Security-as-a-Service Market Estimated to Rise at 17% CAGR by 2026

Security-as-a-Service (SaaS) has become a realistic option for enterprises that are looking to integrate their business infrastructure with latest security systems. Moreover, emerging technological trends such as cloud computing and Internet of Things (IoT) will continue to encourage businesses to adopt security-as-a-Service business models for gaining lucrative cost benefits. According to a Persistence Market Research (PMR) report, the global market for security-as-a-service raked in US$ 3.3 billion in 2016. The market is anticipated to increase a strong 17.1% CAGR between 2016 and 2026.

Application of SaaS will remain high in the Telecom & IT sector, however, its implementation in industries such as retail & consumer goods, healthcare, and BFSI is expected to grow over the next couple of years. Growing concerns over data loss in the healthcare industry are pushing several associated businesses such as drug development and insurance reimbursement to deploy cutting edge security to safeguard lives of the patients. Increased involvement of cloud computing in the finance sector, is necessitating extreme security of electronic transactions, which is further favoring amalgamation of Security-as-a-Service business model. By end of the assessment period, BFSI and healthcare industries are expected to account for 17.7% and 20.3% value share of the market respectively. Whereas, the IT & Telecom sector is set to account for 30% share in terms of revenue.

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The requirement of intricate security systems in large enterprises will continue to drive the demand for SaaS market in the forthcoming years. By the end of 20126, large enterprises including multinational corporations and conglomerates will account for 50% values share of the market, which will be significantly higher as compared to revenues generated for small and medium enterprises.

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Meanwhile, companies operating global Security-as-a-Service market are focusing on providing managed security services rather security platforms and software development to integrate Security-as-a-Service for clients. Some of the key market participants profiled in the PMR report include Oracle Corporation, Gemalto NV, Alert Logic Inc., Proofpoint Inc., Okta, Inc, Intel Security, Cisco Systems, Inc., Qualys Inc., Trend Micro Inc., and Zscaler, Inc.

Cost benefits of deploying Security-as-a-Services is expected to prompt companies to improve security measures of their businesses. In addition, demand for cloud-based security services are robust in the US corporate sector which includes established conglomerates as well as budding startups

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North America’s strong IT and telecom infrastructure helps the expansion Security-as-a-Service of application. The market for SaaS in the region is expected to garner US$ 8 billion in revenues by 2026-end. In 2016, the region’s market accounted for 36% revenue share, which is expected to grow nearly to 50% the end of the forecast period. Meanwhile, the Security-as-a-Service market in Western Europe is projected to witness a steady growth, creating an incremental opportunity of around US$ 3,059.6 million during the forecast period. Other regional Security-as-a-Service markets examined in the PMR report include Latin America, the Middle East & Africa (MEA), Asia Pacific excluding Japan (APEJ), Japan, and Eastern Europe.

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