-US" times="" new="" roman";mso-bidi-font-family:calibri;mso-bidi-theme-font:minor-latin;="" color:black;mso-themecolor:text1;mso-bidi-font-weight:bold;mso-no-proof:yes"="" style="box-sizing: border-box;">Network Security, Web Security, Email Security, Database Cloud Security and Others.
<span lang="EN-US" times="" new="" roman";="" mso-bidi-font-family:calibri;mso-bidi-theme-font:minor-latin;color:black;="" mso-themecolor:text1;mso-no-proof:yes"="" style="box-sizing: border-box;">By Indyustry Vertical: <span lang="EN-US" times="" new="" roman";mso-bidi-font-family:calibri;mso-bidi-theme-font:minor-latin;="" color:black;mso-themecolor:text1;mso-bidi-font-weight:bold;mso-no-proof:yes"="" style="box-sizing: border-box;">Automotive, Aeroapace & Defense, IT & Telecommunications, BFSI, Retail & e-commerce, Healthcare, Government, Consumer electronics, Oil & Gas, Media, Maritime and Others.
<span lang="EN-US" times="" new="" roman";="" mso-bidi-font-family:calibri;mso-bidi-theme-font:minor-latin;color:black;="" mso-themecolor:text1;mso-no-proof:yes"="" style="box-sizing: border-box;">By Geography: <span lang="EN-US" times="" new="" roman";mso-bidi-font-family:calibri;mso-bidi-theme-font:minor-latin;="" color:black;mso-themecolor:text1;mso-bidi-font-weight:bold;mso-no-proof:yes"="" style="box-sizing: border-box;">North America (U.S., Canada and Mexico); Europe (U.K., Germany, Italy, France, Rest of Europe); APAC (China, Japan, South Korea, India, Rest of APAC); South America (Brazil, Argentina, Rest of Americas), RoW (Middle East & Africa)
Key Takeaways
- Solution segment is anticipated to dominate the market with a CAGR 10.3% during 2021-2026 due to growing demand for protecting network and web applications from vulnerabilities.
- BFSI sector is estimated to hold the largest market share from 2021 to 2026 owing to massive penetration of digitalization and alarming growth in sophisticated cyber-attacks in this sector.
- North America dominated the SaaS market acquiring a share of 32% due to high investments towards security platform in IT infrastructure.
- Increasing adoption of cloud based technologies and stringent Government policies are augmenting the market.
- Privacy concern is hampering the adoption.
Global Security as a Service Market, By Region, 2020 (by %)
Security as a Service Market Segment Analysis- By Offering
<span lang="EN-US" times="" new="" roman";mso-bidi-font-family:calibri;="" mso-bidi-theme-font:minor-latin;color:black;mso-themecolor:text1;background:="" white;mso-bidi-font-weight:bold"="" style="box-sizing: border-box;">By offering, Security as a Service market has been segmented into software, solution and services. Solution segment dominated the market in 2020 acquiring a share of 41% and is estimated to hold the major market share with a CAGR 10.3% during the forecast period 2021-2026 owing to increasing demand for filtering traffic to identify and mitigate the incoming threat for protecting the server and the network from vulnerabilities. Software solutions unit is anticipated to be the fastest growing market owing to the growing demand for concealing unauthorized or unauthenticated users from network resources to prevent data vulnerability over heavy traffic network. In March 2021, Exetel launched anti-malware and content control services to protect Australian consumers by a premium cyber-security solution leveraging Allot Ltd.’s security as a service platform and such collaborations are analyzed to propel the growth of Security as a Service Market from 2021 to 2026.<span lang="EN-US" times="" new="" roman";mso-bidi-font-family:="" calibri;mso-bidi-theme-font:minor-latin;color:black;mso-themecolor:text1;="" background:white;mso-bidi-font-weight:bold"="" style="box-sizing: border-box;">
Security as a Service Market Segment Analysis- By Industry Vertical
By industry vertical, Security as a Service market has been segmented into <span lang="EN-US" times="" new="" roman";mso-bidi-font-family:="" calibri;mso-bidi-theme-font:minor-latin;color:black;mso-themecolor:text1;="" mso-bidi-font-weight:bold;mso-no-proof:yes"="" style="box-sizing: border-box;">Automotive, Aerospace & Defense, IT & Telecommunications, BFSI, Retail & e-commerce, Healthcare, Government, Consumer electronics, Oil & Gas and Others The BFSI vertical has recorded the highest market share of 18% and is estimated to dominate the market during 2021-2026 owing to massive penetration of cloud based technology to simplify digital banking processes and increased instances of spyware, ransomware, Trojans, viruses, and other malware in this sector. Also, the BFSI is the most sought after target for cybercriminals owing to the fact that they hold sensitive information about money transactions, customer information, employee identity, tangible and intangible assets amongst many others. This trend is set to drive the Security as a Service market in the BFSI vertical during the forecast period 2021-2026. In March 2021, cyber-security firm FirstWave announced a partnership with Moja Access to enhance their cyber-security as a service platform. Such strategic partnerships are analyzed to stimulate the market from 2021 to 2026.
Security as a Service Market Segment Analysis – By Geography
By geography, <span lang="EN-US" times="" new="" roman";mso-bidi-font-family:calibri;="" mso-bidi-theme-font:minor-latin;color:black;mso-themecolor:text1;background:="" white;mso-bidi-font-weight:bold"="" style="box-sizing: border-box;">Security as a Service market has been segmented into North America, Europe, APAC, South America and RoW. North America dominated the market acquiring a share of 32% in 2020 and is estimated to hold the <span lang="EN-US" times="" new="" roman";="" mso-bidi-font-family:calibri;mso-bidi-theme-font:minor-latin;color:black;="" mso-themecolor:text1;background:white;mso-bidi-font-weight:bold"="" style="box-sizing: border-box;">Security as a Service market share with a CAGR 11.56% during 2021-2026 owing to high investment in IT infrastructure and alarming growth in number of cyber-attacks in this region. APAC is estimated to be the fastest growing market during the forecast period 2021-2026 with a CAGR 12.78% owing to the growing demand for digital business strategy and massive and quick adoption of cloud based applications. For the past few years India has witnessed frequent cyber-threats and attacks across various industry verticals and thus propelling the market growth. According to Indian Computer Emergency Response Team, India has faced nearly 7 Lakhs cyber-attacks till August, 2020 and such growing potential threats are analysed to stimulate the market between 2021 and 2026.
