Security as a Service Market Competitive Landscape, Insights by Geography, and Growth Opportunity

The increasing adoption of the cloud computing technology is one of the major factors driving the demand for security as a service solutions across the world. As the cloud technology doesn’t need any information technology (IT) infrastructure and IT professionals, its growing incorporation is massively reducing the financial burden on enterprises. In addition, this technology allows users to choose the services that they want and access them from anywhere as per their convenience over a secure network.

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However, the cloud technology is highly susceptible to cyberattacks and data breaches and thus, the growing adoption of this technology is positively impacting the demand for security solutions. Besides, the mushrooming requirement for multi-factor authentication is also driving the demand for security as a service solutions. Many organizations are increasingly adopting multi-factor authentication, owing to the growing popularity of bring-your-own-device (BYOD) policies and the rising implementation of strict government regulations and policies regarding data security.

Multi-factor authentication can be easily integrated into security as a service solutions by employing the use of token generation software such as Yubikey and Google Authenticator. The incorporation of this software mitigates the requirement for individual multi-factor authenticator applications, which, in turn, assists customers in reducing their expenditure on IT. Due to these factors, the revenue of the security as a service market is expected to rise from $7.8 billion in 2019 to $43.4 billion by 2030.

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Additionally, the governments of many countries have enacted stringent rules for protecting the data of consumers, which is also driving the expansion of this category. When vertical is taken into consideration, the security as a service market is categorized into banking, financial services, and insurance (BFSI), healthcare, IT and telecom, government, and retail. Amongst these, the BFSI category dominated the market in 2019, owing to the fact that financial organizations need to strictly comply with the data security policies, as they deal with large volumes of sensitive and confidential consumer data.

Across the globe, the security as a service market will register the fastest growth in the Asia-Pacific (APAC) region in the coming years, as per the forecast of the market research company, P&S Intelligence. This will be due to the increasing number of small and medium enterprises, soaring implementation of the BYOD policy, and the surging investments being made in the IT sector in the region. Additionally, the rapid economic progress of the regional countries such as China and India is also propelling the expansion of the market in the region.

Hence, it can be said without hesitation that the demand for security as a service solutions will soar in the upcoming years, primarily because of the rising adoption of the cloud technology by various enterprises and the increasing prevalence of cyberattacks across the world.

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This release was published on openPR.