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New York, US, April 05, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), Security as a Service Market by Component, Application Area, Organization Size, Vertical - Global Forecast till 2030. The global security-as-a-service market will touch USD 46.24 billion at a 17.35% CAGR by 2030, as per the current Market Research Future report.

Top Key Playersin Security-as-a-Service Market

Eminent industry players profiled in the security-as-a-service market report include:

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Report Scope:

Drivers

Increasing Adoption of Cloud Computing to Boost Market Growth

Recent, there has been a noticeable rise in the use of cloud computing for numerous applications, including email services, ERP, data backups, CRM, and collaborative services. This has led to a boom in SaaS adoption across a number of businesses. Services delivered via the cloud are less expensive because no IT infrastructure needs to be set up. Moreover, cloud deployment raises software's susceptibilities to being easily accessed by unauthorized people. As a result, many businesses are implementing security-as-a-service solution to protect their workloads and sensitive data without any risk in the cloud. The global market for security as a service is therefore anticipated to grow over the course of the forecast period as cloud computing adoption continues to rise.

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Opportunities

Increased IoT-Related Services to offer Robust OpportunitiesIncreasing services related to the Internet of Things (IOT) are anticipated to create a significant growth opportunity. In order to improve operations, several firms have begun deploying IoT-based solutions. IoT solution vendors now offer security-as-a-service to cut down on cyberattacks, spot threats, and patch holes before products hit the market. Also, as security services are increasingly used in IoT, demand for security-as-a-service solution is likely to rise sharply and present considerable growth potential in the near future.

Restraints and Challenges

Lack of Awareness to act as Market RestraintThe lack of awareness, high implementation cost, lack of customization, and security breaches may act as market restraints over the forecast period.

Market Segmentation

The global security-as-a-service market is bifurcated based on component, application area, organization size, and vertical.

By component, solution will lead the market in the forecast period.

By application area, the security-as-a-service market is segmented into web security, database cloud security, email-security, network security, and others.

By organization size, SMEs will domineer the market over the forecast period.

By vertical, BFSI will spearhead the market over the forecast period.

Covid-19 Analysis

The COVID-19 had a favorable effect on the market for security as a service. The COVID-19 epidemic has consequences for security service providers in the immediate and long term. Owing to the enforcement of lockdown due to the pandemic, numerous enterprises, manufacturing facilities, and retail businesses suffered. The pandemic has, nevertheless, caused a move towards remote working arrangements. Adopting a work-from-home policy has raised awareness among enterprises about data security and cyber-attacks and increased need for cloud-based security solutions. Also, many major and small businesses have raised the amount of money they spend on cyber security-related products. Hence, it is determined that the COVID-19 pandemic has changed how a company's management approaches cybersecurity and has favorably affected the market for security as a service.

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Regional Analysis

North America to Have Lions Share in Security-as-a-Service Market

Among these regions, North America is predicted to dominate the global security sector as a service. The rise of cloud computing and technical advancements is major drivers of market growth in the area. This sector is estimated to have the highest Security-as-a-Service Market Profit throughout the forecasted timeframe. The United States & Canada make up the majority of the major market players in the North American area. The greatest market share within the global industry is anticipated to belong to North America.

In the region, there is a sharp rise in need for security-as-a-service to safeguard enterprises' sensitive data from cyber-attacks. Furthermore, fierce competition and U.S. government restrictions on cyber security have pushed the market to develop better services while adhering to rules, which is projected to increase need for security-as-a-service in this region. Major market giants including IBM Corporation, Forcepoint, Microsoft Corporation, and Cisco Systems, among others, are present, which aids in the region's ability to generate income. During the projection period, Asia Pacific will see considerable growth.

The market in this area is anticipated to rise quickly as a result of the increasing acceptance of security as a service in countries like China, Singapore, India, South Korea, and others. The Asia Pacific region's small, medium, and large businesses are all becoming more conscious of the growth in cybercrimes, which is leading to a rise in the use of security-as-a-service to lessen cyberthreats. Also, the availability of a sufficient number of market sellers is boosting the need for security-as-a-service in the area.

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APAC to Have Admirable Growth in Security-as-a-Service Market

Asia Pacific is predicted to have the highest CAGR of 12.78% over the projected period of 20212026 as a result of the rising need for digital business strategies and the widespread and rapid use of cloud-based apps. India has experienced numerous cyber-threats and attacks over the last several years in a variety of industrial verticals, which has fueled market expansion. The rapid adoption of cloud computing particularly by big organizations has greatly boosted the Asian economy. The biggest markets in the region are India, China, & Japan because of their extensive clienteles.

Industry Updates

January 2023- In order to maintain a thorough cybersecurity strategy, businesses that require external resources or additional expertise can now use Security as a Service (SECaaS), which was recently introduced by OTAVA, a global pioneer in customized and compliant multi-cloud solutions. The Security-as-a-Service solution from OTAVA is specifically designed to cut through automatic warning noise and defend against all attack vectors.

About Market Research Future:

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Security As A Service Market is Anticipated To Grow USD 46.24 ... - GlobeNewswire