Security as a Service Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Service), Organization Size (SMEs and Large Enterprises), Application (Network Security, Endpoint Security, Application Security, Cloud Security

Security as a Service Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Service), Organization Size (SMEs and Large Enterprises), Application (Network Security, Endpoint Security, Application Security, Cloud Security, and Others), and Vertical (BFSI, Government & Defense, Retail, Healthcare, IT & Telecom, Energy & Utilities, Manufacturing, and Others)

The security as a service market is projected to reach US$ 34,854.10 million by 2028 from US$ 13,712.87 million in 2022. It is expected to grow at a CAGR of 16.8% from 2022 to 2028.

In the last few years, enterprises have witnessed a host of changes. Increasing digitalization, the advent of Industry 4.0, and the growth of smart devices have increased the total number of smart and connected devices globally. To provide better service to their customers, enterprises across all industry verticals have implemented different digitalization levels. It has also increased the amount of data being generated by huge extents, along with the storage of personal information. However, the sudden increase in digitalization and data generation has also attracted new forms of cyber-attacks and crimes.

Globally, several nations have issued strict guidelines for cyber security. For instance, the Ministry of Electronics and Information Technology (MeitY) India launched the Cyber Surakshit Bharat program to develop a strong cybersecurity ecosystem in India. This is consistent with the government's goal of creating a Digital India. This program was supported by the National E-Government Division (NeGD). The need for sound governance has increased because of the Indian government's initiatives on cybersecurity, which have caused the governance structure to change quickly. The program would urge CISOs and front-line IT personnel from all government agencies to educate themselves on cybercrime and develop their self-defense skills. Similarly, the Singapore Cybersecurity Act mandates that businesses create a robust infrastructure to make cyberspace safer while fostering global alliances. It is anticipated that such government policies to reduce potential cyber dangers and attacks will open up new business prospects during the projected period. Such factors are expected to boost the security as a service market growth, during the forecast period.

Impact of COVID-19 Pandemic on Security as a Service Market Growth

The pandemic forced enterprises to come to a halt. Mounting losses resulted in enterprises from most verticals resuming functioning remotely. Such trends required makeshift, less secure networks to be accessed by the employees of such enterprises. As such systems are highly compromised and can easily result in a security breach, organizations started to approach market players to remediate the cyber threat to their operations. The APAC security as a service market is anticipated to experience significant growth due to the recent COVID-19 outbreak because of the rising trend of cyber-attacks involving malware and ransomware in the context of COVID-19. Enterprises are quickly adopting cybersecurity solutions since several employees have switched to remote work environments amid lockdown in various countries. According to MasterCard Incorporated statistics, South America has been adopting contactless payment options based on cyber security solutions at a faster rate than ever before. As a result of the pandemic's seismic effects across numerous industries, the demand for internet platforms has skyrocketed. Remote working, the rise of digital payments to minimize direct human-to-human contact, and changing business strategies are all driving the incorporation of digitalization. Such trends collectively contribute to the security as a service market growth.

China accounts for the largest share in the security as a service market in Asia Pacific due to the country’s strong manufacturing base. The country is the leading producer of consumer electronics, electric vehicles, and industrial electronic components. Additionally, China is strongly adopting Industry 4.0. Due to the digitalization of the manufacturing sector, there is a growing demand for network security. Moreover, the initiatives by the Chinese government, including Made in China 2025, are expected to boost the country’s manufacturing sector further. These factors are expected to boost the revenue generation for security as a service market players in the country during the forecast period.

Information security has become a significant national security concern in the twenty-first century. Systems for controlling vehicles, signal processing, communications, surveillance, and weapons are all computerized. A military organization may suffer significant consequences from a cyberattack. The military, along with every other global industry, is collaborating with all stakeholders and experts to raise awareness and provide secure cyberspace by providing resilient and robust cybersecurity technology. Such factors are expected to promote security as a service market growth.

Telecom fraud is also rapidly emerging as one of the biggest causes of revenue loss, with operators worldwide losing up to US$ 30 billion in uncollected revenue and fraud, according to Infosys Limited data. The emergence of OTT (over the top) data services has severely impacted the number of internet users globally. In addition, technological innovations such as IoT and 5G in the telecom sector have driven rapid customer uptake. The uptake of artificial intelligence (AI), deep learning, and big data analytics is continuously increasing across various applications in the aerospace, automotive, manufacturing, and military & defense sectors, which has propelled the demand for smart electronics. All these factors are aiding security as a service market players in generating maximum revenues.

Alert Logic, Inc.; Barracuda Networks, Inc.; Clearswift; Silversky; IBM Corporation; McAfee, LLC; Microsoft Corporation; Radware; Trend Micro Incorporated and Zscaler, Inc. are a few key players operating in the security as a service market.

The overall security as a service market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the security as a service market. The process also serves the purpose of obtaining an overview and forecast of the security as a service market with respect to all market segments. Also, industry participants and commentators have conducted multiple primary interviews to validate the data and gain more analytical insights. Participants in this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the security as a service market.

Reason to buys

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the security as a service market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the video analytics market thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution