Security as a Service Market to worth US$ 34,854.10 million by 2028

Security as a Service market research report provides an in depth examination of the key factors stimulating market expansion. It also sheds light on the challenges or restraining factors that are poised to hinder industry growth over the forecast timeframe. Growth rate, market share captured, and valuation estimates for each region, segment, and company are documented as well.

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The security as a service market is projected to reach US$ 34,854.10 million by 2028 from US$ 13,712.87 million in 2022. It is expected to grow at a CAGR of 16.8% from 2022 to 2028.

Companies Mentioned:

1. Alert Logic, Inc.
2. Barracuda Networks, Inc.
3. IBM Corporation
4. McAfee LLC
5. Microsoft Corporation
6. Radware
7. Trend Micro Incorporated
8. Clearswift
9. Silversky
10. Zscaler, Inc.

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.

The global demand for security solutions is also growing due to the rising digitization and the use of cloud-based services across various industries. Many companies have recently adopted business apps, bring-your-own-device (BYOD) guidelines, choose-your-own-device (CYOD) trends, and other technology. Concern over the integrity and confidentiality of organizational data has grown due to these trends. Over 3.7 billion people use email globally, and 269 billion emails are sent daily as a result of the development of electronic marketing methods. This provides huge opportunities for hackers to send spam emails to users to obtain crucial information about them. Most security problems begin with phishing emails used by hackers to mislead victims into giving them access to accounts, logins, or financial information before moving on to technical hacks. Hence, the rising importance of cybersecurity strongly promotes the security as a service market growth.

The global security as a service market ecosystem comprises several stakeholders, namely system integrators, security as a service vendors, and end users. The system integrators offer various types of offerings, such as Infrastructure as a Service (IaaS), Software as a Service (SaaS), and Platform as a Service (PaaS) to their customers. Then security as a service vendor provides software modules incorporating various business functions about security management. The end users of the security as a service market include various industry verticals, such as healthcare, BSFI, Media & Entertainment, and ICT.

Key Elements that the report acknowledges:

Growth rate and market size over the analysis timeframe.

Key factors stimulating and hindering market expansion.

Leading vendors and suppliers of the market.

Exhaustive SWOT analysis of each company.

Detailed PEST analysis by region.

Opportunities and threats faced by the existing vendors in Security as a Service market.

Strategic initiatives undertaken by leading players.

The security as a service market is analyzed on the basis of component, organization size, application, and vertical. Based on component, the market is bifurcated into solutions and services. By organization size, the market is segmented into SMEs and large enterprises. By application, the market is segmented into network security, endpoint security, application security, cloud security, and others. Based on vertical, the market is segmented into BFSI, Government & defense, retail, healthcare, IT & telecom, energy & utilities, manufacturing, and others.

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