The global security as a service market reached a value of US$ 12.64 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 30.17 Billion by 2027, exhibiting a CAGR of 15.10% during 2022-2027.
Security as a Service (SECaaS) includes the various cloud-based cybersecurity solutions that are outsourced by organizations. It entails secure email and web gateways, identity and access management, vulnerability management, application security testing, etc. SECaaS services are integrated into the business infrastructures and offered on a subscription basis. They help organizations save costs, free up resources, work with the latest tools and security updates, scale security needs as the business grows, etc. As a result, SECaaS has gained widespread traction, owing to its cost efficiency, enhanced protection against online threats, faster provisioning, greater agility, etc.
Security as a Service Market Trends and Drivers:
The escalating requirement for cloud-based security solutions and the high costs involved in managing on-premises security solutions are primarily driving the security as a service market. In addition to this, the rising incidences of online threats, such as data breaches and identity thefts, and the growing need to comply with stringent regulatory and data protection regulations are further catalyzing the market growth.
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Moreover, the increasing number of individuals working remotely, on account of the sudden outbreak of the COVID-19 pandemic, is encouraging organizations to adopt more advanced security solutions, which is acting as another significant growth-inducing factor. Apart from this, the expanding adoption of bring-your-own-device (BYOD) policies and the inflating penetration of Internet of Things (IoT) technologies are anticipated to fuel the security as a service market over the forecasted period.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Security as a Service Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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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The report has segmented the market on the basis of region, component, organization size, application and vertical.
Breakup by Component:
Breakup by Organization Size:
Breakup by Application:
Breakup by Vertical:
Breakup by Region:
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