According to a new market research report "Security as a Service Market by Component (Solutions and
Services), Application Area (Network Security, Endpoint Security, Application
Security, Cloud Security), Organization Size, Vertical, and Region - Global
Forecast to 2023", published by MarketsandMarkets™, the Security as a Service
Market size is expected to grow from USD
7.6 billion in 2018 to USD 16.5 billion by 2023, at a Compound Annual Growth
Rate (CAGR) of 16.9% during the forecast period.
The key factors driving the Security as a Service Market include mandate to follow regulatory and data
protection laws, increase in demand for cloud-based security solutions, and
high cost and risks in managing on-premises security solutions.
Browse and in-depth TOC on Security as a Service Market
78 – Tables
36 - Figures
158 - Pages
78 – Tables
36 - Figures
158 - Pages
The Security Information and Event Management (SIEM) segment to
account for the highest market share in 2018
Security and vulnerability management is the procedure in which
vulnerabilities in IT are identified and the risks of these vulnerabilities are
assessed. It is a proactive approach to secure sensitive data by eliminating
the weaknesses of the network security, which include contingent cyber threats,
such as dormant malware attack and other advanced invasion techniques. The
process includes the checking and identification of risks, along with
mitigation and patching of the unwanted software program. Businesses rely on
the solution to quickly assess and prioritize the vulnerabilities, along with
scanning the network asset information, security configuration, and threat
intelligence. With the increasing instances of cyber-attacks, Internet of
Things (IoT) and connected device vulnerabilities, and growing pressure from
cybersecurity regulations, the SIEM segment is expected to garner the highest
revenue during the forecast period.
The application security segment is expected to grow at a higher
CAGR during the forecast period
Application security solutions and services enable enterprises to
secure their business-sensitive applications through greater visibility,
control, and the use of existing security solutions, such as Identity and
Access Management (IAM), web filtering, and application whitelisting, which
enable the security of enterprise applications and software codes from external
and internal threats, including web attacks, Distributed Denial of Service
(DDoS), site scraping, and frauds. Business-sensitive applications are one of
the primary targets of attackers, as they carry information about critical
assets, as well as processes that are followed by an enterprise. Cloud-based
application security solutions and services are providing cost-effective and
scalability functionality to customers which is thereby inducing high growth in
this market.
The BFSI vertical is expected to maintain the leading position in
terms of revenue generation during the forecast period
Increased instances of spyware/keylogger, Trojans, viruses,
ransomware, and other malware in the Banking, Financial Services, and Insurance
(BFSI) vertical are driving the adoption of security as a service solution. The
BFSI vertical is also a major target for cybercriminals, as it holds sensitive
information of employees, customers, assets, offices, branches, and operations.
Furthermore, with stricter regulations, and increasing instances of frauds and
cyber-attacks, the need for real-time detection and protection from advanced
threat, and brand protection is driving the growth of the Security as a Service
Market in the BFSI vertical.
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North America is expected to account for the largest market size
during the forecast period
North America is expected to account for the largest market size
in the overall Security as a Service Market during the forecast period. The
increase in the number of IoT and connected devices and vulnerabilities
associated with them are some of the factors driving the adoption of security
as a service solutions and services. The presence of many securities as a
service vendors, as well as, widespread awareness about these solutions would
continue to account for the region’s highest market share during the forecast
period.
The Security as a Service
Market comprises major solution
providers, such as McAfee (US), Trend Micro (Japan), Zscaler (US),
International Business Machines Corporation (US), Microsoft (US), Clearswift
(UK), Alert Logic (US) Cygilant (US), Barracuda Networks (US), Panda Security
(Spain), Stratejm (Canada), Radware (China), Mindsight (US), Sentinel
Technologies (US), and Happiest Minds (India). The study includes an in-depth
competitive analysis of the key players in the Security as a Service Market,
along with their company profiles, recent developments, and key market
strategies.
