Over $40 Billion Revenue Explosion Expected in Global Security as a Service Market in 2030

One of the major factors responsible for the rising demand for security as a service (SaaS security) is the soaring popularity of cloud computing across the globe. Since the last few years, a majority of businesses are shifting to cloud computing and cloud-based solutions, mainly on account of the fact that the adoption of cloud-based solutions results in considerable cost savings as cloud doesn't require any physical dedicated infor-mation technology (IT) professionals and infrastructure for effi-cient performance and maintenance. Moreover, cloud allows the users to access their data securely from anywhere in the world.

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Driven by the above-mentioned factors, the global security as a service market is expected to increase its revenue from $7.8 billion in 2019 to $43.4 billion by 2030, exhibiting a CAGR of 17.4% during the forecast period (2020-2030). SaaS is widely adopted for providing database security, web & e-mail security, endpoint security, and application security. Amongst these, the demand for SaaS securitry for providing database security is expected to be the highest during the forecast peri-od, primarily due to the rising vulnerability of cloud databases to cyber-attacks and cyber-theft.

The biggest rage currently being witnessed in the security as a service market is the mushrooming utilization of these se-curity solutions for access and identity management. Cloud-based security solutions pertaining to access and identity man-agement basically deal with the access, authorizing, granting, revoking, and securing of identity. Companies are increasingly adopting SaaS for identity and access management for track-ing and monitoring the identity and location of organizations or people accessing their data.

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Hence, it is clear that due to the burgeoning adoption of cloud computing, increasing prevalence of cyber-attacks, and the ballooning need for high-end data security solutions and ser-vices, the demand for SaaS security will witness substantial growth in the coming years.

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