Cyber Security as a Service Market Forecasts to 2030 – Global Analysis By Component (Services and Solution), Platform (Professional and Managed), Security Type, Organization Size, Application, End User and By Geography

Cyber Security as a Service Market Forecasts to 2030 – Global Analysis By Component (Services and Solution), Platform (Professional and Managed), Security Type, Organization Size, Application, End User and By Geography

According to Stratistics MRC, the Global Cyber Security as a Service Market is accounted for $92.42 billion in 2023 and is expected to reach $228.39 billion by 2030 growing at a CAGR of 13.8% during the forecast period. Cyber security as a service is the technique of defending networks, computers, mobile devices, hardware, electronic systems, and data against hostile or digital attacks. It is often referred to as information technology security and electronic information security. As it helps to enable safe access to apps, it has grown to be a crucial approach for enterprises to increase their mobile and cloud deployments. Organizations utilize security as a service extensively because it offers a number of advantages over traditional approaches, including speedier operations, ongoing virus updates, cost-effective solutions, and faster operations. Service providers charge organizations a reasonable monthly fee for their services.

According to the Asian Cyber Security Organization report released by the online security firm Symantec Corporation, in 2019, India has been graded amongst the top 10 countries to counter secure web gateway crimes.

Market Dynamics

Driver

Rising demand in e-commerce platforms

Internet security solutions have been enhanced in a linked network infrastructure due to the increase in e-commerce platforms and technical breakthroughs. The adoption of network security solutions into IT and electronic security systems is a top priority for e-commerce businesses. Cybersecurity in e-commerce focuses mostly on safeguarding customer data. Cybersecurity defends against hacker assaults and other threats on computers, mobile devices, and other digital devices. Numerous individuals and businesses are losing important information every second as a result of e-commerce security vulnerabilities. This factor increased the need for cyber security services in e-commerce sector, which in turn sped up market expansion.

Restraint

Lack of experts

The need for cutting-edge solutions is expanding tremendously as a result of the increase in internet security risks. Enterprises cannot be adequately protected against modern network, cloud, and endpoint security threats by outdated network security solutions. Professionals in cybersecurity must have a thorough understanding of how computers operate and how they might be used against organizations. To foresee their next move and stay one step ahead, they also need to have the ability to think like attackers. Key impediments of the market include things like a shortage of specialists and expertise in creating and enhancing security solutions.

Opportunity

Integration of internet of things (IoT) and machine learning

The major companies in cyber security are integrating fundamental technologies into their enterprise security divisions, including machine learning, the Internet of Things (IoT), cloud computing, and big data. They are also implementing a signature-less security mechanism for the Internet of Things. The participants would benefit from this adoption by being better able to comprehend uncertain actions and trials as well as recognize and detect uncertain dangers. This analytics-as-a-service (AaaS)-based cloud computing services let customers quickly discover and mitigate dangers by utilizing big data. This inevitably accelerated the market expansion by increasing the usage of machine learning by key industry players like Cisco Systems and IBM Corporation.

Threat

Diverse nature of sophisticated threats

The quantity, extent, and sophistication of targeted attacks are continually rising in modern virtual corporate network environment. Understanding the many types of assaults has grown more difficult due to the threats' diversity. It is crucial to implement multi-layered cyber security solutions at the beginning stage of security solutions, providing protection against any sort of cyber assaults, given the quickly evolving nature of threats, and to prevent any loss of critical information. The greatest security problem facing enterprises currently is the constantly changing nature of attacks.

Covid-19 Impact

The COVID-19 epidemic had a significant impact on both consumer's and provider's general behaviour. Global company growth has been adversely impacted by the temporary shutdown of industrial facilities, labor shortages, a lack of resources, data breaches, and a poor supply chain. Many small and medium-sized enterprises experienced both permanent and temporary closures. The need for internet security products and services was thus greatly impacted by the pandemic.

