Security As A Service Market By Component (Solution and Services), By Organization Size (Small & Medium Sized Enterprises (SMEs) and Large Enterprises), By Vertical (Banking, Financial Services, and Insurance (BFSI), Energy and Utilities, Government and Defense, Healthcare, IT and Telecom, Manufacturing, Retail, and Others), and By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) - Market Size & Forecasting (2021-2030)

The Global Security as a Service Market is projected to reach USD 10.4 billion in 2021 and is projected to grow with a CAGR of XX% during the forecast period till 2030.

Security as a service offers subscription-based security services that are hosted by cloud providers. Owing to the key advantages offered by security as a service for corporate infrastructures, such as in meeting in-house security team’s responsibilities, increased security needs as the business grows, and avoidance of costs and maintenance of on-premise alternatives, it is prominently used by small, medium, and large organizations.

Security as a service is an outsourced service in which security is handled and managed by a third party. The most straightforward example of security as a service is the use of anti-virus software over the Internet.

FIGURE 1: SECURITY AS A SERVICE MARKET

FIGURE 1: SECURITY AS A SERVICE MARKET

When it comes to cybersecurity, online businesses face significant challenges. Since these companies don't have a physical location to operate from, they don't have any on-site hardware to control cybersecurity. These companies also lack the financial resources to employ analysts and security experts. However, since most businesses are run through a network or cloud, the risk of cyber-attacks is rising as sophisticated attacks and threats are becoming more frequent.

Businesses can outsource their security needs to a vendor using security as a service. Security services such as authentication, intrusion detection, antivirus and malware management, and others will be managed by the provider. The provider's hardware and cyber security equipment can be used to handle security services off-site. Security as a service allows companies to effectively track for threats within their networks without having their own resources for this particular task.

Rising threats to businesses and corporations, as well as a spike in identity fraud, have fueled the need for security as a service solutions. One of the constructive ways to combat identity fraud is to use IAM (Identity and Access Management) solutions. These solutions use a centralized system to identify and change user access rights, as well as control authorization based on such rights.

Security as a service offers several benefits for small and medium sized enterprises (SME’s), such as increased security, cost reduction (by subscription or Pay-As-You-Go (PAYG) model), time saving, faster threat response, latest technology, and latest updates of software. Such advantages offered by security as a service are expected to increase the adoption of security as a service model in SMEs.

Enterprise data is now stored in a variety of places, like local laptops, mobile phones, tablets, on local servers, edge servers, and cloud networks, and each of these platforms must be secured. Security as a service protect all these network and devices from an ever-growing number of threats. Some of these threats include: malware, ransomware, phishing, virus, denial of service (DoS), distributed denial-of-service (DDoS), man-in-the-middle, and brute force attacks, among others.

Security service providers are constantly updating their products to safeguard against such attacks. While it is impossible to avoid all attacks, businesses would take measures, such as restricting access to sensitive data and increasing the use of managed security services, to reduce the risk of them occurring.

The risk of planned attacks has increased as a result of the growing reliance on third-party providers, such as managed security services. Many hacker groups specialize in planned hacking for secured applications, as they are well-informed and aware of new security technologies and breaches. This factor can hamper the growth of the market.

FIGURE 2: SECURITY AS A SERVICE MARKET SEGMENTATION

FIGURE 2: SECURITY AS A SERVICE MARKET SEGMENTATION

Segmentation

The global security as a service market is segmented based on component, organization size, vertical, and region.

Security as a Service Market, By Component

Based on component, the global security as a service market is bifurcated into solution and services. The solution segment is further divided into identity and access management, data loss prevention (DLP), continuous monitoring, intrusion management, business continuity and disaster recovery, security information and event management, vulnerability scanning, email security, network security, web security, and others. The service segment is further divided into training and education, consulting, and support and maintenance.

