Security Software as a service (SaaS) Market is expected to reach $27.2 billion by 2025 at a CAGR of 19.1% during the forecast period 2020-2025. Owing to the increase in adoption of Bring Your Own Device (BYOD) trend among enterprises, the rise in cyber-attacks, high demand for cloud technology among small and medium enterprises. Most of the organization use cloud technology to store critical data as it gives flexibility in sharing and accessing data. In addition technological shift from traditional systems to the advanced security system and an increase in the use of personal devices by the employees of an organization is the primary factor driving the growth of the market. Moreover government sectors adopting cloud technology in different areas such as defense and railway has also propelled the demand for this industry in the forecast period 2020-2025.
Security Software as a service Market Segment Analysis – By Deployment
Security software as a service for BFSI sector is Market is growing at a CAGR of 24.5% in the forecast period. Increased instances of spyware, Trojans, viruses, ransomware, and other malware in the BFSI vertical are driving the adoption of security as a service solutions. The BFSI vertical is also a major target for cybercriminals, as it holds sensitive information of employees, customers, assets, offices, branches, and operations. In addition with stricter regulations and increasing instances of frauds and cyber-attacks, the need for real-time detection and protection from advanced threat and brand protection is driving the growth of the Security as a Service Market in the BFSI vertical. Moreover SaaS companies operate on a business model that offer software solutions over the internet, charging their customers based on the usage of the software. Many BFSI companies have been utilizing this services. In 2019, Lendingkart, which provides business loans to entrepreneurs and small businesses uses an in-house credit risk analytics tools to evaluate the credit-worthiness of an applicant. In addition it also announced that it will be pushing this software-as-aservice for financial institutions. Hence these advancements are analysed to drive the market in the forecast period 2020-2025.
Request for Sample of the Report @ https://www.industryarc.com/pdfdownload.php?id=500722
Report Price: $ 4500 (Single User License)
Security Software as a service Market Segment Analysis – By Organization Size
SMEs in Managed Detection and Response Market is growing at a CAGR of 23.5% in the forecast period. Owing to the rising deployment of the security as a service solution by SMEs to protect their cloud-based applications proactively. 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 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. Vodafone Business to Offer Managed Security Services to SME and National Corporate Businesses in Europe. Similarly, several other organizations are also investing for innovation in SaaS for SMEs. Hence these advancements are analyzed to drive the market in the forecast period 2020-2025.
Security Software as a service Market Segment Analysis – By Geography
North America dominated the market by a market share of more than 34.5% in 2019. 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 2019, 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. In addition, 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.
Security Software as a service Market Drivers
Increase in adoption of cloud-based services among SMEs
SMEs are continuously focusing on streamlining their business models for achieving business efficiency. The SMEs across verticals do not have stringent security measures for safeguarding their data, networks, endpoints, and applications. Cyber-attackers widely target them. These enterprises still do not have advanced cybersecurity solutions to combat the evolving threat landscape. Sophisticated cyber-attacks bypass traditional security systems easily. Hence, SMEs need to shift from the conventional cybersecurity solutions to the cloud-based cybersecurity solutions for securing their web and mobile applications, and network infrastructure throughout the development, production, and implementation phases. The cloud deployment mode provides flexibility, scalability, and cost-effectiveness to streamline business operations. With SMEs shifting their focus to cloud solutions, cloud-based data protection solution and service providers are expected to witness massive growth opportunities, such as safeguarding the data of SMEs from security breaches and vulnerabilities.
Stringent data protection laws.
From the past few years, organizations have been massively hit by sophisticated cyber-attacks, leading to substantial financial losses. In addition, organizations these days continuously looking for deploying advanced security solutions to combat with such disruptive attacks. With the deployment of advanced security solutions, it is also mandatory to comply with the existing government data protection laws. Data protection directives play an essential role in addressing the rising concerns over the privacy of an enterprise’s data. The continually changing threat landscape has given rise to a large number of government regulations globally, which need to be strictly adhered to by enterprises across the globe. Enterprises are required to meet mandatory security standards, failing which they have to pay hefty fines to governments. Enterprise data breaches or data leakages cause massive data loss to organizations and hamper their brand image. The various regulatory compliances include Payment Card Industry Data Security Standard (PCI DSS), HIPAA, FISMA, Federal Trade Commission (FTC), Gramm-Leach-Bliley Act (GLBA), EU Agency for Network and Information Security (ENISA), GDPR, and Homeland Security Act have been driving the market in the forecast period 2020-2025.
Download Sample Report @ https://www.industryarc.com/pdfdownload.php?id=500722
Security software as a service Market Challenges
Availability of free security services and security solution suites
Cloud service providers offer security as a service to organizations for managing their infrastructure growth and resources, cutting costs, and delivering services quickly and efficiently. A wide range of security solution suites are offered by various vendors at discount prices and sometimes as bundled services for free. This hampers the growth of security service providers who provide security as a service to end clients. Security products and services perform similar tasks and are available at low prices through widespread distribution networks. This factor is restraining the growth of the security as a service market. However, the business impact of free security solutions is more than licensed-based solutions, as free security solutions do not offer premium security features and provide comprehensive, in-depth protection from threats
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Security software as a service market. In 2019, the market of Security software as a service industry outlook has been fragmented by several companies. Security software as a service top 10 companies include IBM Corporation, Cisco Systems Inc., Dell Technologies, Barracuda Networks, Ciphercloud, MCAFEE, Panda Security, Radware Ltd, Symantec Corporation, Trend Micro among others.
In 2019, Coronet, a company that specializes in cloud-based security-as-a-service, has launched a managed service provider (MSP) partner program which empowers service providers to use its SaaS to protect small and medium-sized businesses (SMBs) against cyber-attacks.
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.
Security software as a service for BFSI sector is Market is growing at a CAGR of 24.5% in the forecast period owing to increased instances of spyware, Trojans, viruses, ransomware, and other malware in the BFSI vertical are driving the adoption of security as a service solutions.
SMEs in Managed Detection and Response Market is growing at a CAGR of 23.5% in the forecast period. Owing to the rising deployment of the security as a service solution by SMEs to protect their cloud-based applications proactively.
Security software as a service top 10 companies include IBM Corporation, Cisco Systems Inc., Dell Technologies, Barracuda Networks, Ciphercloud, MCAFEE, Panda Security, Radware Ltd, Symantec Corporation, Trend Micro among others.
Related Reports :
A. Cyber Security Market In Healthcare
B. Cloud Integration Market
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to email@example.com to discuss more about our consulting services.