Why security as a service is good investment?

The security as a service solution also referred to as SaaS is an outsourcing model used for security management in different organizations. The security as a service model can be deployed on monthly rental basis combined with scalable and customizable solution range. Generally, these security solutions include anti-virus, intrusion detection, authentication, anti-malware/spyware, penetration testing, and security event management. The SaaS solutions providers incorporate their cloud security services into corporate network, in order to offer cloud-base security services to different organizations. SaaS is being implemented in various enterprises, owing to its low cost and ease of management.

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.

Market Dynamics- Driver

Growing adoption of cloud computing is expected to drive growth of the global security-as-a-service market over the forecast period
Adoption of cloud computing for various applications such as email services, data backups, and ERP, CRM and collaboration services has increased significantly in the recent past. This, in turn, has increased implementation of SaaS in various enterprises. Cloud-based services are less expensive since they do not require IT infrastructure set up. Furthermore, cloud-deployment increases susceptibilities in software that can be easily accessed by unauthorized users. Hence, numerous enterprises are shifting towards implementation of security as a service solutions, in order to secure their workloads and valuable data without any risk on the cloud. Therefore, increasing adoption of cloud computing is expected to boost the global security-as-a-service market over the forecast period.

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Increasing utilization of subscription-based model in various organizations is expected to propel the global security-as-a-service market growth during the forecast period
SaaS is a subscription model, which facilitates enterprises to provide all team members access to updated software and ensures that all members use the same version. Furthermore, this model offers flexibility to organizations to scale-up and scale-down expenses according to their current requirement, capital, and storage. The major advantage of subscription-based model is the enterprises can control expected costs since it provides a clearer picture of IT-related costs. For instance, in March 2016, For instance Genetec adopted the subscription-based security as a service in its organization and for its channel partners, in order to reduce the organization’s capital expenditure and provide security solutions to clients on cloud. Therefore, growing implementation of subscription-based models is expected to support the market growth in the near future.

North America region dominated the global security-as-a-service market in 2019, accounting for 41.2% share in terms of value, followed by Europe, and Asia Pacific, respectively.

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