NEW YORK, April 5, 2021 /PRNewswire/ -- Across regions and verticals, due to increased security threats, adoption of security solutions is rising, leading to expansion of the security-as-a-service (SaaS) market. Due to a sudden increase in cyber-crimes and data hacking activities, enterprises have started focusing on better security solutions for securing information deployed on the cloud as well as on-premise, and to strengthen the security structure of their company. Moreover, large organizations are taking initiatives to implement Saas solutions for their business applications deployed on the cloud, and helping other small enterprises understand the usage of security as a service capabilities and internet security threats.
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As per Persistence Market Research revised analysis, the global SaaS market is poised to surge at a CAGR of over 18% through 2031.
Key Takeaways from Market Study
North America was the dominant market in 2020 in terms of value for SaaS. Over the coming years, Europe is expected to be one of the key markets for sustainable revenue generation from security as a service, as increasing adoption of cloud-based solutions and services is boosting market growth in the region.
The BFSI (Banking, Financial Services, and Insurance) segment is expected to offer the highest incremental opportunity during the forecast period, as many private banks are using SaaS models for email encryption, data loss prevention, and network protection.
To reduce implementation costs, large enterprises are using cloud-based solutions and adopting SaaS solutions.
The education and manufacturing industry is expected to increasingly adopt security as a service solutions to securely access confidential data on a real-time basis.
The SaaS market in the U.S. is expected to expand at a CAGR of around 16% over the next ten years, while that in the U.K. at 17.5%.
The markets in China and India are slated to surge at around 20% CAGRs respectively, over the next ten years.
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"Enterprises are implementing IOT-based solutions progressively. IOT solution providers are integrating SaaS in order to reduce cyber-attacks on connected devices, identify the threat, and fix susceptibilities before launching them in the market, says a Persistence Market Research analyst.
COVID-19 Pandemic Impact Analysis
Increase in remote working has led to the need for greater focus on cyber-security, because of higher exposure to cyber risks. This is evident from the fact that around 47% of individuals fall for phishing scams while working at home. Cyber-attackers are seeing COVID-19 as an opportunity to step up their criminal activities and exploit vulnerable employees working from home. Hence, to reduce the impact of cyber-attacks, companies are focusing and enhancing their development and application of security measures.
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Many companies are increasing their spending budgets on security solutions as a fight against increasing number of cyber-attacks and threats amidst this pandemic outbreak. Also, cybersecurity technology and service providers are shifting priorities to support current needs: business continuity, remote work, and planning for transition to the next normal.
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Persistence Market Research puts forward an unbiased analysis of the global security as a service market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031. To understand the opportunities in SaaS, the market is segmented on the basis of component (solutions and services), application (network security, endpoint security, application security, cloud security, and others), and vertical (banking financial service and insurance, healthcare, retail, it & telecom, energy & utilities, government, and others), across seven major regions of the world.
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