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The global security as a service market was valued at US$ 12.64 Billion in 2021.
We expect the global security as a service market to exhibit a CAGR of 15.10% during 2022-2027.
The escalating demand for cloud-based cybersecurity solutions for providing higher security expertise and enhancing protection against online threats, such as data breaches and identity thefts, is primarily driving the global security as a service market.
The sudden outbreak of the COVID-19 pandemic has led to the increasing adoption of security as a service solutions, owing to the high risk of data vulnerability on account of the deployment of Work-From-Home (WFH) and Bring Your Own Device (BYOD) models by numerous organizations.
Based on the component, the global security as a service market has been divided into solution and services. Currently, solution exhibits a clear dominance in the market.
Based on the organization size, the global security as a service market can be categorized into small and medium-sized enterprises and large enterprises, where large enterprises hold the majority of the global market share.
Based on the application, the global security as a service market has been segmented into network security, endpoint security, application security, cloud security, and others. Among these, network security represents the largest market share.
Based on the vertical, the global security as a service market can be bifurcated into BFSI, government and defense, retail and e-commerce, healthcare and life sciences, IT and telecom, energy and utilities,
manufacturing, and others. Currently, the BFSI sector accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global security as a service market 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.
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