Vancouver, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The global serverless security market size was USD 1.82 Billion in 2022 and is expected to register a steady revenue CAGR of 29.9% during the forecast period. Rising adoption of serverless computing and security concerns and proliferation of microservices in serverless and function-as-a-service are key factors driving market revenue growth. Serverless computing is an execution method of cloud computing, which provides blackened services on as pay-as-you-go basis. It helps to increase cost-effectiveness of organizations while improving reliability, scalability, and time-to-market, while reducing operational expenditure. In addition, increasing adoption of cloud-based applications and rising initiations and investments of IT companies in cloud services are other key factors driving revenue growth of the market.
Cloud has become the primary data storage hub for various enterprises, while others have already migrated their applications to cloud systems. Several companies that still have their data on-premises are likely to migrate to the cloud in the future. Enterprises around sectors are streamlining their data platforms, while at the same time, transferring their information to the cloud to leverage advantages and benefits, innovative solutions and advanced analytics offered. As a result, an increasing number of businesses are adopting these into their data analytics and business intelligence strategies. Other benefits of serverless security include increased availability, elasticity, and scalability, additional data preservation, better integration, and more effective disaster recovery. Serverless securities, as opposed to on-premise data warehouses, can be accessible from anywhere in the world.
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For instance, on 9 March 2021, Micro Focus announced that Voltage SecureData integrated with a wide range of native cloud providers on AWS, Azure, and Google Cloud Platform to conduct data protection operations within serverless computing. The new connection removes restrictions and limitations on security measures that serverless architecture has historically imposed, such as implementation, operation, and measurement, allowing organizations to transfer workflows to the cloud securely while maintaining security or data privacy.
However, applications can be challenging to debug, track, and manage since these are made up of many functions and services, which could restrain market revenue growth. In addition, vendor lock-in might limit flexibility and mobility while forcing adaption to the cloud provider's constraints. As data is stored and processed on the cloud, authentication, encryption, and authorization mechanisms are required to prevent unauthorized access or leaking.
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 1.82 Billion |
| CAGR (2023–2032) | 29.9% |
| Revenue Forecast To 2032 | USD 24.97 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Security type, service model, deployment type, organization size, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Amazon Web Services, Inc., RACKSPACE TECHNOLOGY, Open Text, Google LLC, Microsoft, IBM, Lumingo, Oracle, Imperva., and Sophos Ltd. |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global serverless security market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective serverless security solutions. Some major players included in the global serverless security market report are:
-
- Amazon Web Services, Inc.
- Rackspace Technology
- Open Text
- Google LLC
- Microsoft
- IBM
- Lumingo
- Oracle
- Imperva.
- Sophos Ltd.
Strategic Development
- On 27 September 2022, Cloudflare, a security, performance, and reliability provider, stated that it has taken aim at AWS, which uses its serverless computing platform, as well as dozens of venture firms that have jointly committed to invest up to USD 1.25 billion in the businesses from their existing funds.
- On 9 March 2021, Micro Focus announced that Voltage SecureData now enables integrations with a wide range of native cloud providers on AWS, Azure, and Google Cloud Platform to conduct data protection operations within serverless compute (FaaS). The new connection removes the restrictions and limitations on security measures that serverless architecture has historically imposed such as implementation, operation, and measurement.
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Some Key Highlights From the Report
- The data security segment accounted for largest revenue share in the serverless security market in 2022. This is because data security is an important aspect of business operations as it protects corporate data from both internal and external threats. This includes protecting digital data against various dangers, such as theft, data corruption, and unauthorized access, throughout its lifecycle. One advantage of data protection is that it protects priceless information, which is a crucial asset for any business. Many businesses take steps to prevent unauthorized individuals from accessing their data.
- The network security is expected to register steadily fast revenue growth in the global serverless security market during the forecast period. This is because network security refers to any method, equipment, or activity designed to ensure the security and dependability of a network and its data. Network security increases client and consumer trust while shielding firms from the ethical and legal ramifications of a security failure. The right network security system can help a firm stay in line with regulatory standards while also minimizing the economic and financial ramifications of a breach if one occurs.
- The North America market accounted for largest revenue share in the global serverless security market during the forecast period. This is due to the presence of cloud computing and IT companies in this region and their product development on cloud service and data management. For instance, on 23 February 2021, IBM announced the launch of Red Hat software on IBM Power Systems, as well as new IBM Power Systems hardware. These initiatives strengthen IBM Systems' commitment to assisting clients in modernizing by providing them with the latest Red Hat technologies for developing cloud-native apps and deploying them in hybrid cloud environments.
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Emergen Research has segmented the global serverless security market on the basis of security type, service model, deployment type, organization size, end-use, and region:
- Security Type Outlook (Revenue, USD Billion; 2019-2032)
- Data Security
- Perimeter Security
- Network Security
- Application Security
- Others
- Service Model Outlook (Revenue, USD Billion; 2019-2032)
- Backend as a Service
- Function as a Service
- Deployment Type Outlook (Revenue, USD Billion; 2019-2032)
- Private
- Public
- Organization Size Outlook (Revenue, USD Billion; 2019-2032)
- Small and Medium Enterprises (SMEs)
- Large enterprise
- End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Information technology (IT) & Telecommunication
- Banking, Financial Services, and Insurance (BFSI)
- Healthcare
- Manufacturing
- Retail
- Energy and Utility
- Media and entertainment
- Others
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of Middle East & Africa
- North America
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