According to the new research report, titled “Security as a Service Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 34,854.10 million by 2028, registering a CAGR of 16.8% from 2022 to 2028.
A technique to supply security solutions to an organization for data centers or regional gateways is through security as a service. As it helps to enable secure access to apps, it has grown to be a crucial approach for enterprises to increase their mobile and cloud deployments. To increase the application security of enterprises, a variety of security solutions are deployed. Data loss prevention (DLP), compliance solutions, advanced malware prevention, cloud access security brokers making decisions, and continuous monitoring are just a few of the security solutions offered. Service providers charge organizations a reasonable monthly fee for their services. Due to these benefits, end-use industries are increasingly approaching security as a service market players.
Europe is investing in infrastructure and funding cybersecurity as a “high priority.” As the demand for strong Banking, Financial Services, Insurance (BFSI), and Defense security develops, the security as a service market for will expand in the near future. According to Eurostat, the growing adoption of cloud-based services, Advanced Persistent Threats (APTs), and mobile internet usage by young people present a significant opportunity for cyber vendors in the European Security as a service market. The cybersecurity of connected devices, PCs, and wearables is deteriorating due to data breaches, malware, and phishing as the internet becomes more accessible, affordable, and quick.
ALERT LOGIC INC., BARRACUDA NETWORKS, INC., IBM CORPORATION, MCAFEE LLC, MICROSOFT CORPORATION, RADWARE– PROMINENT MARKET PARTICIPANTS IN SECURITY AS A SERVICE MARKET
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The security as a service market is analyzed on the basis of component, organization size, application, and vertical. Based on component, the market is bifurcated into solutions and services. By organization size, the market is segmented into SMEs and large enterprises. By application, the Security as a service market is segmented into network security, endpoint security, application security, cloud security, and others. Based on vertical, the market is segmented into BFSI, Government & defense, retail, healthcare, IT & telecom, energy & utilities, manufacturing, and others.
The top 5 players in the global Security as a Service market are KLA Corporation, ASML Holding N.V., Applied Materials, Inc., Onto Innovation, Inc., and Hitachi High-Technologies Corporation in 2021. The positioning of these “Five Key Players” is derived by giving weightage to the following key performance parameters: overall revenue, segment revenue, geographical reach, customer base, new product launches, market initiatives, investment in technology up-gradation, R&D investments, mergers & acquisitions, and other market-related activities. JEOL Ltd., Nova Ltd., Nikon Metrology N.V., Thermofisher Scientific Inc., and Lasertec Corporation are notable market players profiled in the global Security as a Service market.
The growing adoption of cloud computing technology is projected to play a vital in the global security as a service industry. The cost of using cloud solutions is much reduced for enterprises because they don’t require any physical information technology (IT) infrastructure or personnel. These solutions also give users the option to choose the services they want and access their data from any location through a secure connection. In addition, businesses are requesting multi-factor authentication more frequently due to the expanding BYOD culture and the tightening of government requirements governing data protection.
Security as a service (SECaaS) serves as a preventive service to thwart numerous threats before they reach the businesses. As an illustration, it offers an additional layer of spam filters or a firewall between the organization and attackers. The majority of the time, SECaaS providers will have several clients in use at once. Because of this, whenever a problem arises with one customer, the solution for that kind of threat can also be used as a proactive defense plan for other clients.
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