Security as a Service (SECaaS) Market to Grow USD 15610 Million by2028 at a CAGR of 22.7% | Valuates Reports
The global Security as a Service (SECaaS) market size is projected to reach USD 15610 Million by 2028, from USD 3615.2 Million in 2021, at a CAGR of 22.7% during 2022-2028.
Major Factors Driving the Growth of Security as a Service Market
The key growth driver of the security as a service market is the rising outsourcing of security solutions owing to huge benefits and increasing need in several industry verticals like BFSI, IT and telecom, retail, healthcare, government and defense, oil and gas, etc.
TRENDS INFLUENCING THE GROWTH OF THE SECURITY AS A SERVICE MARKET
Having an in-house security team can be expensive and time-consuming. Investing in additional security hardware and software can be a laborious process. Hence organizations are outsourcing this crucial task to application security companies having specialized knowledge. They enable 24/7/365 days coverage for ensuring continuous security monitoring and blocking attacks. Enterprises get time-shared access to techniques and tools from security professionals who offer top-notch guarding services. This does not require any investment. These factors will bolster the growth of the security-as-a-service market during the forecast period.
The BFSI industry is one of the most targeted industries for cyberattacks. Hackers use a variety of techniques like compromising privileged user credentials, targeting unencrypted data, and exploiting misconfigured database systems. Identity and Access Management protects easily cracked passwords and user credentials by blocking all the common network entry points. Employees are able to work seamlessly while the centralized management ensures only they access specific information. This in turn will drive the growth of the security as a service market in the forthcoming years.
Network security is no longer a case of applying a simple security policy or installing a basic firewall. Communication networks need to be robust as the scope of threats to internet providers and telecom companies has increased exponentially. Security as a service reduces the upfront costs of security hardware and simplifies the security management process. This is expected to drive the growth of the security-as-a-service market during the forecast period.
Retail stores are experiencing a range of cyberattacks and data theft through obtaining the personal and credit card information of customers. A typical business network has many access points to other networks both public and private. The real challenge lies in maintaining security while keeping the system open to customers. With outsourcing services, retailers can quickly manage and deploy security measures. Intrusion detection monitors all the unnecessary activities within the network with the business carrying its operations seamlessly. Such factors will drive the growth of the Security as a Service market in the coming years.
Healthcare professionals use various endpoint devices like mobiles, laptops, and tablets to electronically store and share sensitive patient data. The advent of IoT systems creates several entry points that threat actors can utilize to gain unauthorized access to the servers of healthcare organizations. Endpoint protection alerts users of any impending threats and secures connected medical equipment and devices. A unified endpoint threat management platform also provides data loss protection. It automates encryption and password enforcement. These factors will spur the growth of the security as a service market in the upcoming years.
Government and defense servers contain confidential information and crucial public data. Hordes of sensitive information are transmitted daily. Hence criminals can easily plant ransomware and steal important information from the data transmission. Email encryption relies on gateway software to ensure security. Public organizations implement policies that encrypt emails and clearly specify any message sent by the user containing Personally identifiable Information or financial data. This in turn will augment the growth of the market during the forecast period.
Oil and gas companies deploy security and event management( SIEM) solutions to reduce the process turnaround time, and enhance visibility. It assists in backup scheduling, maintenance, tracking, and offering superior guarding services. This will drive the demand for security as a service market in the subsequent years.
SECURITY AS A SERVICE MARKET SHARE ANALYSIS:
Based on type, the Identity and Access management segment is expected to dominate in the security as a service market share due to an increase in identity thefts. IAM solutions are highly effective in securing user identities. They modify access rights using a centralized mechanism and control authorization based on these rights.
Based on the application, the BFSI segment will maintain the lead due to rising instances of spyware, ransomware, Trojan, and other malware driving the adoption of security as a service solution.
Based on region, North America will witness considerable growth due to the presence of security as service vendors and increasing awareness about these solutions. On the other hand, the APAC segment will grow the fastest as emerging economies are investing heavily in SeCaaS solutions to boost their security infrastructure.
- Trend Micro
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