Security as a Service Market worth $23.8 billion by 2026, growing at a CAGR of 13.8%: Report by MarketsandMarkets™

Chicago, June 26, 2023 (GLOBE NEWSWIRE) -- 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, according to a new report by MarketsandMarkets™. 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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412 - Tables
48 - Figures
330 - Pages

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Scope of the Report

The security as a service model delivers solutions, such as Identity and Access Management (IAM), encryption, vulnerability management, disaster recovery, and various others over the cloud. Security as a service providers incorporate various regulations into their offerings to maintain the security and privacy of customers’ data and ensure compliance across enterprise assets. The global Security as a Service Market is driven by factors, such as increasing regulatory compliance and data protection laws, growing need to protect the increasing payment frauds, and rising demand for cloud-based solutions among enterprises. The demand for security as a service in emerging markets, such as Europe, Asia Pacific (APAC) and Middle East & Africa (MEA) is expected to grow rapidly, owing to the increase in the level of sophistication of cyber threats.

North America is expected to hold the highest share of the global Security as a Service Market from 2021 to 2026, due to the presence of a large number of vendors and customers. Europe is expected to offer potential growth opportunities, owing to the rise in demand for cybersecurity solutions in SMEs, and the exponential growth in the number of enterprises shifting their infrastructure to cloud. The region-specific market analysis includes industry trends, market potential, and market forecast based on components (solution and service), application, organization size, and verticals. The market expects rapid growth in various emerging regions, such as Europe, and Latin America.

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The retail industry vertical is witnessing the highest growth owing to the proliferation of online retail applications and technology usage and the need to protect these software from malicious attacks. Retail organizations face several challenges, such as maintaining the privacy of customers and meeting various data protection directives. Thus, the Security as a Service Market in the retail industry vertical is expected to grow at the highest CAGR during the forecast period.

The Security as a Service Market comprises major solution providers, such as Trend Micro (Japan), IBM (US), Microsoft (US), Zscaler (US), McAfee (US), Forcepoint (US), Sophos (UK), Clearswift (UK), Alert Logic (US), Cygilant (US), Barracuda Networks (US), Panda Security (Spain), Cisco (US), Fortinet (US), Radware (China), NortonLifeLock (US), Mindsight (US), Sentinel Technologies (US), Happiest Minds (India), Okta (US), Proofpoint (US), Qualys (US), Kaspersky Lab (US), Stratejm (Canada), and HackerOne (US). The study includes an in-depth competitive analysis of the key players in the Security as a Service Market, along with their company profiles, recent developments, and key market strategies.

Top Trends in Global Security as a Service Market

• Businesses are placing more emphasis on data security and privacy due to the rise in data breaches and stronger restrictions (such the General Data Protection Regulation, or GDPR). Solutions for security as a service give sensitive data strong protection while guaranteeing regulatory compliance.
• Organisations are searching for comprehensive security solutions that integrate different security services rather than depending on standalone security technologies. Integrated SECaaS platforms combine features like threat intelligence, vulnerability scanning, and access control to give centralised management and a comprehensive approach to security.
• Several companies outsource their security operations to Managed Security Service Providers (MSSPs) in order to take advantage of their expertise and lighten the load on internal IT staff. Security as a Service is provided by MSSPs, who also offer services including threat detection and response, security monitoring, and incident management.
• Organisations are putting money into cutting-edge threat intelligence capabilities as cyber attacks become more complex. In order to proactively identify and mitigate possible attacks and improve their overall security posture, security as a service providers are integrating threat intelligence technologies and services.
• To find anomalies and potential insider threats, UEBA solutions examine user behaviour patterns. Platforms offering security as a service are combining UEBA capabilities to keep track of user activity and spot suspect behaviour, assisting businesses in detecting and responding to security issues in real-time.
• IoT device proliferation creates new security difficulties. Security as a Service companies are creating specialised IoT ecosystem security solutions as linked devices proliferate. These solutions cover data encryption, device authentication, and vulnerability management for Internet of Things environments.
• To enhance threat detection and response, SECaaS platforms are using artificial intelligence (AI) and machine learning (ML) technology. In order to improve the effectiveness and efficiency of security operations, AI-powered algorithms can analyse huge amounts of security data, spot patterns, and automate security procedures.
• By automating repetitive processes, coordinating incident response, and offering centralised visibility, SOAR solutions streamline security operations. Faster incident response, better threat hunting, and effective security management are made possible by the integration of Security as a Service solutions and SOAR platforms.
• Regardless of whether a user is inside or outside the network boundary, the Zero Trust security model does not make any trust assumptions. Aiming to protect against cutting-edge attacks, security as a service provider are integrating multi-factor authentication, network segmentation, and continuous monitoring into their products.

Key Industry Development

• As cloud computing becomes more and more popular, security service providers are creating cloud-native solutions designed exclusively for cloud environments. These solutions include cutting-edge security features like cloud workload protection, container security, and serverless security and are built to effortlessly connect with cloud platforms.
• In the SECaaS industry, MDR services have grown in popularity. MDR service providers identify and react to complex cyberthreats by combining cutting-edge threat detection technologies with human knowledge. These services provide continuous monitoring, threat hunting, incident response, and forensic analysis, giving organisations improved threat detection and accelerated incident response capabilities.
• SECaaS integration with SOAR platforms is gaining traction. SOAR technologies automate incident response procedures, orchestrate security workflows, and provide centralised visibility and data to simplify security operations. Integration with SECaaS enables more effective incident management, shorter response times, and increased security team collaboration.
• Security as a service solutions help customers protect their critical assets, such as network, endpoint, cloud, database, application, and web, with greater visibility and control. The security services are integrated with enterprise infrastructure, safeguarding their essential assets from external and internal threats. Security as a service is an outsourcing service that benefits an organization in several ways, such as reduced costs, ease of IT security, scalable security services, and continuous support. It enables organizations to access and implement robust security practices. Players in this business sector have embraced different strategies to extend their worldwide presence and expand its market share. Partnerships and collaborations, and new product launches were the key strategies adopted by industry players to accomplish development in the market. Apart from these agreements, mergers and acquisitions and business expansions are some of the other significant strategies embraced by the market players in the Security as a Service Market.
• To improve their solutions, security service companies are employing advanced threat intelligence and analytics capabilities. By collecting and analysing massive amounts of security data, SECaaS providers may proactively identify emerging threats, uncover patterns, and produce actionable insights for their customers. This enables organisations to make educated decisions and keep ahead of any security threats.
• As the Internet of Things (IoT) expands, so does the demand for specialised security services for IoT devices. To address the specific security difficulties associated with connected devices, SECaaS providers are offering IoT-focused security solutions. Device authentication, secure communication protocols, and threat monitoring for IoT ecosystems are examples of these solutions.

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