Security-as-a-service Market to Generate $75 Billion by 2032, at 19.4% CAGR: Key influencing factors responsible for the expeditious growth.

The increase in cybercrime activities, growth of sensitive organizational data, and the growth in trend of mobile devices drives the SaaS market. Use of cloud technology has increased prominently over the years, which has created the need to have more protected and cost-effective security solutions. The strict government regulations have pushed the market to create a better integrated service complying with government regulations.

The global security as a service market was valued at $13 billion in 2022, and is projected to reach $75 billion by 2032, growing at a CAGR of 19.4% from 2023 to 2032.

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The market is disintegrated into international as well as regional players and it is highly diversified. The large international players try to acquire regional players to increase the workforce and boost their portfolio. For instance, in July 2016 Oracle Corporation acquired NetSuite Inc. The market expects intense competition owing to technological advancements, service extensions, and various services offered by vast vendors.

Key benefits of the report:

➢ This report is an extensive analysis of current and potential market trends in the dynamic global market of SaaS.

➢ The report contains in depth quantitative analysis of current and future market estimations which helps recognize the appealing market opportunities.

➢ Extensive analysis of the market helps understand the current practices for the better investment decisions.

➢ Key market players are profiled and their strategies are analyzed thoroughly, which elucidates the competitive outlook of global talent management tools.

➢ Extensive analysis of the market is conducted by monitoring the top competitors within the market framework.

➢ Comprehensive analysis of factors that drive and restrict the growth of the global market is provided.

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The market is segmented by component, application, organization size, industry verticals, and region. Based on component, the market is bifurcated into solution and services. The solution segment is further divided into endpoint protection, security information & event management, identity access management, email decryption, data loss prevention, and others. The service is segmented into training & education and consulting services.

Based on application area, the market is categorized into network security, web security, email security, database and cloud security, and others. Large and small & medium are segmentation across organization size. Based on industry verticals, it is divided into banking, financial, and insurance (BFSI), aerospace & defense, healthcare, public sector; IT & telecom, retail, and others. By geography, it is studied across North America, Europe, Asia-Pacific, and LAMEA.


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The reluctance to share the sensitive data, availability of free of cost security service, and the hesitation to the cloud-based security by the organizations limit the adoption of SaaS. Increase in e-businesses, rise in awareness about data security, growth in bring your own device (BYOD) trend, and adoption towards managed security practices create sufficient opportunities in the market. The increasing and dynamic nature of cybercrime poses a challenge to the growth of the SaaS market.

In 2022, North America held the majority of the market share for security as a service, driven by a heightened demand for advanced security solutions in the region. The surge in cyber threats and the necessity for robust security measures prompted enterprises to embrace Security as a Service (SECaaS) models, offering them scalable and cost-effective security solutions. Meanwhile, the Asia-Pacific region is anticipated to experience the most rapid growth throughout the forecast period. This is primarily due to the diverse and continually evolving threat landscape in Asia-Pacific, which has increased organizational awareness regarding the crucial need for robust security measures. Consequently, there is a growing adoption of security as a service models in the region.

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Leading Market Players:

➢CipherCloud, Inc.

➢ Zscaler, Inc.

➢ Intel Security (MCAFEE)

➢ Trend Micro Incorporated

➢ Symantec Corporation

➢ Fortinet, Inc.

➢ Panda Security

➢ S.L.

➢ Alert Logic, Inc.

➢ Radware Ltd

➢ Cisco Systems, Inc.

These players have adopted various strategies to increase their market penetration and strengthen their position in the industry. Current and future Security-as-a-Service market trends are outlined to determine the overall attractiveness of the market.

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