Security as a Service Market: Information by Component (Solution, Services), Application (Network Security, Endpoint Security), Verticals, and Region — Forecast till 2029

Sep 02, 2020   Market Overview Security as a service is a part of the data protection services that allow the users to protect their integral data and stay away from malicious attacks such as malware, phishing, data breaching, and email spoofing, among others. The multiple benefits of security as a service includes the availability of the latest and updated tools, faster provisioning, and cost-effective nature. The interoperability, low cost of ownership, easy reporting, and web security is driving its demand...
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Report Description

Market Overview

Security as a service is a part of the data protection services that allow the users to protect their integral data and stay away from malicious attacks such as malware, phishing, data breaching, and email spoofing, among others. The multiple benefits of security as a service includes the availability of the latest and updated tools, faster provisioning, and cost-effective nature. The interoperability, low cost of ownership, easy reporting, and web security is driving its demand among the SME's and key players in the developing countries. The security as a service market is expected to grow with a CAGR of 19%.

 https://straitsresearch.com/photos/Security as a Service Market.png

Compliance with Regulatory and Data Protection Legislation

As stated by the Centre for Strategic Studies and International Studies, in June 2020, the Russian GRU-associated hackers exploited a vulnerability that enables them to take remote control of the U.S. servers. Another noteworthy incident stated was in May 2020, where the cybercriminals managed to steal USD 10 million from Norway's state investment fund in a compromised business email fraud that tricked an employee into moving money to a hacker-controlled account. Thus, the advanced security solution must comply with regulatory and data protection legislations, such as HIPAA, Payment Card Industry Data Security Standard (PCI DSS), Gramm-Leach-Bliley Act (GLBA), FISMA, Federal Trade Commission (FTC), GDPR, EU Agency for Network and Information Security (ENISA), and Homeland Security Act has driven the demand for security as a service.

Increasing Popularity of Cloud Services Due to Its Easy Deployment and Adaptability

The multiple benefits of cloud computing, such as reduced IT costs, efficiency in collaboration, easy access to updates, scalability, reduced risk of hardware loss, and data security, have increased the adoption of cloud services in companies. As stated by the Cloud Industry Forum, the cloud adoption rate in the U.K. is about 88%. As stated in the report entitled 'Cloud and its Operations' published by CompTIA Properties, LLC, around 91% of companies use cloud computing in their IT operations. Furthermore, the easy deployment and adaptability of the software services bolster the market growth.

Availability of Free Security Services and Security Solutions Suites to Hamper the Market Growth

Rising adoption of free security services provided by several companies, such as Kaspersky, Avast Free Antivirus, AVG Antivirus, Bitdefender Antivirus, Sophos Home, Microsoft Windows Defender Security Center, and Avira, restrains the market growth. These companies provide basic features, such as on-demand malware scan, on-access malware scan, malicious URL blocking, and phishing protection that helps protect the devices from small threats.  

Security as a Service Market: Segmentation

Increasing Number of Cyberattacks to Drive the Demand of Premium Software Services

Based on component, the security as a service market is divided into software and services. 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 to reduce data breaching and financial losses. The burgeoning use of premium software services by enterprises due to the increasing number of cyberattacks bolsters market growth. As stated by NortonLifeLock Inc., by 2023, cybercriminals are estimated to steal approximately 333 billion records in the U.S., which is equivalent to half of the total data.  

SMEs Segment Holds the Largest Market Share during the Forecast Period

By organization size, the security as a service market is divided into SMEs and large enterprises. The SMEs segment holds the largest market share on account of the rising number of small businesses and their dependence on cloud services. The National Federation of Self Employed & Small Businesses Limited states that small firms face approximately 10,000 cyberattacks per day. The growing adoption of cloud services in SMEs for its increased data security, cost-effective nature, reduced storage space, and easy access accelerates the market growth.  

