Security as a Service Market Is Expected To Reach USD 37.29 Billion By 2027 At A CAGR Of 18.9 percent.
Maximize Market Research has published a report on the Global Security as a Service Market that provides a detailed analysis for the forecast period of 2021 to 2027.
Security as a Service Market Scope:
The report provides comprehensive market insights for industry stakeholders, including an explanation of complicated market data in simple language, the industry’s history and present situation, as well as expected market size and trends. The research investigates all industry categories, with an emphasis on key companies such as market leaders, followers, and new entrants. The paper includes a full PESTLE analysis for each country. A thorough picture of the competitive landscape of major competitors in the Security as a Service market by goods and services, revenue, financial situation, portfolio, growth plans, and geographical presence makes the study an investor’s guide.
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Security as a Service Market Overview:
Managed security service companies have established themselves as effective options for businesses, helping to safeguard networks, vital e-mails, and corporate online assets. As a result, as businesses raise their investment in network protection, managed security services gain appeal among enterprises of all sizes. Additionally, consumers can secure their data with the help of service providers’ dependable, efficient, and affordable managed security solutions. Businesses that use managed security service providers get access to affordable, dependable, and effective security solutions that support the protection of their sensitive data and, therefore, of their operations.
Market Dynamics:
SMEs increasingly require cloud-based security solutions. Organizations combine cloud implementation with other infrastructure technologies, such as software-defined perimeters, to build dependable and highly secure platforms. Governments in a number of nations issue specific recommendations and legislation for cloud platform security, which fuels the expansion of the global cyber security market.
By switching to cloud-based platforms like Software-as-a-Service (SaaS) and Infrastructure-as-a-Service, SMEs continuously attempt to update their applications and infrastructures (IaaS). For cybercriminals looking to take advantage of holes in their security model, the majority of SMEs across all industries become a prime target. Cloud-based apps cannot be protected from cyber-attacks like malware, ransomware, phishing, and DNS data exfiltration by conventional appliance-based firewalls and security gateways.
SME security administrators are driving the demand for cloud-based security as a service solution to improve performance, secure web, and mobile applications, and protect crucial network infrastructures as SMEs concentrate on adopting cloud platforms. Cloud-based security as a service solution employ cloud services to secure apps, data, users, and devices without the need to install a large amount of security hardware on-premises. As SMEs prepare to address data and information security concerns over the cloud, there is projected to be an increase in the demand for cloud-based security as a service solution, creating market growth prospects.
Cloud computing security’s quick uptake is expected to open up a lot of commercial prospects. Another factor driving cloud-based security’s expansion on the international market is its affordability. New trends like BYOD and CYOD are also increasing enterprises’ awareness of their security systems, which is fueling the market’s expansion.
Businesses’ concerns about cloud-based security. Due to security concerns, a number of enterprises are dubious about the general degree of adoption of cloud-based security solutions. Security was one of the top worries for businesses all across the world, according to Rights Cale’s state of the cloud study. Despite the financial advantages of cloud-based security, businesses prefer to handle their data and apps on-premises. When switching to cloud-based security, IT professionals are accustomed to working with on-premises security solutions frequently have additional worries because they worry about losing ownership and control.
Cyber-attacks are occurring more frequently than ever in the complicated IT security environment of today. Another common misconception is that cloud-based standards are not yet developed enough to meet IT security requirements. Cloud-based security solutions are increasingly being adopted, but few businesses are aware of the potential dangers and hazards these solutions may pose. The market for security as a service is not expanding as quickly as it could because businesses that are moving to the cloud are skeptical.
Security as a Service Market Regional Insights:
Security as a service solution and service suppliers expected that the North American region will generate the most revenue, followed by the European region. Some of the major drivers expected to propel the growth of the security as a service market in North America are rising internal and external threats, increasing cloud use, and the Bring Your Own Device (BYOD) trend. As security as service solutions offer proactive security measures against changing cyber-attacks, the market for security as a service in Europe is expanding. As awareness of cybercrimes has grown in the Europe region, SMEs and large-scale enterprises have begun implementing security as service solutions and services to counteract them.
Security as a Service Market Segmentation:
By Component:
- Solution
- Services
By Application:
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Others (Email security, Web Security, and Database Security)
By Industry
- Banking, Financial Services, and Insurance,
- Government and Defense
- Retail
- Healthcare
- IT and Telecom
- Energy and Utilities
- Manufacturing
- Others
Security as a Service Market Key Competitors:
- McAfee
- Trend Micro
- Zscaler
- International Business Machines Corporation
- Microsoft
- Clearswift
- Alert Logic
- Cygilant
- Barracuda Networks
- Panda Security
- Stratejm
- Radware
- Mindsight
- Sentinel Technologies
- Happiest Minds
- Okta
- ProofPoint
- Qualys
- Symantec
- Sophos
- Egress Technologies
- Forcepoint
- Fortinet
- Kaspersky Lab
- CipherCloud
- DXC Technology
- Cisco
- AT&T
- Axcient
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