Cyber Security As A Service Market Size, Key Drivers, Growth, Demand, and Analysis 2024-2033 | Insights and Trends

The cyber security as a service global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Cyber Security As A Service Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –

The cybersecurity as a service market size has grown rapidly in recent years. It will grow from $145.46 billion in 2023 to $161.15 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to growing incidence of data breaches, high costs associated with on- premise solutions, increased adoption from SME’s, rising number of connected devices, increasing number of cyber-attacks.

The cybersecurity as a service market size is expected to see rapid growth in the next few years. It will grow to $246.96 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to growing number of data breaches and cyber-attacks, government initiatives, increasing adoption of cloud security solutions, increase in the data stored on the cloud, rising number of cyberattacks. Major trends in the forecast period include innovative technology, rising trend of BYOD (bring your own device) in enterprises, adoption of cybersecurity solutions, adoption of cloud and virtualization technologies, impact of emerging technologies.

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Scope Of Cyber Security As A Service Market

The Business Research Company’s reports encompass a wide range of information, including:

Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
Drivers: Examination of the key factors propelling market growth.
Trends: Identification of emerging trends and patterns shaping the market landscape.
Key Segments: Breakdown of the market into its primary segments and their respective performance.
Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
Macro Economic Factors: Assessment of broader economic elements impacting the market.

Cyber Security As A Service Market Overview

Market Drivers –

The growing incidence of data breaches is expected to propel the growth of the cybersecurity as a service market going forward. A data breach is an incident where sensitive, protected, or confidential data is accessed, copied, transmitted, viewed, stolen, altered, or used without authorization. The incidence of data breaches is increasing due to cybercrime sophistication, data dependency, and a lack of security measures. Cybersecurity as a service helps reduce data breaches by providing continuous monitoring, vulnerability management, incident response, access control, security awareness training, and compliance assistance. For instance, in January 2023, according to The Identity Theft Resource Center, a US-based non-profit organization, the number of reported data breach incidents increased by 68% in 2022, with 1,862 breaches reported compared to 1,108 breaches in 2021. Therefore, the growing incidence of data breaches is driving the growth of the cybersecurity as a service market.

Market Trends –

Major companies operating in the continuous integration tools market are developing innovative technologies, such as quality integration frameworks, to expand CI/CD and AI-driven testing capabilities within their DevOps platform. A quality integration framework is a structured approach or system that integrates data, methods, and activities to enhance quality and cost-effectiveness within a specific context. For instance, in September 2022, Copado Solutions, S.L., a US-based low-code DevOps solution, launched the Quality Integration Framework. This framework allows users to embed end-to-end testing, security, and compliance into CI/CD pipelines, providing a user-story-centric view of tests, quality gates, policies, security, and compliance rules in one place where CI/CD pipelines are managed, offering users the flexibility to choose their preferred authoring mode and integrate various testing, security, and compliance tools seamlessly into their development pipeline.

The cyber security as a service market covered in this report is segmented –

1) By Security Type: Vulnerability And Security Assessment, Threat Intelligence And Business Analytics, Auditing And Logging, Continuous Monitoring And Encryption, Identity And Access Management, Other Security Types

2) By Organization Size: Large Enterprises, Small And Medium-sized Enterprises

3)By End User: Retail, Banking, Financial Services, And Insurance (BFSI), Information Technology (IT) And Telecom, Healthcare, Government, Automotive, Other End-Users

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Regional Insights –

North America was the largest region in the cybersecurity as a service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cyber security as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Key Companies –

Major companies operating in the cyber security as a service market are Microsoft Corporation, AT&T Inc., IBM Corporation, Cisco Systems Inc., Oracle Corporation, Tata Consultancy Services Limited, BAE Systems plc, Capgemini SA, Fortinet Inc., NortonLifeLock Inc., Optiv Security Inc., Check Point Software Technologies Ltd., McAfee Inc., Trend Micro Incorporated, CrowdStrike Holding Inc., Okta Inc., ProofPoint Inc. , Zscaler Inc., FireEye Inc., Forcepoint LLC, Cyber Ark Software Ltd., Guidepoint Security LLC, Radware Ltd., Alert Logic Inc., LookingGlass Cyber Solutions Inc., Qualys Inc., Sophos Ltd., Stratejm Inc.

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