The security-as-a-service?market was valued at USD 7907.2 million in 2019?and is expected to reach USD 19,374.94 million by 2025, at a CAGR of 16.11% over the forecast period 2020?- 2025. Recently, 5G operators by the deployment of SECaaS can protect all user devices such as IoT devices from any threat like phishing, malware, and child safety.
- With improved IT infrastructure of businesses, threats related to data (data breaches) are also on the rise, which demands advanced security solutions over traditional ones. With this trend gaining traction in the market, companies have started investing its resources in enhancing their advanced security offerings.
- Rising threats across the enterprises and corporates and subsequent increase in identity thefts have contributed to the highest demand for these solutions. IAM solutions are one of the proactive ways to prevent identity theft. These solutions define and modify user access rights using a centralized mechanism; they also monitor the authorization based on these rights.
Scope of the Report
In Security-as-a-Service (SECaaS) model, a service provider integrates their security services into the business infrastructure on a subscription basis more cost-effectively than most individuals, or corporations can provide on their own.
Key Market Trends
Secure Email Gateway is Expected to Hold a Significant Share
- With the advent of electronic marketing strategies in the modern world, about 269 billion emails are sent every day and there are over 3.7 billion email users, worldwide. This gives immense scope for hackers to send out spam emails, in order to gain sensitive information from the user. Emails are even a major target for the social engineering attacks.
- In fact, in most security incidents, the breaches start with a phishing email, in which the hacker uses to trick someone into giving them access to some kind of account, login or financial information, and then they proceed to a technical hack.
- Furthermore, in April 2019, EmCare stated that email breach exposed some patient, contractor and employee data as the unauthorized third party gained access to social security numbers and clinical information of some patients through employee email accounts.
- According to the Federal Trade Commission, scammers are duping users with phishing emails that include enticing, which are fake. Even internet giants like Google and Facebook got duped out of $100 million through an email phishing scheme in 2018-19 when a hacker impersonated a computer-parts vendor.
North America to Account for a Major share
- Regionally, North America dominated the market in 2018, due to the presence of a large number of SECaaS vendors. The United States accounts for the largest share in the North American market, owing to the presence of key players in the region.
- The increasing adoption of undefended modern technologies like the Internet of Things (IoT) and escalation in cybercrime activity in North America has given rise to more damaging breaches. According to the US State of Cybercrime Survey in 2017, the frequency of cyber security events has increased over the last 12 months.
- As a result, organizations are upgrading their IT and data security to avoid cyber attacks in the coming years. Based on the State of the CIO (2014 – 2017) report, security service upgradation has become the second highest priority behind assisting in achieving set revenue goals.
- For instance, Fireeye Inc., the US-based public cybersecurity company is one of the leading security solutions providers in the global market, has several products addressing security assessment requirements of end-users exclusively.
The SECaaS market is highly fragmented. Overall, the competitive rivalry among existing competitors is high. Moving forward, the product innovation strategy of large companies are boosting the market growth. Some of the key developments in the area are:
- April 2019 - Dell Technologies powered real transformation and innovation with new storage, data management, and data protection solutions. Dell EMC introduces its first data management solutions with the all-new PowerProtect Software platform and PowerProtect X400 multi-dimensional appliance with most important and disruptive technology trends, including AI and cloud, that are transforming IT and business globally to provide its customers new storage, data management, and data protection solutions.
- April 2019 - Symantec joined the U.S. Department of Defense’s Defense Industrial Base Cyber Security Program. The DIB CS program is a voluntary cyber threat information-sharing initiative established by the DOD to enhance and supplement DIB participants’ capabilities to mitigate cyber attacks. The program features a collaborative information-sharing environment where members voluntarily report cyber threats as well as information on how to prevent/mitigate those threats.
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