Dublin, Aug. 28, 2020 (GLOBE NEWSWIRE) — The “Security as a Service Market – Forecasts from 2020 to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global Security as a Service market is projected to grow at a CAGR of 19.52% to reach a value of US$16.239 billion by 2025 from US$5.572 billion in 2019
There has been an increase in the number of security breaches over the past few years and has led to severe losses to the end-user industries such as BFSI, and Communication and Technology among others. This has led to an increase in the concerns among the end-users and is forcing them to adopt advanced approaches to secure their infrastructure from attacks. Security as Service providers includes the different security services companies dealing in cloud security services, data security services, ransomware protection services, and e-mail security services among others. The presence of a good number of players in this market offering tailored offerings to customers at prices lower than those for security solutions is driving the adoption of security as a service among end-users, thus boosting the growth of the market.
Moreover, there has been an increase in the adoption of advanced and cost-effective solutions such as cloud services and cloud computing, which aids the enterprises in saving significant amount of time, reducing the cost associated with adopting security solutions such as physical and logical security for providing e-mail protection, web protection, network protection, and identity and aces protection among others. This is adding momentum to the growth of the market.
However, the availability of a wide range of security solutions for diverse security needs of enterprises across industries continues to pose a threat to the adoption of security as a service (SECaaS) offered by market players as some of the enterprises still prefer On-premise deployment of security solutions to security delivered overcloud. This is hindering the growth of the market to some extent.
Yet, stringent regulations in many regions regarding the security of customer data, coupled with increasing competition across industries is pushing industry players towards adopting flexible and cost-efficient approaches to security. Huge losses associated with data breaches are forcing governments to enforce stricter data security regulations in their respective geographies. For example, on May 25, 2018, the GDPR (General Data Protection Regulations), that was set by the European Union (EU) were made effective in order to effectively provide greater control to the EU residents over their personal and sensitive data.
Increasing demand for Web protection and E-mail protection
Web protection and E-mail protection are projected to hold a significant market share over the forecast period. There has been an increase in the number of the instances of malware sites, phishing web pages, phishing and ransomware e-mails, which has resulted in an increase in the demand and adoption of the web protection and e-mail protection services as they are able to provide optimum security and protection from these above-mentioned threats. Therefore, web protection and e-mail protection are expected to hold a noteworthy market share over the forecast period.
BFSI industry is expected to expand at a fairly high pace over the forecast period
The BFSI sector holds a significant share in this market and the sector is poised to show a healthy market growth over the projected period. The rapid growth of this sector, coupled with an increasing focus of banking and financial institutions on streamlining their business functions is steering them away from conventional On-premise solutions to solutions delivered overcloud. This is driving the adoption of security-as-a-service offerings by vendors among them, thus boosting the growth of the market. Availability of a good number of vendors offering tailored solutions for diverse business needs while ensuring compliance with stringent regulations is further supporting the growth of the market.
The Asia Pacific region followed by the North American region to show considerable growth over the forecast period
Geographically, the North American region is expected to hold a noteworthy market share and grow at a significant pace over the forecast period. This is attributable to the fact that there is widespread and faster adoption of advanced technologies in countries such as the US, coupled with the increasing investments in the R&D of security as service solutions. In addition, there are increasing investments in the Asia Pacific region in countries such as India, and China among others to propel the growth of industries that generate huge volumes of sensitive data from digitized business functions.
Some of the major players covered as a part of this report are Symantec Corporation, McAfee, LLC, Cisco Systems, Inc., Web Werks, Gemalto NV, Trend Micro Incorporated, Coronet, Allot, Stratejm Inc. and Cloudteria LLC.
The Security as a Service market has been segmented based on type, enterprise size, end-user industry, and geography. By type, the market has been segmented as email protection, data loss prevention, web protection, network protection, identity and access protection, and others. By enterprise size, the market has been segmented as small, medium, and large. By the end-user industry, the market has been segmented as BFSI, communication and technology, healthcare, government, defense, and others.
Key Topics Covered:
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Security as a Service Market Analysis, By Type
5.2. Email Protection
5.3. Data Loss Prevention
5.4. Web Protection
5.5. Network Protection
5.6. Identity and Access Protection
6. Global Security as a Service Market Analysis, By Enterprise Size
7. Global Security as a Service Market Analysis, By End-user Industry
7.3. Communication and Technology
8. Global Security as a Service Market Analysis, By Geography
8.2. North America
8.2.1. North America Security as a Service Market, By Type
8.2.2. North America Security as a Service Market, By Enterprise Size
8.2.3. North America Security as a Service Market, By End-User Industry
8.2.4. By Country
8.3. South America
8.3.1. South America Security as a Service Market, By Type
8.3.2. South America Security as a Service Market, By Enterprise Size
8.3.3. South America Security as a Service Market, By End-User Industry
8.3.4. By Country
8.4.1. Europe Security as a Service Market, By Type
8.4.2. Europe Security as a Service Market, By Enterprise Size
8.4.3. Europe Security as a Service Market, By End-User Industry
8.4.4. By Country
22.214.171.124. United Kingdom
8.5. Middle East and Africa
8.5.1. Middle East and Africa Security as a Service Market, By Type
8.5.3. Middle East and Africa Security as a Service Market, By Enterprise Size
8.5.4. Middle East and Africa Security as a Service Market, By End-User Industry
8.5.5. By Country
126.96.36.199. Saudi Arabia
8.6. Asia Pacific
8.6.1. Asia Pacific Security as a Service Market, By Type
8.6.2. Asia Pacific Security as a Service Market, By Enterprise Size
8.6.3. Asia Pacific Security as a Service Market, By End-User Industry
8.6.4. By Country
188.8.131.52. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. Symantec Corporation
10.2. McAfee, LLC
10.3. Cisco Systems, Inc.
10.4. Web Werks
10.5. Gemalto NV
10.6. Trend Micro Incorporated
10.9. Stratejm Inc
10.10. Cloudteria LLC
For more information about this report visit https://www.researchandmarkets.com/r/9srxkj
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