The global security as a service market size is expected to grow from USD 12.4 billion in 2021 to USD 23.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period. The key growth driver of the security as a service market are mandates to follow regulatory and data protection laws, increase in demand for cloud-based security solutions among SMEs, and high cost and risks in managing on-premises security solutions.
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The application security segment is expected to grow at a higher CAGR during the forecast period
Application security solutions and services enable enterprises to secure their business-sensitive applications through greater visibility, control, and the use of existing security solutions, such as Identity and Access Management (IAM), web filtering, and application whitelisting. These enable the security of enterprise applications and software codes from external and internal threats, including web attacks, Distributed Denial of Service (DDoS), site scraping, and frauds.
Business-sensitive applications are one of the primary targets of attackers, as they carry information about critical assets, as well as processes that are followed by an enterprise. Cloud-based application security solutions and services are providing cost-effective and scalability functionality to customers, which is thereby inducing high growth in this market.
The BFSI vertical is expected to maintain the leading position in terms of revenue generation during the forecast period
Increased instances of spyware/keylogger, Trojans, viruses, ransomware, and other malware in the Banking, Financial Services, and Insurance (BFSI) vertical are driving the adoption of security as a service solutions. The BFSI vertical is also a major target for cybercriminals, as it holds sensitive information of employees, customers, assets, offices, branches, and operations. Furthermore, with stricter regulations and increasing instances of frauds and cyber-attacks, the need for real-time detection and protection from advanced threat and brand protection is driving the growth of the security as a service market in the BFSI vertical.
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Unique Features in the Security as a Service Market
Through the use of a cloud-based delivery architecture, SECaaS enables businesses to obtain security services online without requiring hardware to be on-site. This cloud-first strategy improves flexibility and scalability.
As a Service Security usually has a price structure based on subscriptions, allowing businesses to pay for security services on a recurrent basis. This offers cost certainty and is in line with the operating expenditure (OpEx) model.
A multi-tenant architecture is a common feature of SECaaS solutions, enabling different clients to share an infrastructure while preserving data isolation. This method increases cost-effectiveness and resource utilisation.
Numerous security services, like as intrusion detection and prevention, firewalls, antivirus software, online and email security, and more, are provided by SECaaS companies. Many cybersecurity demands are addressed by this all-encompassing strategy.
As a Service Security Real-time threat intelligence feeds are frequently included into solutions, giving businesses the most recent information on new risks. This aids in the early detection and mitigation of threats.
Major Highlights of the Security as a Service Market
Businesses have been using cloud-based security services instead of more conventional on-premises security solutions as a result of SECaaS’s affordability, scalability, and accessibility.
The increase in remote work arrangements, which was further intensified by worldwide occurrences, resulted in a greater need for SECaaS solutions designed to tackle the security issues related to dispersed and remote workforces.
The use of managed security services under SECaaS has grown significantly in the market, enabling enterprises to contract out security duties like monitoring and incident response to qualified security specialists.
The subscription-based pricing mechanism of SECaaS has kept it popular by enabling organisations to better control security costs and match expenditures to operating budgets.
One of the main features of SECaaS services is the integration of User and Entity Behaviour Analytics (UEBA), which allows enterprises to identify unusual behaviour patterns that may indicate compromised accounts or insider threats.
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Additionally, increase in adoption of cloud-based services among Small and Medium-sized Enterprises (SMEs) and rapid growth in Bring Your Own Device (BYOD) and Carry Your Own Device (CYOD) trends are expected to provide a tremendous growth opportunity for the security as a service market over the next five years. The global security as a service market is dominated by a few globally established players such as Trend Micro (Japan), IBM (US), Microsoft (US), Zscaler (US), and McAfee (US). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.
Trend Micro specializes in threat intelligence, mobile security, content security, data security, server security, and virtualization security. In the security as a service market, Trend Micro supplies deep security for cloud and data centers, deep security-as-a-service, and server protection. The company offers distinguished offerings under security as a service portfolio which includes hosted email security, worry-free services, deep security as a service, interscan web security as a service, and cloud app security. These cloud-hosted security services help organizations remain compliant and reduce risks. The company has a wide customer base that is spread across different regions, such as North America, Europe, APAC, MEA, and Latin America. The company’s clientele includes more than 500,000 customers. Trend Micro provides cybersecurity solutions in three major areas that are hybrid cloud security, network security, and user protection. It also provides solutions for ransomware, compliance, cloud, healthcare, GDPR, and end-of-support systems. The company has over 6,700 employees spread across 65 countries.
IBM is a computer, technology, and IT consulting corporation and is the worlds largest technology company and the second-most valuable company. Being a creator, developer, and manufacturer of some of the world’s most updated technologies, IBM’s product portfolio ranges from computer systems and software to networking systems, storage devices, and microelectronics. It also offers services, such as infrastructure, hosting, and consulting services in areas, ranging from mainframe computers to nanotechnology. IBM’s major business segments include Global Technology Services, Cloud and Cognitive Software, Global Business Service, Systems, Global Financing and other. The company offers various cybersecurity solutions, including IAM, cloud security, application security, network projection, security intelligence and operations, data protection, and endpoint security. It also offers cybersecurity services that include data security services, security intelligence and operations, consulting, secure engineering and application security, and security strategy risk and compliance. IBM’s security division offers next-generation security threat intelligence solutions and services in the security as a service market. Its security platform caters to many industry use case scenarios, including supply chain, financial services, automotive, real estate, food safety, identity, and international trade. The company offers solutions and services to various industries, including IT, healthcare, life sciences, government, telecom, automobile, manufacturing, Fast-Moving Consumer Goods (FMCG), chemicals and petroleum, electronics, energy and power, media and entertainment, mining, retail, BFSI, travel and transportation, and education. It is present in North America, Europe, APAC, MEA, and Latin America.
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