Security information and event management (SIEM) is a security management system that incorporates the roles of security information management and security event management into a single system. SIEM is used by security as a service provider to collect and compile security logging data from all devices in the security management domain. These devices are end systems, servers, local and cloud applications, switches, routers, firewalls, and anti-virus software. SIEM re-orders and analyses potential security incidents and will create a report and alert the security as a service provider for any malicious activity.

Business continuity and disaster recovery as a service (DRaaS) solutions are widely adopted by organizations to restore data, maintain the security of sensitive information, and to ensure that the business bounces back and resumes normal operations quickly in the event of a disaster.

Security as a Service Market, By Organization Size

Based on the organization size, this market is bifurcated into small & medium sized enterprises (SMEs) and large enterprises. Small and medium sized enterprises (SMEs) are a significant source of creativity and development all over the world. SMEs stand to benefit the most from cloud computing, as setting up and running a whole server system the conventional way is difficult and expensive.

SMEs aren't really aware of all of cloud computing's information security risks and problems. Therefore, security as a service provider play an important role for SMEs to protect them from cyber-attacks and provides several security solutions, such as email security, network security, web security, data loss prevention (DLP), business continuity and disaster recovery, among others.

Without appropriate network security, cyber-attacks are becoming a greater threat to small and medium sized enterprises (SMEs). By targeting this customer segment with security services, service providers can increase sales, minimize churn, and improve their brand.

As they have limited budgets to handle software applications and other business operations, small and medium-sized enterprises (SMEs) are extensively implementing security-as-a-service solutions. Furthermore, small companies generally use cloud-based applications for their businesses. But due to the lack of authentication, cloud-based applications are sometimes prone to cyber-attack risk. Therefore, security as a service play a vital role in securing their business, thereby fueling demand for such services and propelling market growth.

Security as a Service Market, By Vertical

Based on vertical, this market is classified into banking, financial services, and insurance (BFSI), energy and utilities, government and defense, healthcare, IT and telecom, manufacturing, retail, and others. The banking, financial services, and insurance (BFSI) industry contributes to the economy and thus, continues to be a part of national significance and consideration for people's wellbeing. Hence, essential security measures are taken to protect this industry from sophisticated attacks and threats.

Security as a service provider offers security checks in the form of digital certificates for devices, one-time password tokens, browser protection policies, transaction monitoring, anti-money laundering, and fraud detection solutions for banks and financial institutions as part of security implementation. These solutions and services provide banks with rigorous security measures while meeting regulatory criteria for protecting customer data.

Security as a Service Market, By Region

Based on regions, the global security as a service market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The North America region is anticipated to hold a major market share over the forecast period. This growth is attributed to the presence of a large number of security as a service vendors in the region. The U.S. accounts for the largest market share in the North America region, owing to the presence of major market players in the country.

More harmful attacks have resulted from the increased proliferation of unprotected new technology, such as the Internet of Things (IoT) and an increase in cybercrime activity in North America. The number of cybersecurity incidents and data breaches in the U.S., has risen dramatically over the last decade, from 662 in 2010 to over a thousand by 2020. These factors are promoting the growth of security as a service market in the region due to its wide adoption by various types of organizations.

