Dublin, Nov. 19, 2021 (GLOBE NEWSWIRE) -- The "Global Security as a Service (SaaS) Market by Component (Solution, Service), Application (Network Security, Endpoint Security, Application Security, Cloud), Organization Size (SMEs, Large Enterprises), Vertical, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global security as a service market 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.
Europe is expected to grow at the highest CAGR during the forecast period
Europe includes major economies, such as UK, Germany and France, which are rapidly deploying the security as a service solution. Europe is expected to grow at the highest CAGR during the forecast period.
The Europe security as a service market is gaining traction, as this region is showing the highest growth of cloud-based technologies and solutions adopted for their business functions, and this, in turn, increases the need to secure these solutions against cyber threats and attacks. SMEs, as well as large organizations in the Europe region, have become more aware of security as a service and started adopting them to combat cyber frauds and data thefts to their cloud-based applications.
The services segment is expected to grow at a higher CAGR during the forecast period
The security as a service market by service includes consulting, training and education, and support and maintenance services. These services help clients understand their solutions and related processes.
The solution segment is expected to hold a larger market size during the forecast period. Security as a service solutions are being deployed by a large number of Small and Medium-sized Enterprises (SMEs) to secure their organizations from the increasing cyber threats across their cloud-based applications and platforms.
Increasing adoption of cloud-based applications and platforms in SMEs is expected to drive the growth of the SMEs segment during the forecast period
The SME segment is expected to grow at a higher CAGR, owing to the rising deployment of the security as a service solution by SMEs to protect their cloud-based applications proactively. SMEs are small in terms of their size but cater to a large number of customers globally. The robust and comprehensive security as a service solution is not implemented in SMEs, due to financial constraints in these organizations. Weak cybersecurity and low budget make SMEs more susceptible to data breaches and identity thefts.
However, the rising sophistication level of cyber-attacks and the increasing need to protect the cloud-based applications and platforms for ensuring customer data protection as well as organization data protection are expected to drive the growth of the market among SMEs. The large enterprise segment to hold a higher market share in 2021 owing to the initial adoption of cloud-based security solutions.
Research Coverage
The report covers the security as a service solutions and services across segments. It aims at estimating the market size and growth potential of this market across segments, such as component, solution, service, application, organization size, verticals, and regions. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, product and business offerings, recent developments, and key market strategies.
Companies Profiled
- Alert Logic
- Barracuda Networks
- Cisco
- Clearswift
- Cygilant
- Forcepoint
- Fortinet
- HackerOne
- Happiest Minds
- IBM
- Kaspersky Lab
- McAfee
- Microsoft
- Mindsight
- NortonLifeLock
- Okta
- Panda Security
- ProofPoint
- Qualys
- Radware
- Sentinel Technologies
- Sophos
- Stratejm
- Trend Micro
- Zscaler
Market Dynamics
- Drivers
- Increasing Need for Cloud-based Security Solutions Among SMEs
- Mandate to Follow Regulatory and Data Protection Laws
- Growing Demand for Cyber-Savvy Boards
- Restraints
- Organizations' Doubts Related to Cloud-based Security
- Availability of Free Security Service and Security Solution Suites
- Opportunities
- Increasing Adoption of Cloud-based Services Among SMEs
- Rapid Growth in Bring Your Own Device and Carry Your Own Device Trends
- Challenges
- Designing and Implementation Difficulties in Deploying Security as a Service Solution
- Lack of Skilled IT Security Professionals
- COVID-19-Driven Market Dynamics
- Value Chain Analysis
- Use Cases
- Trend Micro
- McAfee
- ProofPoint
- Kaspersky Lab
- Market Ecosystem
- Porter's Five Forces Model Analysis
- Technology Analysis
- Pricing Analysis
- Regulatory Implications
- Patent Analysis
- Trends Impacting Customers in the Market
For more information about this report visit https://www.researchandmarkets.com/r/6e4z8h
