Press release
Security as a Service Market: Rapid Growth and Key Trends Facilitating a Projected Market Size of $30.65 Billion by 2029
Security as a Service Market
What Is The Projected Market Size Of The Global Security as a Service Market And Its Growth Rate?
The Security as a Service market is witnessing robust expansion and is predicted to continue this speedy growth pattern in the forthcoming years with the following statistics:
- 2024 Market Size: $15.58 billion
- 2025 Market Size: $17 billion, (CAGR of 9.1%)
- 2029 Projected Market Size: $30.65 billion, (CAGR of 15.9%)
This rise is attributed to factors such as cost-effective security solutions, regulatory compliance, remote workforce challenges, vendor expertise, and integration with existing infrastructure.
What Is Driving The Growth In The Security as a Service Market?
The accelerated adoption of cloud-based services is a major factor propelling the Security as a Service market forward. As the COVID-19 pandemic has compelled small and medium-sized Enterprises to streamline their business processes through cloud services, the risk of cyber-attacks has surged. Companies are therefore shifting towards cloud-based security services to safeguard sensitive data from these cyber threats. A report by Ziff Davis shows that about 40% of the global workforce embraced cloud-based services in 2020, a number predicted to double by 2025. Furthermore, according to Findstack, 92% of an organization's IT infrastructure will be cloud-based by 2022, amplifying the demand for robust security solutions.
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Who Are the Key Players Driving Security as a Service Market Growth?
Leading corporations in the Security as a Service market include:
-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.
-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
What Are The Key Trends In The Security as a Service Market?
Key trends fostering growth in the Security as a Service market include:
-Increased emphasis on threat intelligence.
-Endpoint security and mobile device management integration.
-Focus on identity and access management integration.
-Behavioral analytics for anomaly detection.
-Collaboration with managed security service providers.
What Are The Segments Of The Global Security as a Service Market?
The Security as a Service market includes the following segments:
1) By Component: Solution, Service
2) By Application: Network Security, Endpoint Security, Application Security, Cloud Security, Other Applications
3) By Organization Size: SMEs, Large Enterprises
4) By End User: BFSI, Telecom And IT, Healthcare, Retail, Manufacturing, Government, Other End Users
Which Region Leads The Security as a Service Market?
North America held the largest share of the Security as a Service market in 2024. However, Asia-Pacific is projected to be the fastest-growing region during the forecast period. The report provides detailed insights into the market for regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What Is Covered In The Security as a Service Market Global Market Report?
- Market Size Analysis: Analyze the Security as a Service Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Security as a Service Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Security as a Service Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Security as a Service Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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