Increasing Popularity of the Cloud Services to Bolster the Security as a Service Market Growth

Tue, 22 September 2020 5:59

The security as a service market is witnessing a significant surge due to the rising need to protect the enterprises and consumers from cyberattacks that lead to data breaching and financial losses. The rise in the utilization of cloud services due to its multiple features have led to a complete transition of the way data is stored. Additionally, the high risk and cost to manage the on-premise security solutions, advancement of the technical infrastructure, and cost-effective plans by the key players fosters the market growth. However, the free services given by some companies restrain market growth.

Impact of COVID-19

The pandemic has compelled a lockdown in many countries globally. Social distancing and quarantine have dragooned the companies to offer complete work from home facility, further driving the utilization of security software to stay protected from the increasing cybercrimes. As stated by the United Nations Interregional Crime and Justice Research Institute, the number of phishing attacks has grown from 0.1 million to 0.5 million from January to March 2010, further driving the demand for security services.  

Key Highlights

  • The security as a service market is expected to grow with a CAGR of 19%  
  • The software segment holds the highest market share owing to the multiple benefits offered by the software and its higher deployment by the private companies
  • The SMEs segment holds the largest market share on account of the rising number of small businesses and their dependence on cloud services
  • North America dominates the security as a service market as the region is backed by the presence of the key players, such as McAfee, Zscaler, International Business Machines Corporation, and Microsoft Corporation
  • Asia-Pacific is anticipated to grow at a faster rate in the security as a service market on account of the increasing number of internet connections due to favorable government initiatives

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Security as a Service Market?

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Key Players

  • McAfee (the U.S.)
  • Trend Micro (Japan)
  • Zscaler (the U.S.)
  • International Business Machines Corporation (the U.S.)
  • Microsoft Corporation (the U.S.)
  • Clearswift (the U.K.)
  • Alert Logic (the U.S.)
  • Cygilant (the U.S.)
  • Barracuda Networks (the U.S.)
  • Panda Security (Spain)
  • Stratejm (Canada)
  • Radware (China)
  • Mindsight (the U.S.)
  • Sentinel Technologies (the U.S.)
  • Happiest Minds (India)
  • Okta (the U.S.)
  • Proofpoint (the U.S.)
  • Qualys (the U.S.)
  • Symantec (the U.S.)
  • Sophos (the U.K.)
  • Egress Technologies (the U.K.)
  • Forcepoint (the U.S.)
  • Fortinet (the U.S.)
  • Kaspersky Lab (the U.S.)
  • CipherCloud (the U.S.)
  • DXC Technology (the U.S.)
  • Cisco (the U.S.)
  • AT&T (the U.S.)
  • Axcient(the U.S.)  

Security as a Service Market Segmentation

By Component

  • Solution
    • Business Continuity and Disaster Recovery
    • Continuous Monitoring
    • Data Loss Prevention
    • Encryption
    • Identity and Access Management
    • Intrusion Management
    • Security Information and Event Management
    • Vulnerability Scanning
    • Others (Security Assessment, DDoS Mitigation, and Firewall Services)
  • Services
    • Training and Education
    • Consulting
    • Support and Maintenance

By Application

  • Network Security
  • Endpoint Security
  • Application Security
  • Cloud Security
  • Others (Email security, Web Security, Database Security)

By Organization Size

  • SMEs
  • Large Enterprises

By Vertical

  • Banking, Financial Services, Insurance
  • Government and Defense
  • Retail
  • Healthcare
  • IT and Telecom
  • Energy and Utilities
  • Manufacturing
  • Others (Travel and Hospitality, Education, Media and Entertainment)

By Region

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • The U.K.
  • Italy
  • France
  • Spain
  • Germany
  • The Rest of Europe

The Middle East and Africa (MEA)

  • Saudi Arabia
  • Egypt
  • South Africa
  • The Rest of MEA

Asia-Pacific

  • India
  • China
  • Japan
  • Australia
  • South Korea
  • The Rest of Asia-Pacific

South America

  • Columbia
  • Brazil
  • Chile
  • Peru
  • Argentina
  • The Rest of South America

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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