Global Security as a Service Market to Reach US$ 33.0 Billion by 2028, Impelled by Increasing Cases of Cybersecurity Threats

According to the latest report by IMARC Group, titled “Security as a Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global security as a service market reached a value of US$ 14.5 Billion in 2022. Security as a service (SECaaS) refers to a cloud-based model for outsourcing cybersecurity services. The service provider handles and manages the security of the organization by integrating its security services into the organization’s infrastructure on a subscription basis. Anti-virus, anti-malware, secure email and web gateway, vulnerability management, identity and access management, intrusion detection, and application security testing are some of the standard services provided by SECaaS solutions. They are employed to assist organizations in providing enhanced protection against online threats, faster provision, and greater agility, increasing security, compliance, and cost-effectiveness, and improving organizational performance.


Global Security as a Service Market Trends

The increasing instances of cyberattacks, viruses, and spyware across sectors, specifically in the BFSI industry, are creating a positive outlook for the market. SECaaS is widely used in banking systems as they consist of sensitive information about employee identity, tangible and intangible assets, money transactions, and customer information. In line with this, the increasing penetration of cloud-based technology to simplify digital banking processes and reduce the costs and risks of on-premises security solutions is favoring the market growth. Apart from this, the widespread product adoption among organizations amid the coronavirus disease (COVID-19) outbreak due to the rising security concerns and the increasing number of individuals following the work-from-home (WFH) corporate model is providing a thrust to the market growth. Moreover, various technological advancements, such as the integration of the Internet of Things (IoT) and real-time monitoring, owing to the emerging trend of bring-your-own-device (BYOD), are propelling the market growth. Other factors, including the increasing demand for cloud-based security solutions, significant improvements in the information technology (IT) infrastructure, and the implementation of various government initiatives mandating and regulating data protection laws, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market is expected to reach US$ 33.0 Billion by 2028, exhibiting a CAGR of 14.5% during 2023-2028.


Market Summary:

• On the basis of the component, the market has been bifurcated into solutions and services.
• Based on the organizational size, the market has been divided into small and medium-sized enterprises, and large enterprises.
• On the basis of the application, the market has been classified into network security, endpoint security, application security, cloud security, and others.
• Based on the vertical, the market has been divided into BFSI, government and defense, retail and e-commerce, healthcare and life sciences, IT and telecom, energy and utilities, manufacturing, and others.
• Based on the region, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), Middle East and Africa.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Alert Logic Inc., Barracuda Networks Inc., Cisco Systems Inc., Dell Technologies Inc., Fortinet Inc., International Business Machines Corporation, McAfee LLC, Microsoft Corporation, Okta Inc., Proofpoint Inc., Qualys Inc., Radware Ltd., Trend Micro Incorporated and Zscaler Inc.

Report Scope:

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