Security-as-a-Service Market: IT & Telecom and BFSI Industry Segments Major Adopters of Security-as-a-Service Solutions

As the telecom industry continues to evolve and inclines to a digital business model, leading players are increasingly adopting cloud based services. This offers many distinct advantages such as cheaper services, more computing power and easy availability of storage space. Cashing on the internet on demand model that the cloud offers, telecom companies offer more affordable, agile and enhanced services. However, relying increasingly on the cloud is a double edged sword, as the threats that cloud computing is facing from hackers and cyber attackers is immense. There are high chances that telecom companies possess personal information of individuals like names, addresses, and credit card numbers, and if this information is hacked, then there are high chances of this sensitive information being misused, resulting in identity theft and financial losses. It is in this context that the global Security as a Service market is thriving and providing the much needed security to cloud computing infrastructure, so that personal data and sensitive information of organizations doesn’t get hacked and misused.

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High adoption of business services over cloud services likely to fuel the global Security as a Service market

The global Security as a Service market is expected to witness significant growth during the assessment period. This growth is expected to be primarily driven by the high adoption of business services over cloud services. To secure cloud based business applications and for reducing expenses without increasing competitive pricing of products, companies are adopting the Security as a Service model that does not require maintenance of hardware or software.

Revenue generated by the global Security as a Service market is estimated to reach nearly US$ 3,400 Mn by 2016, witnessing an increase from approximately 3,000 Mn in 2015. Large enterprise sub segment is estimated to hold the largest share among the enterprise segment due to rapid implementation of security as a service solutions for securing business applications over the cloud, accounting for nearly US$ 2,000 Mn by 2016, up from more than US$ 1600 Mn in 2015.

IT & Telecom industry to lead the market

Among all the industry verticals, IT & Telecom industry is estimated to account for a maximum market revenue share by 2026. The market for security as a service is growing in IT & Telecom industry due to rising usage of internet and regular update of IT security regulations. These factors are compelling enterprises to adopt network security and other security solutions. Moreover, Healthcare and BFSI industry is also adopting this technology at a significant rate.

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Market numbers for IT & Telecom industry pertaining to global Security as a Service market

Persistence Market Research forecasts that revenue from the IT & Telecom segment in the global security as a service market is expected to increase from nearly US$ 1,250 Mn in 2016 to nearly US$ 4,900 Mn by 2026, representing a CAGR of 14.6% from 2016 to 2026.

The IT & Telecom industry is adopting security as a service solutions due to increasing usage of digital technologies and internet facilities among individuals. Moreover, rising security threats and frequently changing cloud IT security regulations has led enterprises in this sector to adopt the security as a services model to improve network security and comply with changing security regulations.

The IT & Telecom segment is expected to create incremental opportunity of nearly US$ 3,650 Mn between 2016 and 2026.

In the North America market, in terms of revenue, IT & Telecom segment is expected to reach a value of nearly US$ 450 Mn of the global market, and account for nearly 36% revenue share by 2016 end, and be valued at approximately US$ 2,200 Mn in 2026, or account for 27% in terms of revenue share at a CAGR of 17.3%.

In the APEJ market, in terms of revenue, IT & Telecom segment is expected to reach a value of nearly US$ 155 Mn of the global market, and be valued at more than US$ 555 Mn in 2026.

Rapid adoption of security as a service among industries

In Poland, the economy is growing significantly due to which investment in IT services has increased. Security companies in Poland are using local data centers to store information so they can comply with the local data privacy regulations. Moreover, industries in the BFSI, IT and telecom and manufacturing sector are aggressively adopting cloud-based technologies to improve business process flexibility, increase collaboration, and reduce capital expenditure and automation of software. High adoption has increased the risk of data theft, malware attacks and unauthorized access over the cloud. Hence, companies have started adopting security as a service solutions for securing their documents over the cloud.

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