Security as a Service Market Research Report 2023, Demand, Opportunity, Share, Forecast to 2033
The security-as-a-service (SaaS) market is growing across countries and industry sectors as a result of an increase in security risks. Enterprises have been focusing on improved security solutions for protecting information deployed on-premises and in the cloud in order to reinforce their organization’s security structure as a result of a rapid rise in cybercrimes and data hacking activities. Large firms are also taking steps to integrate Saas solutions for their cloud-based business apps and aiding other small businesses in understanding how to use the capabilities of security as a service and internet security risks.
According to an updated estimate by Persistence Market Research, the global SaaS market is anticipated to grow at a CAGR of more than 18% through 2031.
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Key Takeaways from Market Study
- North America was the dominant market in 2020 in terms of value for SaaS. Over the coming years, Europe is expected to be one of the key markets for sustainable revenue generation from security as a service, as increasing adoption of cloud-based solutions and services is boosting market growth in the region.
- The BFSI (Banking, Financial Services, and Insurance) segment is expected to offer the highest incremental opportunity during the forecast period, as many private banks are using SaaS models for email encryption, data loss prevention, and network protection.
- To reduce implementation costs, large enterprises are using cloud-based solutions and adopting SaaS solutions.
- The education and manufacturing industry is expected to increasingly adopt security as a service solutions to securely access confidential data on a real-time basis.
- The SaaS market in the U.S. is expected to expand at a CAGR of around 16% over the next ten years, while that in the U.K. at 17.5%.
- The markets in China and India are slated to surge at around 20% CAGRs respectively, over the next ten years.
“Enterprises are implementing IOT-based solutions progressively. IOT solution providers are integrating SaaS in order to reduce cyber-attacks on connected devices, identify the threat, and fix susceptibilities before launching them in the market, says a Persistence Market Research analyst.
COVID-19 Pandemic Impact Analysis
Increase in remote working has led to the need for greater focus on cyber-security, because of higher exposure to cyber risks. This is evident from the fact that around 47% of individuals fall for phishing scams while working at home. Cyber-attackers are seeing COVID-19 as an opportunity to step up their criminal activities and exploit vulnerable employees working from home. Hence, to reduce the impact of cyber-attacks, companies are focusing and enhancing their development and application of security measures.
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Many companies are increasing their spending budgets on security solutions as a fight against increasing number of cyber-attacks and threats amidst this pandemic outbreak. Also, cybersecurity technology and service providers are shifting priorities to support current needs: business continuity, remote work, and planning for transition to the next normal.
Key Players :
- Intel Corporation
- Oracle Corporation
- Cisco Systems Inc.
- Trend Micro Incorporated
- Proofpoint Inc.
- Thales Group
- Qualys Inc.
- Alert Logic
- Zscaler Inc.
- Okta Inc.
Find More Valuable Insights
Persistence Market Research puts forward an unbiased analysis of the global security as a service market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031. To understand the opportunities in SaaS, the market is segmented on the basis of component (solutions and services), application (network security, endpoint security, application security, cloud security, and others), and vertical (banking financial service and insurance, healthcare, retail, it & telecom, energy & utilities, government, and others), across seven major regions of the world.
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Key Segments of Security-as-a-Service Market Industry Research
By Component:
- Solution
- Services
- Professional Services
- Managed Services
By Application:
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Others
By Vertical:
- BFSI
- Healthcare
- Retail
- IT & Telecom
- Energy & Utilities
- Government
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
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