Cybersecurity-as-a-Service Market to be Worth $46.6 Billion by 2030

According to a new market research report titled, 'Cybersecurity-as-a-Service Market by Application (Network Security, Cloud Security, Endpoint Security, Application Security), Organization Size, Sector (BFSI, IT & Telecommunications, Retail, Healthcare), and Geography-Global Forecast to 2030,' the global Cybersecurity-as-a-Service market is projected to reach $46.6 billion by 2030, at a CAGR of 17.5% from 2023-2030.

Cybersecurity-as-a-Service is a cloud-based approach to outsourcing cybersecurity, where security solutions are provided on a subscription basis. Cybersecurity-as-a-Service solutions provide continued protection and up-to-date security coverage. In addition, the benefits offered by Cybersecurity-as-a-Service solutions, such as efficiency, faster provisioning and greater agility, cost-effectiveness, consistency, and better IT support and management, drive the growth of this market.

The growth of the Cybersecurity-as-a-Service market is driven by the increasing significance of cybersecurity in the banking sector, the growing number of data breaches and cyber-attacks, the rising trend of BYOD (bring your own device) in enterprises, and government initiatives aimed at encouraging the adoption of cybersecurity solutions. However, organizations' concerns regarding the security of cloud-based solutions restrain the growth of this market. Furthermore, the increasing adoption of cloud security solutions among SMEs and the healthcare sector's growing adoption of Cybersecurity-as-a-Service solutions are expected to create growth opportunities in the market. However, one of the major challenges for players operating in this market is the lack of awareness and misconceptions regarding Cybersecurity-as-a-Service solutions among potential customers.

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Increasing Significance of Cybersecurity in the Banking Sector is Driving the Growth of this Market.
The BFSI sector is highly dependent on IT infrastructure for delivering services, such as mobile, online, and core banking. Identity fraud is a major concern when performing financial transactions through online banking portals and insurance apps. With consistent technological advancements across BFSI channels, banks and other financial services institutions are facing data breaches & identity frauds at an unprecedented rate. For instance, according to the VMware Carbon Black Threat Data report in May 2020, cyberattacks against banks and financial institutions increased by 238% globally between February 2020 and April 2020 amidst the COVID-19 crisis. In addition, ransomware attacks on the financial sector were 9x from the beginning of February to the end of April 2020.

Cyberattacks have become a major challenge for the banking sector, due to which banks and financial institutions are investing heavily in incorporating Cybersecurity-as-a-Service solutions to protect customers and digital assets against data breaches and fraud. For instance, in July 2021, Tata Communications (India) launched its IZO Financial Cloud, a customized community cloud platform designed to adhere to the strict data privacy, protection compliance, and security standards established by Indian regulators for the BFSI sector. This platform helps create an open financial environment that gives BFSI and FinTech companies the groundwork to support cutting-edge digital services.
The demand for Cybersecurity-as-a-Service solutions witnessed a growth in the banking sector to improve performance, scalability, security, and agility and deliver faster services, thus promoting the market's growth.

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Based on application, in 2023, the network security segment is expected to account for the largest share of the Cybersecurity-as-a-Service market. The large market share of this segment is attributed to the growing demand for filtering and monitoring network traffic, the growing number of malware attacks on enterprise networks, and the increasing need to protect connected network infrastructure.
However, the cloud security segment is slated to register the highest CAGR during the forecast period. The rising need to secure workload on the cloud, the increasing demand for advanced threat detection solutions across industries, the growing adoption of BYOD devices, and the growing significance of cloud security solutions in the BFSI sector are expected to support the growth of this segment. In addition, the benefits offered by cloud security, such as advanced threat detection, regulatory compliance, reliability, centralized security, and proactive threat management, further support the growth of this segment.

Based on organization size, in 2023, the large enterprises segment is expected to account for the larger share of the Cybersecurity-as-a-Service market. The large market share of this segment is attributed to the high spending capabilities of large enterprises resulting in the increased adoption of Cybersecurity-as-a-Service solutions and the availability of skilled IT personnel for the management of cloud security platforms. Furthermore, large enterprises focus on desired security channels against cyber threats to retain customers, boost sales, and validate necessary steps to overcome market interruptions, which drives the increased adoption of Cybersecurity-as-a-Service solutions among large enterprises. However, the small & medium enterprises segment is slated to register a higher CAGR during the forecast period.

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Based on sector, the Cybersecurity-as-a-Service market is segmented into BFSI, IT & telecommunications, retail, manufacturing, healthcare, government, energy & utility, and other sectors. In 2023, the BFSI segment is expected to account for the largest share of the Cybersecurity-as-a-Service market. The large market share of this segment is attributed to the rising fraudulent activities, rising adoption of Cybersecurity-as-a-Service solutions for various financial processes, rising demand for fraud detection, and surging need for improving the agility of work and customer experience.

However, the healthcare segment is slated to register the highest CAGR during the forecast period. The rising adoption of telemedicine devices and remote healthcare services, the rising number of cyberattacks, and the increasing need for securing connected medical devices and effective Cybersecurity-as-a-Service measures are expected to support the growth of this segment.

Based on geography, in 2023, North America is expected to account for the largest share of the Cybersecurity-as-a-Service market. The presence of prominent players in the Cybersecurity-as-a-Service market is expected to contribute to the high revenue share of this region. Furthermore, the surging usage of advanced cybersecurity solutions in the BFSI and retail sector, growing demand for cloud-based security solutions, and the growing adoption of advanced technologies are driving the growth of the Cybersecurity-as-a-Service market in North America.

However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The infrastructural growth in APAC, especially in China, South Korea, Japan, and India, the rapid growth rate of developing economies, the growing healthcare expenditure in emerging economies, rising adoption of advanced technologies such as cloud, AI, and machine learning, and government initiatives to increase the adoption of advanced Cybersecurity-as-a-Service solutions create huge opportunities for the Cybersecurity-as-a-Service market

The key players operating in the Cybersecurity-as-a-Service market are Forcepoint LLC. (U.S.), Trend Micro Incorporated. (Japan), Foresite Cybersecurity Inc. (U.S.), Fortinet, Inc. (U.S.), Zscaler, Inc. (U.S.), Okta, Inc. (U.S.), Radware Ltd. (Israel), Qualys, Inc. (U.S.), CrowdStrike Holding, Inc. (U.S.), IBM Corporation (U.S.), Happiest Minds Technologies Limited. (India), Stratejm Inc. (Canada), Guidepoint Security LLC. (U.S.), Alert Logic, Inc. (U.S.), and Sophos Ltd. (U.K.)

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/cybersecurity-as-a-service-market-5506

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This release was published on openPR.