FIGURE 3: SECURITY AS A SERVICE MARKET (USD BILLION), MARKET OVERVIEW, 2021-2030

FIGURE 3: SECURITY AS A SERVICE MARKET (USD BILLION), MARKET OVERVIEW, 2021-2030

Some Recent Developments in the Global Security as a Service Market

  • In September 2020, Proofpoint, Inc., one of the leaders in cybersecurity and compliance, extended its partnership with CyberArk, one of the global leaders in privileged access management. Organizations may recognize their very attacked people (VAPs), apply additional security policies to their high-risk users with privileged access, and remediate phishing attempts owing to the improved integration of Proofpoint Targeted Attack Protection with CyberArk's Privileged Access Security Solution. Proofpoint security teams would get benefit from the extended partnership with CyberArk, which would provide them with improved detection and adaptive controls to address today's most serious threats.
  • In May 2020, McAfee, the device-to-cloud cybersecurity company, has collaborated with Atlassian, one of the leading providers of team collaboration and productivity software. This collaboration introduced advanced data security and threat protection to customers that are looking to accelerate their migration towards cloud. Owing to this collaboration, Atlassian customers can now leverage the power of McAfee MVISON Cloud to apply their security policies to their use of Atlassian services. MVISION Cloud is a centralized security framework that helps customers gain comprehensive control of their cloud services from managed and unmanaged devices. It offers visibility and control for Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), and Infrastructure-as-a-Service (IaaS) environments, through Content Management systems and DevOps environments.
  • In July 2020, Thales Group collaborated with Google Cloud to accelerate the ability of enterprises securely move sensitive data between public cloud, hybrid, and private IT infrastructures. Together, the two companies will have new technologies that will enable security teams to own and monitor their encryption keys while also assisting in meeting increased regulatory requirements in today's highly distributed workforce. This collaboration is important, as it allows companies to take full control of their data and encryption keys, which is especially important as they implement hybrid and multi-cloud strategies. Addressing both private and public cloud environments, Thales and Google Cloud would provide a turnkey solution that manages, brokers, and stores encryption keys under the customer's full control, allowing businesses to confidently transfer data assets to the cloud.

 Market Players

The key leading players in the security as a service market are Broadcom Inc., Trend Micro Incorporated, McAfee, LLC, Fortinet, Inc., Panda Security, S.L., CipherCloud, Inc., Zscaler, Inc., Alert Logic, Inc, Radware Ltd., Happiest Minds, Paladion's, Forcepoint, Digital Guardian, Volta, Okta, Proofpoint Inc., Thales Group, Websense Inc., and Qualys Inc., among others.

What Does This Report Provide?

This report provides a detailed understanding of the global security as a service market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market. The major market drivers, challenges, restraints, and opportunities for the global security as a service market have also been covered in the report.

This report further includes the market shares of the leading companies operating in the security as a service market, along with their production capacities and the growth strategies adopted by them. An in-depth pricing analysis, patent analysis, and distribution channel analysis have also been covered in the report. Apart from these, how COVID-19 pandemic has affected the global security as a service market has been analyzed in this study, both in terms of qualitative and quantitative analysis. 

Market Segmentation:

 By Component 

  • Solution
  • Identity and Access Management
  • Data Loss Prevention (DLP)
  • Continuous Monitoring
  • Intrusion Management
  • Business Continuity and Disaster Recovery
  • Security Information and Event Management
  • Vulnerability Scanning
  • Email Security
  • Network Security
  • Web Security
  • Others
  • Services
  • Training and Education
  • Consulting
  • Support and Maintenance

By Organization Size

  • Small & Medium Sized Enterprises (SMEs)
  • Large Enterprises

By Vertical

  • Banking, Financial Services, and Insurance (BFSI)
  • Energy and Utilities
  • Government and Defense
  • Healthcare
  • IT and Telecom
  • Manufacturing
  • Retail
  • Others

By Region:

North America Security as a Service Market

  • North America, by Country
    • U.S.
    • Canada
    • Mexico
  • North America, by Component
  • North America, by Organization Size
  • North America, by Vertical

 Europe Security as a Service Market

  • Europe, by Country
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Western Europe 
  • Europe, by Component 
  • Europe, by Organization Size
  • Europe, by Vertical

Asia Pacific Security as a Service Market

  • Asia Pacific, by Country
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Rest of Asia Pacific 
  • Asia Pacific, by Component
  • Asia Pacific, by Organization Size
  • Asia Pacific, by Vertical

 Middle East & Africa Security as a Service Market

  • Middle East & Africa, by Country 
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of Middle East & Africa  
  • Middle East & Africa, by Component
  • Middle East & Africa, by Organization Size
  • Middle East & Africa, by Vertical

 South America Security as a Service Market

  • South America, by Country 
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • South America, by Component
  • South America, by Organization Size
  • South America, by Vertical

 Reasons to Buy This Report:

  • Market size estimation of the security as a service market on a regional and global basis
  • Unique research usage for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

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