Growing preferences for cloud-based solutions propel security as a service maeket

An increasingly number of companies and individuals are turning to cloud computing, as it helps them save substantially on expenditure. Cloud requires no physical infrastructure, and companies also do not have to hire too many IT professionals. Further, people can access the structured and unstructured data stored on the cloud from anywhere. However, cloud often falls victim to cyber-attacks, which is pushing the demand for security solutions.

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During the forecast period, the adoption of database security solutions would grow the fastest in the security as a service market, at a CAGR of 18.4%, as firms are rapidly transferring their data to the cloud, to make the most of cost-effectiveness, performance, and operational flexibility advantages. But, due to cloud often becoming an easy target of data breaches, the adoption of security solutions to protect the database is rising.

In 2030, hybrid cloud would be the most popular deployment method in the security as a service market, as it offers users personalization ability and the flexibility of data access, control, ownership, updation, maintenance, and storage. The global security as a service market would grow to $43.4 billion by 2030, at a CAGR of 17.4% during the forecast period (2020-2030), from $7.8 billion in 2019.

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According to the Cost of a Data Breach Report 2019, jointly published by the Ponemon Institute and IBM Corporation, companies withstood average losses of $3.92 million in 2019, as a result of data breaches. Therefore, with businesses increasingly migrating to the cloud and number of cyber-attacks rising, the demand for security solutions is mushrooming.

Till 2030, North America would continue being the largest security as a service market, as the infrastructure here is advanced, an increasing number of cyber-attacks are being carried out on the cloud, adoption of cloud services is surging, and stringent data security laws have been implemented in Canada and the U.S.

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