Security as a service market share
The Security-as-a-Service market size is expected to grow from USD 12.4 billion in 2021 to USD 23.8 billion by 2026, at a compound annual growth rate (CAGR) of 13.8% during the forecast period.
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The primary growth driver for the Security as a Service market is the requirement to comply with regulatory and data protection laws, increasing demand for cloud-based security solutions among SMBs, as well as high costs and risks associated with managing on-premises security solutions.
Browse in-depth TOC on “Security as a Service Market by Component (Solution and Service), Application (Network Security, Endpoint Security, Application Security and Cloud), Organization Size (SMB , large enterprises), vertical and regional – Global Forecast to 2026”
The Security as a Service market includes major solution providers, such as Trend Micro (Japan), IBM (US), Microsoft (US), Zscaler (US), McAfee (US ), Forcepoint (US), Sophos (UK), Clearswift (UK), Alert Logic (US), Cygilant (US), Barracuda Networks (US), Panda Security (Spain) ), Cisco (US), Fortinet (US), Radware (China), NortonLifeLock (US), Mindsight (US), Sentinel Technologies (US), Happiest Minds (India), Okta (US), Proofpoint (US), Qualys (US), Kaspersky Lab (US), Stratejm (Canada) and HackerOne (US). The study includes an in-depth competitive analysis of the major Security as a Service market players along with their company profiles, recent developments, and key market strategies.
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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 sensitive applications through increased visibility, control and use of existing security solutions, such as identity and access management (IAM), web filtering and the application whitelist. These enable the security of enterprise applications and software code against external and internal threats, including web attacks, distributed denial of service (DDoS), site scraping, and fraud.
Business-sensitive applications are one of the main targets of attackers, as they carry information about critical assets, as well as the processes that a company follows. Cloud-based application security solutions and services provide customers with cost-effective and scalable features, thus driving strong growth in this market.
The BFSI vertical is expected to maintain its leading position in terms of revenue generation during the forecast period
Rising cases of spyware/keyloggers, Trojans, viruses, ransomware, and other malware in the banking, financial services, and insurance (BFSI) industry are driving the adoption of security solutions. security as a service. The BFSI vertical is also a major target for cyber criminals, as it holds sensitive information about employees, customers, assets, offices, branches, and operations. Additionally, with stricter regulations and increasing cases of fraud and cyberattacks, the need for real-time detection and protection against advanced threats and brand protection is driving the growth of the security-as-a-service market. in the BFSI vertical.
Identity and Access Management (IAM) Segment to Account for Highest Market Share in 2021
Security and vulnerability management is the procedure in which vulnerabilities in IT are identified and the risks of those vulnerabilities are assessed. It is a proactive approach to securing sensitive data by eliminating network security weaknesses, which include possible cyber threats, such as dormant malware attacks and other advanced invasion techniques. The process involves checking and identifying the risks, as well as mitigating and fixing the unwanted software program.
Organizations rely on the solution to quickly assess and prioritize vulnerabilities, as well as analyze network asset information, security configuration, and threat intelligence. With increasing instances of cyberattacks, Internet of Things (IoT) and connected device vulnerabilities and increasing pressure from cybersecurity regulations, the SIEM segment is expected to generate the highest revenues during the forecast period. forecast.
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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 over the forecast period. The rise in the number of IoT and connected devices, and the vulnerabilities associated with them, are some of the factors driving the adoption of security as a service. The presence of numerous security-as-a-service vendors, along with the widespread awareness of these solutions would continue to account for the highest market share in the region during the forecast period.
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