The professional segment is expected to be the largest during the forecast period

The professional segment is estimated to have a lucrative growth. Business support, technical management services, advice, consulting, training, and event readiness and response services are the main areas covered by professional security services. One of the elements influencing the segment's expansion is the demand for a single point of contact and dependable technical help throughout the deployment of security solutions. Another important element driving the expansion of the segment is the rising requirement to manage data effectively, minimize data losses in the event of a breach, eliminate the expenses associated with data losses, and avoid regulatory breaches.

The healthcare segment is expected to have the highest CAGR during the forecast period

The healthcare segment is anticipated to witness the fastest CAGR growth during the forecast period. Customer healthcare records are protected by cyber security as a service in the healthcare industry. While healthcare services are being aggressively digitalized, the dangers of cyber attacks have also grown due to the growing usage of technology-aided apps to keep the records of patients, workers, and organizations. The risks of medical device hacking and the benefits of bug bounties and AI in guaranteeing the security of medical equipment are made more clear to healthcare and technology companies.

Region with largest share

North America is projected to hold the largest market share during the forecast period. In this region, there is a sharp rise in demand for security as a service to safeguard enterprises' sensitive data from cyber-attacks. Major market giants including IBM Corporation, Microsoft Corporation, Forcepoint, and Cisco Systems, among others, are present, which aids in the region's ability to generate income. Furthermore, fierce competition and U.S. government restrictions on cyber security have pushed the industry to develop better services while adhering to rules, which is projected to increase demand for security as a service in this region.

Region with highest CAGR

Asia Pacific is projected to have the highest CAGR over the forecast period. The market in this region is anticipated to rise quickly as a result of the increasing acceptance of security as a service in countries like China, India, Singapore, South Korea, and others. The Asia Pacific region's small, medium, and big 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 cyber threats. Additionally, the availability of a sufficient number of market sellers is boosting the need for security as a service in the area.

Key players in the market

Some of the key players profiled in the Cyber Security as a Service Market include Armor Defense Inc, Foresite MSP LLC, Cloud24x7 Inc, FireEye Inc, Sara Technologies Inc, Forcepoint LLC, Cyber Security Services, Convergent Network Solutions Ltd, Zeguro Inc, IBM Corporation, Transputec Ltd, McAfee Inc, BAE Systems, Capgemini, Blackstratus Inc, Tata Consultancy Services Limited, Trend Micro Incorporated and NortonLifeLock Inc.

Key Developments

In May 2023, Capgemini has announced the launch of a 6G research lab in Gurugram, India. The lab will build advanced test beds and simulators to explore use cases for next generation wireless networks, 6G ideation, and the creation of energy saving solutions.

In May 2023, BAE Systems launched Mission Advantage™, a new technology partner program that facilitates collaboration between BAE Systems’ Intelligence & Security sector and companies in the program to deliver cutting-edge technologies to accelerate mission readiness.

In March 2021, IBM Security announced the latest and improved services to enable companies to manage their cloud security strategy, standards, and controls in hybrid cloud settings. The services include third-party and cloud-native technology and IBM experience to assist enterprises in developing consistent security systems across their cloud ecosystems.

In February 2020, McAfee Inc. announced innovations to its cloud-native Mvision platform with the availability of Unified Cloud Edge (UCE), which provides unified data and threat protection from the device level to the cloud.

Components Covered
• Services
• Solution

Platforms Covered
• Professional
• Managed

Security Types Covered
• Auditing & Logging
• Vulnerability & Security Assessment
• Identity & Access Management
• Threat Intelligence & Behaviour Analysis
• Continuous Monitoring & Encryption
• Other Security Types

Organization Sizes Covered
• Small Enterprises
• Medium Enterprises
• Large Enterprises

Applications Covered
• Application Security
• Network Security
• Cloud Security
• Endpoint Security
• Enterprise Security
• Other Applications

End Users Covered
• Government
• BFSI
• Retail & E-commerce
• IT & Telecom
• Energy & Utility
• Healthcare
• Manufacturing
• Defense
• Automotive
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements