Security-as-a-Service Market Report 2024: Transforming Cybersecurity

"The Business Research Company recently released a comprehensive report on the Global Security as a Service Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The security as a service market size has grown rapidly in recent years. It will grow from $14.45 billion in 2023 to $15.94 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to cost-effective security solutions, increased complexity of threat landscape, focus on regulatory compliance, remote workforce challenges, vendor expertise and specialization, integration with existing infrastructure..

The security as a service market size is expected to see rapid growth in the next few years. It will grow to $26 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to automated incident response, focus on user identity and access management, quantum-safe security solutions, application security services, continuous security training and awareness programs.. Major trends in the forecast period include increased emphasis on threat intelligence, endpoint security and mobile device management (mdm), identity and access management (iam) integration, behavioral analytics for anomaly detection, collaboration with managed security service providers (mssps)..

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Market Drivers and Trends:

The increase in adoption of cloud-based services has driven the security as a service market. Cloud-based services are services offered over the Internet or a dedicated network with delivery on demand. Due to the COVID-19 pandemic and lockdowns, small and medium-scale Enterprises are increasingly focusing on streamlining their business models by adopting cloud services, which are highly prone to cyber-attackers. Thus, companies are increasingly investing in cloud-based security services to tackle cyber-attacks and protect sensitive and confidential information. According to the report of Ziff Davis, a New York-based digital media and internet company, approximately 40% of the global workforce adopted cloud-based services in 2020 and is expected to reach 80% by 2025, exceeding 100 Zettabytes of data in cloud data centers. Furthermore, according to the Findstack report, 92% of an organization's IT environment is likely to be in the cloud by 2022. Hence, the rising adoption of cloud-based services is expected to boost security as a service market during the forecast period.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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Major Key Players of the Market:

Trend Micro Incorporated, IBM Corporation, Microsoft Corporation, Zscaler Inc., Cisco Systems Inc.,Palo Alto Networks Inc., Broadcom Inc.,Fortinet Inc.,Symantec,Check Point Software Technologies Ltd.,Texas Pacific Group,Proofpoint Inc.,CrowdStrike Holdings Inc.,Akamai Technologies Inc.,Barracuda Networks Inc.,SonicWall Inc., Mandiant,Qualys Inc.,Rapid7 Inc,Bitdefender software,Sophos Group plc, Carbonite Inc., BlackBerry Ltd,CipherCloud India Pvt Ltd.,F5 Networks Inc.,Cybereason Inc.,Darktrace,Trustwave,Exabeam, AT&T Cybersecurity

Security as a Service Market 2024 Key Insights:

• The security as a service market size is expected to see rapid growth in the next few years. It will grow to $26 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%.
• Rising Adoption Of Cloud-Based Services Drives Security As A Service Market
• Cloud Security Offerings To Enhance Security For Customers
• North America was the largest region in the security as a service market in 2023

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