Regional Overview

Presence of Key Players and Rising Cybercrimes to Drive North America's Market Growth

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, Microsoft Corporation, Alert Logic  Cygilant, Barracuda Networks, Stratejm, Mindsight, Sentinel Technologies, Okta, ProofPoint, Qualys, Symantec, Forcepoint, Fortinet, Kaspersky Lab, CipherCloud, DXC Technology, Cisco, AT&T, and Axcient. The region also possesses a technologically developed network and a surging number of cloud services and Internet users. As per the 'CISCO Annual Internet Report, 2018', the number of internet users in the region is expected to be 92% of the total population by 2023. The U.S. is one of the most widely targeted regions for cyberattacks, further driving the demand for security services in the country.

Favorable Government Initiatives for Digitization to Drive Asia-Pacific's Market Growth

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, such as the Digital India Campaign launched by the Government of India and the Digital Economy Promotion Agency by the Government of Thailand, among others. Additionally, rising government investments, such as the USD 21 billion funds set up by the Chinese government in November 2019 to support manufacturing technology, stimulates the growth of small and medium-sized enterprises in the region.  

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.)  

Recent Developments

  • On June 29, 2020, McAfee enhanced its endpoint security platform by providing a proactive solution 'MVISION Insights.' This will allow the user to prioritize, predict threats, and prescribe preventative measures  
  • On May 11, 2020, McAfee collaborated with Atlassian, one of the leading providers of team collaboration and productivity software, to add improved data storage and vulnerability defense in order to speed their transition to the cloud

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

Frequently Asked Questions (FAQs)

Software Segment is expected to be leading segment in Security as a Service Market during the forecast period.
The global Security as a Service Market is expected to grow at a CAGR of 19%. during the forecast period, 2019–2029.
North America is expected to hold the highest market share in Security as a Service Market.
McAfee, Trend Micro (Japan), Zscaler, International Business Machines Corporation, Microsoft Corporation, Clearswift (the U.K.), Alert Logic, Cygilant, Barracuda Networks, Panda Security (Spain), Stratejm (Canada), Radware (China), Mindsight, Sentinel Technologies, Happiest Minds (India), Okta, Proofpoint, Qualys, Symantec, Sophos (the U.K.), Egress Technologies (the U.K.), Forcepoint, Fortinet, Kaspersky Lab, CipherCloud, DXC Technology, Cisco, AT&T, Axcient are the top players in Security as a Service Market.
Basically choose Pay by Purchase Order when you are checking out. We will connect with you via email to set up your order.
Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available at all times, and included in every purchase.
We will send you an email with login credentials to access the report. You will also be able to download the pdf.

Market Overview

Security as a service is a part of the data protection services that allow the users to protect their integral data and stay away from malicious attacks such as malware, phishing, data breaching, and email spoofing, among others. The multiple benefits of security as a service includes the availability of the latest and updated tools, faster provisioning, and cost-effective nature. The interoperability, low cost of ownership, easy reporting, and web security is driving its demand among the SME's and key players in the developing countries. The security as a service market is expected to grow with a CAGR of 19%.

 https://straitsresearch.com/photos/Security as a Service Market.png

Compliance with Regulatory and Data Protection Legislation

As stated by the Centre for Strategic Studies and International Studies, in June 2020, the Russian GRU-associated hackers exploited a vulnerability that enables them to take remote control of the U.S. servers. Another noteworthy incident stated was in May 2020, where the cybercriminals managed to steal USD 10 million from Norway's state investment fund in a compromised business email fraud that tricked an employee into moving money to a hacker-controlled account. Thus, the advanced security solution must comply with regulatory and data protection legislations, such as HIPAA, Payment Card Industry Data Security Standard (PCI DSS), Gramm-Leach-Bliley Act (GLBA), FISMA, Federal Trade Commission (FTC), GDPR, EU Agency for Network and Information Security (ENISA), and Homeland Security Act has driven the demand for security as a service.

Increasing Popularity of Cloud Services Due to Its Easy Deployment and Adaptability

The multiple benefits of cloud computing, such as reduced IT costs, efficiency in collaboration, easy access to updates, scalability, reduced risk of hardware loss, and data security, have increased the adoption of cloud services in companies. As stated by the Cloud Industry Forum, the cloud adoption rate in the U.K. is about 88%. As stated in the report entitled 'Cloud and its Operations' published by CompTIA Properties, LLC, around 91% of companies use cloud computing in their IT operations. Furthermore, the easy deployment and adaptability of the software services bolster the market growth.

