Posted By Coherent Market Insights
Posted on September 29, 2021
United States/WA: The global security-as-a-service market was valued at US$ 5,635.4 Mn by the end of 2019 and is expected to grow at a CAGR of 17.1% over the forecasted period 2019-27.
Report Pages:[120 Pages]
Major Key Companies Involving in Security-as-a-Service Market:
Proofpoint Inc., Okta, Inc., Gemalto NV, Qualys, Inc., Intel Security, Zscaler, Inc., Cisco Systems Inc., Alert Logic, Inc., Oracle Corporation, and Trend Micro Inc.
Security-as-a-Service is a growing industry in the field of Information Technology Security Management. It was originally developed to replace the concept of expensive in-house security solutions, replacing them with web-based solutions offered by security vendors. Over the years, the demand for cloud-based security has increased significantly. Organizations from different industries are increasingly adopting cloud computing solutions, to enhance their routine operations and boost efficiency. Recently, in June 2021, Quick Heal Technologies launched the cloud-based security management platform Seqrite Hawkk, a next-generation cybersecurity solution aimed at empowering enterprises to secure digital transformation. Hence, such factors can stimulate growth of the security-as-a-service market.
In the recent past, the trend of bringing your own device (BOYD) has emerged in various industries. Many organizations are encouraging employees to use their own devices namely laptops, PC, or phones for the office’s work. This particular policy is useful for smaller companies, which allows employees to work from home. As a result of this, the adoption of security services has increased, in order to protect confidential data from being tampered with. Hence, such factors can augment growth of the security-as-a-service market. Recently, in May 2021, GLESEC, a cyber-security firm, launched its Orchestrated Data Leakage Detection and Protection Service to address the dynamic requirements of every organization.
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Some of the advantages of security-as-a-service include the fact that it removes the need for a dedicated security expert who may not have the IT background or skills required to manage, support, and deploy the software. As far as regional impact is concerned, North America seems to be gaining significant traction in the security-as-a-service market. This is due to the fact that there is an increase in cybercrime cases and data breach incidents across the U.S. On contrary, Asia Pacific is exhibiting a positive outlook due to rapid adoption of cloud computing services in the region.
Furthermore, most vendors offer security solutions that are integrated with other business elements such as customer relationship management (CRM) systems and e-commerce security solutions. As such, a security vendor who offers VAS providers can integrate their services with a cloud service provider’s existing offerings and provide businesses with a completely integrated, and scalable business network. Despite these advantageous factors, there are certain challenges that can potentially impede growth of the security-as-a-service market. For instance, some cloud-based applications are vulnerable to cybercrimes, which could hinder the adoption of SaaS. Besides, the rise in IT infrastructure complexities can further impede growth of the security-as-a-service market.
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