Security as a Service Market
On the basis of component, the solution segment accounted for the highest security as a service market share
WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 28, 2024 /EINPresswire.com/ — The global size was valued at $13 billion in 2022, and is projected to reach $75 billion by 2032, growing at a CAGR of 19.4% from 2023 to 2032. The increase in cyber risks has increased demand for security services, boosting security as a service market. Furthermore, the security as a service market is expected to witness notable growth owing to the need for advanced security solutions and rising adoption of cloud-based services. Moreover, the rise in demand for advanced threat intelligence and analytics solutions is expected to provide a lucrative opportunity for the growth of the market during the forecast period.
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Security as a Service (SECaaS) is a business model in which a service provider integrates their security services into a corporate infrastructure on a subscription basis at a lower cost than most individuals or corporations can provide on their own when the total cost of ownership is considered. It enables businesses to outsource cybersecurity management to an external supplier. Outsourced security solutions include services such as data loss prevention, antivirus administration, and intrusion detection.
By component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the global security as a service market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to an increase in cyber threats, the need for robust digital security, and the shift towards cloud-based services. However, the service segment is projected to manifest the highest CAGR of 21.3% from 2023 to 2032. This is attributed to the individuals, SMEs, and large companies, that are concerned about securing access to their network, endpoint, cloud, and applications.
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Furthermore, SECaaS has become critical for modern IT security. Potential vulnerabilities increase as firms grow digitally. This necessitates adaptive security solutions, which SECaaS provides. It offers security as a dynamic service that changes in response to an organization’s demands and the ever-changing security landscape.
By organization size, the large enterprises segment held the highest market share in 2022, accounting for around two-thirds of the global security as a service market revenue, and is estimated to maintain its leadership status throughout the forecast period. The security as a service market is experiencing rapid expansion, particularly among large enterprises, owing to the constantly evolving and complex nature of cyber threats, which made traditional security approaches ineffective. As a result, businesses are turning to innovative and customizable security solutions. However, the small and medium-sized enterprises segment is projected to manifest the highest CAGR of 21.3% from 2023 to 2032, owing to the fact that small and medium-sized organizations have difficulty with managing complicated in-house security systems due to limited resources and skills. As a result, security as a service is growing as an attractive option, offering advanced security without requiring a large initial investment.
Region-wise, North America dominated the market in 2022, owing to the increase in demand for advanced security solutions in the region. Moreover, the rise in cyber threat incidents and the requirement for strong security measures propelled enterprises to adopt SECaaS models, which provide them with scalable and cost-effective security solutions. However, Asia-Pacific is considered to be the fastest-growing region during the forecast period. This is attributed to the diverse and evolving threat landscape in Asia-Pacific that has increased the awareness of organizations regarding the importance of robust security measures, driving the adoption of security as a service models.
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The increase in cyber risks has increased demand for security services, boosting security as a service market. The risk of cyber-attacks has increased significantly as more organizations and individuals connect online. This escalating threat landscape has led to higher adoption of security as a service solution, where organizations outsource their security needs to specialized providers. Furthermore, with the rise in complexity of cyber threats, there is a surge in demand for advanced security solutions, propelling the expansion of the SECaaS market.
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By industry vertical, the BFSI segment held the highest market share in 2022, accounting for nearly one-fourth of the global security as a service market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increasing need for advanced security solutions in BFSI sector. However, the healthcare and life sciences segment is projected to manifest the highest CAGR of 24.9% from 2023 to 2032, owing to the rising importance of protecting sensitive medical data and ensuring compliance with stringent privacy regulations.
The report provides a detailed analysis of these key players of the global security as a service market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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David Correa
Allied Market Research
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