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Mandate to follow regulatory and data protection laws is expected to drive the security as a service market
The security as a service market size is estimated to grow from USD 7.6 billion in 2018 to USD 16.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 16.9% during the forecast period.
The factors expected to drive the security as a service market are the growing need to follow regulatory and data protection laws and increasing demand for cloud-based security solutions. However, organizations’ doubts about cloud-based security and availability of free security solution suites and services is still a concern for organizations. Furthermore, rise in infrastructure complexities is expected to restrain the market growth.
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Services segment is expected to grow at a higher CAGR during the forecast period
The security as a service market by service includes consulting, training and education, and support and maintenance services. These services help clients understand their solutions and related processes. The solution segment is expected to hold a larger market size during the forecast period. The security as a service solutions are being deployed by a large number of Small and Medium-sized Enterprises (SMEs) to secure their organizations from the increasing cyber threats across their cloud-based applications and platforms.
Increasing adoption of cloud-based applications and platforms in SMEs is expected to drive the growth of the SMEs segment during the forecast period
The SMEs segment is expected to grow at a higher CAGR, owing to the rising deployment of the security as a service solution by SMEs to proactively protect their cloud-based applications. SMEs are small in terms of their size, but cater to a large number of customers globally. The robust and comprehensive security as a service solution is not implemented in SMEs, due to financial constraints in these organizations. Weak cybersecurity and low budget make the SMEs more susceptible to data breaches and identity thefts. However, the rising sophistication level of cyber-attacks and the increasing need to protect the cloud-based applications and platforms for ensuring customer data protection as well as organization data protection are expected to drive the growth of the market among SMEs. The large enterprises segment to hold a higher market share in 2018 owing to the initial adoption of cloud-based security solutions
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period
APAC includes major economies, such as India, China, Australia, Hong Kong, and Japan, which are rapidly deploying the security as a service solution. APAC is expected to grow at the highest CAGR during the forecast period. The APAC security as a service market is gaining traction, as this region is showing the highest growth of cloud-based technologies and solutions adoption for their business functions and this in turn increases the need to secure these solutions against cyber threats and attacks. SMEs as well as large organizations in the APAC region have become more aware of security as a service services and started adopting them to combat cyber frauds and data thefts to their cloud-based applications. Furthermore, North America is expected to have the largest market size in 2018 owing to the presence of a large number of vendors and initial adoption of security as a service solutions owing to advanced cyber-attacks.
In-depth interviews were conducted with CEOs, marketing directors, innovation and technology directors, and executives from various key organizations operating in the security as a service market.
- By Company Type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
- By Designation: C-Level: 35%, Director Level: 25%, and Others: 40%
- By Region: North America: 45%, Europe: 30%, APAC: 20%, and RoW: 5%
The report includes the study of key players, such as McAfee (US), Trend Micro (Japan), Zscaler (US), International Business Machines Corporation (US), Microsoft (US), Clearswift (UK), Alert Logic (US) Cygilant (US), Barracuda Networks (US), Panda Security (Spain), Stratejm (Canada), Radware (China), Mindsight (US), Sentinel Technologies (US), and Happiest Minds (India).
- The report covers the security as a service solutions and services across segments. It aims at estimating the market size and growth potential of this market across segments, such as components, application areas, organization size, verticals, and regions.
- Furthermore, the report also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report would help the market leaders/new entrants in this market with information about the closest approximations of the revenue numbers for the overall security as a service market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights to better their positions and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information about key market drivers, restraints, challenges, and opportunities.