Global Security-as-a-service Market - 2022-2029

Global Security-as-a-service Market - 2022-2029

Market Overview

The Security-as-a-Service market reached US$ XX million in 2021 and is expected to record significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of 14.20% during the forecast period (2022-2029).

Security as a service (SECaaS) is a cloud-based delivery model for security technologies previously found in enterprise data centers or regional gateways. Since it provides secure access to applications and services regardless of where they are hosted or where users connect, security as a service has become an important business enabler in the increasing cloud and mobile world. With applications in the cloud and users connecting from anywhere, tying security to the data center makes no sense.

SaaS applications are rapidly replacing on-premises software for a variety of reasons. As they are accessed via the internet, they provide far greater availability and accessibility regardless of where users connect. Because it can be updated continuously in the cloud by the vendor, SaaS has lower upfront costs and easier management. SaaS is also scalable so that subscriptions can be adjusted per the number of users.

Market Dynamics

Increasing cybercrime and the associated rise in the demand for cyber security are major market drivers for the global security-as-a-service market. However, excessive installation, deployment and maintenance costs could be a major market restraint.

Increasing cybercrime and the associated rise in the demand for cyber security

According to data, cyber-attacks are the fifth most dangerous risk in 2020 and have become the new norm in industries and businesses. In 2022, cyber threats will continue to rise, with IoT cyberattacks expected to double by 2025. Furthermore, according to the World Economic Forum's 2020 Global Risk Report, the detection (or prosecution) rate in U.S. is as low as 0.05 %.

Since the threat of cybercrime has increased by 600%, every sector has had to embrace new security and vulnerability analysis solutions, which reduces the time required to detect cyberattacks. As a result, security and vulnerability management solutions and services are rapidly increasing, fueled by organizations' growing critical need to prevent cyberattacks. As a result, rising cybercrime and increased demand for cyber security may be cited as significant market drivers for the global security and vulnerability management market.

Excessive installation, deployment and maintenance costs

Institutions store extremely sensitive data and use vulnerability management solutions to safeguard it. However, implementing security and vulnerability management software and services can require a significant financial investment. For instance, tenable Nessus Pro with a commercial license starts at around US$ 3,000 per year, whereas Tenable.sc pricing starts at around US$ 13,000 for 500-1,000 IP assets.

Tenable.io pricing starts at US$D 2,380 per 65 assets for one year. While large organizations can afford to cut costs, small and medium-sized businesses that lack the financial resources to implement costly security and vulnerability solutions will be unable to implement these products. As a result, exorbitant installation, deployment and maintenance costs may limit the growth of the global security and vulnerability management market.

COVID-19 Impact Analysis

Adopting rapid digital transformation strategies in response to COVID-19 has resulted in an immediate increase in the number of access points and endpoints, which has resulted in a rapid increase in event log data, followed by other issues such as performance, accessibility, security and increased IT costs, necessitating security and vulnerability management solutions and services. COVID-19 has increased the importance of centrally managing multiple cloud resources in organizations. As a result, there is an increased demand for security and vulnerability management solutions and services to ensure the safety of cloud services, applications and infrastructure.

However, due to benefits such as scalability and external expertise, cloud-based security and vulnerability management solutions and services were in high demand during the COVID-19 pandemic. The exponential increase in data flow resulting from the COVID-19 outbreak complicates and lengthens the analysis process, emphasizing market security and vulnerability management products. Nonetheless, because the current work culture model is widely accepted globally and the chances of reverting to the previous one are remote, the market prospects for security and vulnerability management are expected to improve even after the pandemic is completely eradicated.

Segment Analysis

The global security-as-a-service market is classified based on component, enterprise size, application, end-user and region.

Growing digitalization in the BFSI sector increases the demand and market share of security-as-a-service in the respective sector

Banking, finance and insurance (BFSI) are data-driven industries with numerous data sources. Cash payments, ATM money transfers, new accounts, online banking and card transactions are all data sources. Banks and financial institutions can obtain information from various sources, including transaction details, support line data, emails, social networks, external feeds and loan data.

The BFSI vertical requires a large-scale safety and intrusion prevention solution due to the daily volume of data for digitizing their procedures and ensuring the smooth operation of their businesses. Minor flaws can result in massive losses for the IT company and other businesses. As a result, the BFSI vertical constantly incorporates advanced security-as-a-service solutions and services to improve overall security, dominating the end-user segment.

Geographical Analysis

The presence of advanced cyber structure and growing security threats in North America boosts its share in the global security-as-a-service market

North America includes technically sophisticated countries such as U.S. and Canada, which are major contributors to the market for security-as-a-service. North America is advanced and adaptable regarding security infrastructure and technological development. Adoption of vulnerability and security management, as well as the presence of several local vendors providing security-as-a-service solutions, are expected to drive regional market growth.

Businesses in North America are increasingly implementing suitable solutions to enable data security, prevent cyber-attacks and commercial espionage and ensure data security and privacy for business continuity. With network intrusions and targeted attacks, there is a greater need for advanced security-as-a-service solutions to secure IT infrastructure. North America has several large enterprises as well as rapidly growing SMEs with the primary goal of implementing security-as-a-service.

Competitive Landscape

In terms of global and local producer numbers and strengths, the global security-as-a-service market is extremely niche due to the presence of limited developers such as Symantec Corporation, Intel Corporation, Trend Micro Incorporated, Cisco Systems, Inc., Fortinet, Inc., Panda Security S.L., CipherCloud, Inc., Zscaler, Inc., Alert Logic, Inc. and Radware Ltd. The market is fragmented and pivotal market stakeholders use market tactics such as mergers, acquisitions, product launches, contributions and collaborations to gain a competitive advantage and recognition in their respective markets.

Intel Corporation

Overview: Intel Corporation is a company that manufactures and distributes computer accessories and components. The company's primary products are microprocessors, flash memory, graphic, network and communication, chipsets, embedded processors and microcontrollers, systems management software, conferencing and digital imaging solutions. The Intel Corporation is also one of the primary producers of semiconductor chips used in nearly all electronic products. Several prominent I.T. businesses, like Dell, HP and Lenovo, employ Intel microprocessors in their computers. Intel has recently made significant investments in artificial intelligence, including US$ 2 billion acquisition of A.I. chipmaker Habana Labs in December 2019.

Product Portfolio:
• McAfee: McAfee is now a division of Intel Corporation. Intel Corporation is intensely focused on building rapid response, proven security systems and services that protect systems, networks and mobile devices for business and individual use around the world through its security-connected, innovative approach to hardware-enhanced security and unique McAfee Global Threat Intelligence. Intel Corporation combines McAfee's experience and expertise with Intel's innovation and proven performance to make security an essential component of every architecture and computing platform.

Key Development:
• On May 11, 2022, Intel Corporation introduced Project Amber, a new security-as-a-service solution. The solution is an unbiased trust authority designed to remotely verify the trustworthiness of a computed asset in the cloud, network edge or on-premise environment. Using Intel's trusted execution environment, Project Amber supports confidential compute workloads deployed as bare-metal containers, virtual machines and containers running in virtual machines (TEE), which will be released in the second half of 2022.

Why Purchase the Report?
• To visualize the global security-as-a-service market segmentation based on component, enterprise size, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the global security-as-a-service market by analyzing trends and co-development.
• Excel data sheet with numerous data points of security-as-a-service market-level with four segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available as excel consisting of key products of all the major market players

The global security-as-a-service market report would provide approximately 69 tables, 70 figures and almost 200 pages.

Application Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies