Security as a Service (SECaaS) Market to Grow USD 15610 Million by 2028 at a CAGR of 22.7% | #emailsecurity | #phishing | #ransomware


BANGALORE, India, July 19, 2022 /PRNewswire/ — Security as a Service  Market is segmented by Type (Email Encryption, SIEM, Identity and Access Management, Endpoint Protection Intrusion Detection and Prevention Systems, DLP, Others) By Application (IT & Telecom, BFSI, Retail, Healthcare Government and Defense, Oil and Gas, Others) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Computer Security Category.

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.

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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 the security as a service market in the subsequent years.

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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 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.

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Key Companies:

  • Symantec
  • McAfee
  • Trend Micro
  • Cisco
  • Fortinet
  • Panda Security
  • Ciphercloud
  • Zscaler
  • Alert Logic
  • Radware

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SIMILAR REPORTS:

–  The global 5G in Defense market is valued at USD 551 million in 2020 and is projected to reach USD 76,014.6 million in 2030, registering a CAGR of 67.7%.

–  The global Hardware Encryption market size is projected to reach USD 149750 million by 2028, from USD 28970 million in 2021, at a CAGR of 25.9% during 2022-2028.

–  The global Cognitive Security market size is projected to reach USD 13760 million by 2028, from USD 3588.8 million in 2021, at a CAGR of 20.6% during 2022-2028.

–  The global Internet of Things (IoT) Security market size is projected to reach USD 7722.1 million by 2028, from USD 2087.8 million in 2021, at a CAGR of 20.3% during 2022-2028.

–  The global fraud detection and prevention market size is projected to reach USD 45800 million by 2027, from USD 16390 million in 2020, at a CAGR of 15.3% during 2021-2027.

–  The global SOC as a Service market size is projected to reach USD 772.9 million by 2028, from USD 296.3 million in 2021, at a CAGR of 14.2% during 2022-2028.

–  The global Managed Security Services System market size is projected to reach USD 68520 million by 2028, from USD 30950 million in 2021, at a CAGR of 11.8% during 2022-2028.

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–  The global Security Information and Event Management market size is projected to reach USD 6436.2 million by 2027, from USD 3938.3 million in 2020, at a CAGR of 6.8% during 2021-2027.

–  The global Security System Integrators market size is projected to reach USD 13600 million by 2028, from USD 8965.8 million in 2021, at a CAGR of 5.7% during 2022-2028.

–  The global Digital Assurance market size is projected to reach USD 4931.3 million by 2028, from USD 2716.7 million in 2021, at a CAGR of 8.8% during 2022-2028.

–  The global Security Information and Event Management market size is projected to reach USD 6436.2 million by 2027, from USD 3938.3 million in 2020, at a CAGR of 6.8% during 2021-2027.

–  The global Network Security Firewall market size is projected to reach USD 5513.2 million by 2027, from USD 3263.1 million in 2020, at a CAGR of 7.3% during 2021-2027.

–  The global Physical Security market size is projected to reach USD 102470 million by 2028, from USD 74850 million in 2021, at a CAGR of 4.1% during 2022-2028.

–  The global Command, Control, Communications, Computers, Intelligence, Surveillance & Reconnaissance(C4ISR) market size is projected to reach USD 104550 million by 2028, from USD 87810 million in 2021, at a CAGR of 2.5% during 2022-2028.

–  The global Perimeter Security market size is estimated to be worth USD 124860 million in 2022 and is forecast to be a readjusted size of USD 186330 million by 2028 with a CAGR of 6.9%.

–  The global Home Security Solutions market size is projected to reach USD 92340 million by 2028, from USD 53800 million in 2021, at a CAGR of 7.9% during 2022-2028.

–  The global Anti-Drone market size is estimated to be worth USD 1323.8 million in 2022 and is forecast to a readjusted size of USD 5098.4 million by 2028 with a CAGR of 25.2%.

–  The global Military Drone market size is estimated to be worth USD 11770 million in 2022 and is forecast to be a readjusted size of USD 17270 million by 2028 with a CAGR of 6.6%.

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