Security as a Service Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Security as a service refers to a business model in which a service provider provides or integrates security solutions into the company’s infrastructure on a subscription basis. With the utilization of security as a service model, companies benefit from the expertise of a dedicated security team specialized in preventing breaches in cloud computing environments.

Sizing and Forecast
The security as a service market size has grown rapidly in recent years. It will grow from $14.45 billion in 2023 to $15.94 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to cost-effective security solutions, increased complexity of threat landscape, focus on regulatory compliance, remote workforce challenges, vendor expertise and specialization, integration with existing infrastructure..

The security as a service market size is expected to see rapid growth in the next few years. It will grow to $26 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to automated incident response, focus on user identity and access management, quantum-safe security solutions, application security services, continuous security training and awareness programs.. Major trends in the forecast period include increased emphasis on threat intelligence, endpoint security and mobile device management (mdm), identity and access management (iam) integration, behavioral analytics for anomaly detection, collaboration with managed security service providers (mssps)..

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Segmentation & Regional Insights
The security as a service market covered in this report is segmented –

1) By Component: Solution, Service
2) By Application: Network Security, Endpoint Security, Application Security, Cloud Security, Other Applications
3) By Organization Size: SMEs, Large Enterprises
4) By End User: BFSI, Telecom & IT, Healthcare, Retail, Manufacturing, Governmentent, Other End Users

North America was the largest region in the security 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 security as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The increase in adoption of cloud-based services has driven the security as a service market. Cloud-based services are services offered over the Internet or a dedicated network with delivery on demand. Due to the COVID-19 pandemic and lockdowns, small and medium-scale Enterprises are increasingly focusing on streamlining their business models by adopting cloud services, which are highly prone to cyber-attackers. Thus, companies are increasingly investing in cloud-based security services to tackle cyber-attacks and protect sensitive and confidential information. According to the report of Ziff Davis, a New York-based digital media and internet company, approximately 40% of the global workforce adopted cloud-based services in 2020 and is expected to reach 80% by 2025, exceeding 100 Zettabytes of data in cloud data centers. Furthermore, according to the Findstack report, 92% of an organization’s IT environment is likely to be in the cloud by 2022. Hence, the rising adoption of cloud-based services is expected to boost security as a service market during the forecast period.

Key Industry Players
Major companies operating in the security as a service market report are Trend Micro Incorporated, IBM Corporation, Microsoft Corporation, Zscaler Inc., Cisco Systems Inc.,Palo Alto Networks Inc., Broadcom Inc.,Fortinet Inc.,Symantec,Check Point Software Technologies Ltd.,Texas Pacific Group,Proofpoint Inc.,CrowdStrike Holdings Inc.,Akamai Technologies Inc.,Barracuda Networks Inc.,SonicWall Inc., Mandiant,Qualys Inc.,Rapid7 Inc,Bitdefender software,Sophos Group plc, Carbonite Inc., BlackBerry Ltd,CipherCloud India Pvt Ltd.,F5 Networks Inc.,Cybereason Inc.,Darktrace,Trustwave,Exabeam, AT&T Cybersecurity

The security as a service market report table of contents includes:

1. Executive Summary

2. Security as a Service Market Characteristics

3. Security as a Service Market Trends And Strategies

4. Security as a Service Market – Macro Economic Scenario

5. Global Security as a Service Market Size and Growth

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31. Global Security as a Service Market Competitive Benchmarking

32. Global Security as a Service Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Security as a Service Market

34. Security as a Service Market Future Outlook and Potential Analysis

35. Appendix