Pune, India, Oct. 13, 2022 (GLOBE NEWSWIRE) -- The global Security as a service market size is booming as it provides secure access to a business application to grow mobile and deployments. Furthermore, the rise in digitalization and growing adoption of cloud-based solutions create opportunities for the business to expand quickly.
Fortune Business Insights™ has examined these responses in a research report titled, “Security as a Service Market Share, 2022-2029.”
Industry Development:
- October 2021: Forcepoint collaborated with KPMG India to offer data protection services to businesses in India to protect their critical data from cyber-attacks.
- July 2021: Trend Micro Incorporated with Microsoft Corporation to deliver technologically advanced and secure cybersecurity for joint customers.
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Drivers & Restraints
Trend for Cloud Technologies Protocols to Promote Investment
The trend for security as a service is fueled due to the increased usage of advanced communication protocols to connect more digitally. Another reason driving the security as a service market growth is the growing concern for confidentiality and integrity of the organizational data. In addition, the organization gets subscriptions at an affordable rate from the service providers. Moreover, the market growth is hindered by enterprises’ skepticism about adopting cloud technology.
Regional Insights
Investments in Reducing Cyber-Crime technologies Encourage Growth in North America Market
North American security as a service market share will grow due to the substantial increase in government initiatives to protect confidential data from cyber organizations. Besides rising investment in application security and cloud security, the U.S. and Canada are expected to generate new growth prospects.
The Asia Pacific is anticipated to contribute significantly during the forecast period. The focus on digitalization and investment in the technologies by countries such as China, Singapore, and India are expected to drive the market grows rapidly. Also, the rise in the number of cybercrimes and the growing market adoption to reduce cyber threats are propelling the region's demand.
Growing Need for Cloud-based Technology Stimulated Market Advancement
The mixed impact of the COVID-19 outbreak was noticed in the global market. During the preliminary phase of the pandemic, the need for security as a service was increased due to the sudden shift towards work from home policy. Moreover, the market’s development surged due to the rising approach of a company’s management toward cybersecurity. Adopting cloud-based technology and remotely working services give companies the freedom to manage their workflow.
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Segments
In terms of component, the market is bifurcated into services and solution. Based on organization size, the industry is classified into large enterprises and small & medium enterprises. On the basis of application, the industry is divided into cloud security, endpoint security, network security, application security and others. With respect to industry, the market is divided into energy & utility, IT & telecom, retail & e-commerce, government, healthcare, BFSI, manufacturing and others. The market is categorized into the Middle East & Africa, Europe, North America, South America, and the Asia Pacific in terms of region.
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Report Coverage
Secondary and primary sources are used to get a detailed overview of the study in a prominent way. The qualitative and quantitative approach is also considered in the context of the report to achieve the detailed analysis. Meetings with the upper management, such as the board of directors and employees, have contributed to thoroughly recognizing the industry in the best possible way. For secondary resources, various press releases and journals are used to fetch the details of the industry. The report also include COVID-19 analysis to boost the market coverage.
Competitive Landscape
Stakeholders Focus on Collaboration to Penetrate Market
Leading companies, such as Forcepoint, announced collaborated with KPMG India to get a competitive edge in the marketplace. Major industry players are expected to invest in product launches, partnerships and mergers & acquisitions to get an additional lead. Developments in the business include:
Companies profiled in the Security as a Service Market Report:
- IBM Corporation (U.S.)
- Barracuda Networks (U.S.)
- Cisco Systems (U.S.)
- Kaspersky Lab (Russia)
- NortonLifeLock (U.S.)
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