Security as a Service Market Share to hit $34,854.10 Million by 2028

According to our latest market study, titled "Security as a Service Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Organization Size, Application and Vertical," the market is expected to grow from US$ 13,712.87 million in 2022 to US$ 34,854.10 million by 2028. It is anticipated to grow at a CAGR of 16.8% from 2022 to 2028.

Security as a Service Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Service), Organization Size (SMEs and Large Enterprises), Application (Network Security, Endpoint Security, Application Security, Cloud Security, and Others), and Vertical (BFSI, Government & Defense, Retail, Healthcare, IT & Telecom, Energy & Utilities, Manufacturing, and Others)

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Strategic Insights:
Market players are strongly focusing on mergers and acquisitions. Here is a snapshot of the recent developments in the Security as a Service market:

- In 2022, HelpSystems announced its plans to acquire Alert Logic to provide customers with a hybrid IT approach to address the shortage of cybersecurity skills.
- In 2022, IBM Corporation announced its plans to acquire Randori, a provider of offensive cyber protection and attack surface management. IBM intends to combine Randori's software with the extended detection and response (XDR) features of IBM Security QRadar, according to ITPro.

The Covid-19 pandemic has increased the use of cloud-based services, including virtualization, edge computing, and work from home. Undoubtedly, this has increased productivity during trying times, but it has also made companies an obvious target for cybercriminals. Small and medium-sized businesses are increasingly focusing on streamlining their business models by implementing cloud services in order to increase market efficiency. Additionally, SMEs lack strong security measures to protect their files, networks, endpoints, and apps from cyber-attackers to simplify their operations. Therefore, cloud-based data management solutions and service providers are predicted to experience a significant potential for innovation and the uptake of better security solutions as SMEs focus their attention on cloud services. These factors drive the security as a service market.

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Security as a Service Market Insights:

Significant market prospects are created by the rise of e-business, growing awareness of data protection, the trend of bring-your-own-device (BYOD), and acceptance of managed security measures. The use of cloud technologies has grown significantly over time, which has increased the demand for more dependable and affordable security solutions. The IT infrastructure has grown more complicated and heterogeneous over the past 5 years due to the introduction of new platforms, BYOD regulations, CYOD trends, business apps, and other technologies. BYOD and CYOD trends are becoming more and more common in business settings due to the quick improvements in mobile computing. Organizations are signing up for security services to shield devices, such as smartphones, tablets, desktop computers, and laptops from cyber dangers as a result of the BYOD model's adoption. Such trends are inherently driving security as a service market.

Security as a service is a technique to supply security solutions to an organization for data centers or regional gateways. As it helps enable secure access to apps, it has become a crucial approach for enterprises to increase their mobile and cloud deployments. To increase enterprises' application security, various security solutions are deployed. Data loss prevention (DLP), compliance solutions, advanced malware prevention, cloud access security brokers making decisions, and continuous monitoring are just a few of the security solutions offered. Service providers charge organizations a reasonable monthly fee for their services. Due to these benefits, end-use industries are increasingly approaching market players, which is anticipated to fuel the global expansion of the security as a service market. Organizations utilize security as a service extensively because it offers a number of advantages over traditional approaches, including speedier operations, ongoing virus updates, cost-effective solutions, and faster operations.

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