Availability of Free Security Services and Security Solutions Suites to Hamper the Market Growth

Rising adoption of free security services provided by several companies, such as Kaspersky, Avast Free Antivirus, AVG Antivirus, Bitdefender Antivirus, Sophos Home, Microsoft Windows Defender Security Center, and Avira, restrains the market growth. These companies provide basic features, such as on-demand malware scan, on-access malware scan, malicious URL blocking, and phishing protection that helps protect the devices from small threats.  

Security as a Service Market: Segmentation

Increasing Number of Cyberattacks to Drive the Demand of Premium Software Services

Based on component, the security as a service market is divided into software and services. 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 to reduce data breaching and financial losses. The burgeoning use of premium software services by enterprises due to the increasing number of cyberattacks bolsters market growth. As stated by NortonLifeLock Inc., by 2023, cybercriminals are estimated to steal approximately 333 billion records in the U.S., which is equivalent to half of the total data.  

SMEs Segment Holds the Largest Market Share during the Forecast Period

By organization size, the security as a service market is divided into SMEs and large enterprises. The SMEs segment holds the largest market share on account of the rising number of small businesses and their dependence on cloud services. The National Federation of Self Employed & Small Businesses Limited states that small firms face approximately 10,000 cyberattacks per day. The growing adoption of cloud services in SMEs for its increased data security, cost-effective nature, reduced storage space, and easy access accelerates the market growth.  

Regional Overview

Presence of Key Players and Rising Cybercrimes to Drive North America's Market Growth

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, Microsoft Corporation, Alert Logic  Cygilant, Barracuda Networks, Stratejm, Mindsight, Sentinel Technologies, Okta, ProofPoint, Qualys, Symantec, Forcepoint, Fortinet, Kaspersky Lab, CipherCloud, DXC Technology, Cisco, AT&T, and Axcient. The region also possesses a technologically developed network and a surging number of cloud services and Internet users. As per the 'CISCO Annual Internet Report, 2018', the number of internet users in the region is expected to be 92% of the total population by 2023. The U.S. is one of the most widely targeted regions for cyberattacks, further driving the demand for security services in the country.

Favorable Government Initiatives for Digitization to Drive Asia-Pacific's Market Growth

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, such as the Digital India Campaign launched by the Government of India and the Digital Economy Promotion Agency by the Government of Thailand, among others. Additionally, rising government investments, such as the USD 21 billion funds set up by the Chinese government in November 2019 to support manufacturing technology, stimulates the growth of small and medium-sized enterprises in the region.  

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.)  

Recent Developments

  • On June 29, 2020, McAfee enhanced its endpoint security platform by providing a proactive solution 'MVISION Insights.' This will allow the user to prioritize, predict threats, and prescribe preventative measures  
  • On May 11, 2020, McAfee collaborated with Atlassian, one of the leading providers of team collaboration and productivity software, to add improved data storage and vulnerability defense in order to speed their transition to the cloud

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

Frequently Asked Questions (FAQs)

Software Segment is expected to be leading segment in Security as a Service Market during the forecast period.
The global Security as a Service Market is expected to grow at a CAGR of 19%. during the forecast period, 2019–2029.
North America is expected to hold the highest market share in Security as a Service Market.
McAfee, Trend Micro (Japan), Zscaler, International Business Machines Corporation, Microsoft Corporation, Clearswift (the U.K.), Alert Logic, Cygilant, Barracuda Networks, Panda Security (Spain), Stratejm (Canada), Radware (China), Mindsight, Sentinel Technologies, Happiest Minds (India), Okta, Proofpoint, Qualys, Symantec, Sophos (the U.K.), Egress Technologies (the U.K.), Forcepoint, Fortinet, Kaspersky Lab, CipherCloud, DXC Technology, Cisco, AT&T, Axcient are the top players in Security as a Service Market.
Basically choose Pay by Purchase Order when you are checking out. We will connect with you via email to set up your order.
Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available at all times, and included in every purchase.
We will send you an email with login credentials to access the report. You will also be able to download the pdf.