Security as a Service Market Projected to Hit USD 46.24 Billion at a 17.35% CAGR by 2030 - Report by Market Research Future (MRFR)

The advent of cloud computing security is driving the growth of the security as a service market in North America. The region is expected to dominate the market with the largest market share during the forecast period.

New York, US, March 02, 2023 (GLOBE NEWSWIRE) -- Market Analysis

According to a comprehensive research report by Market Research Future (MRFR), “Security as a Service Market: By Component, By Application Area, By Organization Size, By Vertical - Global Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 17.35% to attain a valuation of around USD 46.24 Billion by the end of 2030. SaaS, or software as a service, is essentially a cloud-based system where security suppliers are in charge of protecting and supporting the enterprise, data, and network across the cloud and on-premises environment. This service makes it possible to use cloud-based security solutions and services.

Security as a Service Market Competitive Analysis

Eminent industry players profiled in the global Security as a Service Market report include:

  • Trend Micro (Japan)
  • Zscaler (US), McAfee (US)
  • IBM (US), Microsoft (US)
  • Clearswift (UK), Alert Logic (US)
  • Forcepoint (US), Sophos (UK)
  • Barracuda Networks (US)
  • Cygilant (US)
  • Cisco (US), Fortinet (US)
  • Panda Security (Spain)
  • Radware (China)
  • Mindsight (US)
  • NortonLifeLock (US)
  • Happiest Minds (India)
  • Sentinel Technologies (US)
  • Okta (US)
  • Qualys(US)
  • ProofPoint (US)
  • Stratejm (Canada)

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Security as a Service Market Report Scope:

Report MetricsDetails
Security as a Service Market Size by 2030USD 46.24 Billion (2030)
Security as a Service Market CAGR during 2022-203017.35%
  Base Year2021
  Forecast 2022-2030
 Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
 Key Market DriversThe advent of cloud computing security is driving the growth of the security as a service market in North America. The region is expected to dominate the market with the largest market share during the forecast period.

In-depth Security as a Service Market Analysis and Market Growth are both covered in this study. Regional analysis and the Security as a Service Market Segments are also discussed.

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The current changes that have elevated the Security, Security as a Service Business to a new level are also highlighted. This research also covers the major market players, market dynamics, and its post-COVID-19 state.

Organizations have been impacted by the COVID-19 pandemic in some form. Governments have been compelled to maintain lockdowns for indefinite periods in order to maintain social distance, thus businesses have adopted numerous digital methods of conducting business. In fact, many renowned organisations now include it in their new business continuity plans.

The work cultures of organisations have also been modernised by accepting new work practises like work from home (WFH) and BYOD (bring your own device) (BYOD).

The new work environment has made the security of the company vulnerable because employees are working remotely on personal laptops without antivirus software or on workplace laptops with no firewall protection. The Covid-19 incident has compelled businesses to change the way they think about cybersecurity. Their intellectual property is now at risk due to this predicament. As a result, SMBs, major corporations, and startups view cybersecurity as an essential capital expenditure (CAPEX). The SaaS market is expanding quickly due to this circumstance.

The main factor propelling the market's expansion is the massive adoption of cloud computing by businesses to build highly secure platforms for their operations.

The unique rules and regulations that several governments have established for cloud-based security are also to blame for the market's global expansion. Because SMEs are an easy target for cybercriminals, they are becoming more aware of and inclined towards cybersecurity, which is a driving force behind market expansion. Future forecasts predict even greater demand for cloud-based security solutions, which will continue to be advantageous for the Security as a Service Sector.

Cloud computing security's quick uptake is predicted to open up a lot of commercial prospects. Another factor driving cloud-based security's expansion on the international market is its affordability.

New trends like BYOD and CYOD are also increasing enterprises' awareness of their security systems, which is fueling the market's expansion.

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Segmentation Overview:

Based on the global Security as a Service Market, it is segmented on the basis of Component, Application area, Organization size, Verticals, and Region.

Based on component, the global market of Security as a Service is further segmented into Solution and services.

Based on solution, the market is sub-segmented into Endpoint protection, Security information and event management (SIEM), Identity Access Management (IAM), Intrusion detection and prevention system (IDS/IPS), Email-encryption, Data loss prevention, and Others. 

Based on Service, the market is sub-segmented into Training and Education, Consulting, and Support and Maintenance.

By Application Area, the market is segmented into Network security, Email-security, Database cloud security, Web security, and Others.

Based on organization size, the global market of Security as a Service is further segmented into Small and medium-sized enterprises (SMEs) and Large enterprises.

Based on verticals, the global market of Security as a Service is further segmented into BFSI, Oil & gas, IT & Telecom, Healthcare, Retail, Government and defence, and Others. 

The global market for security as a service is divided into four regions based on geography: North America, Europe, Asia Pacific, and the rest of the world. North America is anticipated to rule the worldwide security industry as a service among all of these areas. The development of the market in the region is being greatly fueled by technological development and the emergence of cloud computing. During the projected period, this area is anticipated to have the largest Security as a Service Market Profit. Most of the key market participants in the North American region are the United States and Canada.

Europe, on the other hand, is anticipated to have rapid growth during the projection period. The market is being driven by the enterprises in this regional market's significant investments in cybersecurity.

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Among all the geographical markets, the APAC market is anticipated to develop at the highest rate. The fast use of cloud computing by large businesses gives the Asian industry a huge boost. India, China, and Japan are the major markets in the area since they have the greatest client bases.

Related Reports:

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Software as a Service (SaaS) Market By Deployment, By End User, By Industry - Forecast 2020-2030

Data Governance Market By Component, By Function, By Deployment, By Users, By Region – Market Forecast Till 2030

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