The increasing demand for cloud-based security solutions is expected to provide opportunities for the security as a service market growth

The “Security as a Service Market by Component (Solutions (Business Continuity and Disaster Recovery, Continuous Monitoring, Data Loss Prevention, Encryption, Identity and Access Management, Intrusion Management, Security Information and Event Management, Vulnerability Scanning, and Others) and Services (Training and Education, Consulting, and Support and Maintenance)), Applications (Network Security, Endpoint Security, Application Security, Cloud Security, and Others), Organization Size (Small and medium-sized enterprises, and large enterprises), Vertical (BFSI, Government and Defense, Retail, Healthcare, IT & Telecom, Energy & Utilities, Manufacturing, and Others), and by Region, Global Forecast, 2018 to 2028” study provides an elaborative view of historic, present and forecasted market estimates.

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The global security as a service market size is projected to reach nearly USD 26 billion by 2025. Also, it is projected to gather a CAGR of about 19% over the forecast years 2020-2025. Security as a Service can be classified as an outsourced service wherein an outside company handles and manages a company’s security. An example of this could be anti-virus software over the Internet. With the changing technology landscape, security services are increasingly moving away from local to cloud deployment. The move toward the cloud deployment model offers advantages such as operating cost reduction, capital cost reduction, and up to date services. Owing to such advantages, security as a service market is witnessing a substantial growth of small and medium-sized enterprise customers due to their affordability and thereby expanding the market.

The future and existing security as a service market progress are outlined to know the market attractiveness. Key influencing factors focus on the security as a service of market opportunities over the forecast years. Factors such as their increased adoption across verticals to improve their security infrastructure and apparatus along with the increasing investment in technology’s development are driving the market growth. Also, security as a service solutions help organizations remain safe from cyber-attacks and compliant to data governance regulations and further aiding the growth of the global security as a service market. However, the low absorption of these services due to the reluctance of clients to share sensitive information along with the availability of open-source free security services are likely to hamper the market growth. Furthermore, the move towards the cloud is anticipated to be an opportunity for the security as a service companies to cross-sell.

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The report also outlines the various characteristics of the global security as a service industry by assessing the market from value chain analysis. Moreover, the security as a service market report comprises various qualitative parts of the security as a service industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.

The security as a service market has solid competition amongst the already well-known and new market players. Also, the security as a service industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.

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The market is segmented based on components, applications, organization size, vertical, and regions. Based on the component, the market is bifurcated into solutions and services. Solutions are further divided into business continuity and disaster recovery, continuous monitoring, data loss prevention, encryption, identity and access management, intrusion management, security information and event management, vulnerability scanning, and others. Services are also further split into training and education, consulting, and support and maintenance. Based on applications, the market is divided into network security, endpoint security, application security, cloud security, and others. Based on organization size the market is split into small and medium-sized enterprises and large enterprises. By vertical, the security as a service market is divided into BFSI, government and defense, retail, healthcare, IT and telecom, energy and utilities, manufacturing, and others.

The North America region is expected to hold the highest market share during the forecast years owing to the presence of key industry players in the market. The market is at the forefront of new technology adoption which is also increasing the North American market. Asia-Pacific region is projected to showcase the highest growth rate during the forecast years owing to the increasing awareness about the technology and increasing internal and external threats. The region is expected to see a huge adoption of services among small and medium-sized enterprises.

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The major players of the global security as a service market are McAfee, Trend Micro, Zscaler, International Business Machines Corporation, Microsoft, Clearswift, Alert Logic, Cygilant, Barracuda Networks, Panda Security, Stratejm, Radware, Mindsight, Sentinel, Happiest Minds, Okta, ProofPoint, Qualys, Symantec, Sophos, EgressTechnologies, Forcepoint, Fortinet, Kaspersky Lab, CipherCloud, DXC Technology, Cisco, AT&T, and Axcient. These vendors have adopted various traditional and non-traditional growth strategies to enhance their market share including new product launches, partnerships and collaborations, and mergers and acquisitions.