Security as a Service Market - Global Forecast to 2023: Opportunities in the Rapid Growth in Bring Your Own Device and Carry Your Own Device Trends
DUBLIN, Feb. 25, 2019 /PRNewswire/ -- The "Security as a Service Market by Component (Solutions and Services), Application Area (Network Security, Endpoint Security, Application Security, Cloud Security), Organization Size, Vertical, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
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The security as a service market size is estimated to grow from USD 7.6 billion in 2018 to USD 16.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 16.9% during the forecast period.
The factors expected to drive the security as a service market are a growing need to follow regulatory and data protection laws and increasing demand for cloud-based security solutions. However, organizations' doubts about cloud-based security and availability of free security solution suites and services is still a concern for organizations. Furthermore, a rise in infrastructure complexities is expected to restrain the market growth.
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. The security as a service solutions is 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 SMEs segment is expected to grow at a higher CAGR, owing to the rising deployment of the security as a service solution by SMEs to proactively protect their cloud-based applications. 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 the 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's segment to hold a higher market share in 2018 owing to the initial adoption of cloud-based security solutions
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period
APAC includes major economies, such as India, China, Australia, Hong Kong, and Japan, which are rapidly deploying the security as a service solution. APAC is expected to grow at the highest CAGR during the forecast period. The APAC security as a service market is gaining traction, as this region is showing the highest growth of cloud-based technologies and solutions adoption 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 APAC 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. Furthermore, North America is expected to have the largest market size in 2018 owing to the presence of a large number of vendors and initial adoption of security as a service solutions owing to advanced cyber-attacks.
Market Dynamics
Drivers
-- Mandate to Follow Regulatory and Data Protection Laws
-- Increase in Demand for Cloud-Based Security Solutions
-- High Cost and Risks in Managing On-Premises Security Solutions
Restraints
-- Organizations' Doubts About Cloud-Based Security
-- Availability of Free Security Services and Security Solution Suites
Opportunities
-- Increase in Adoption of Cloud-Based Services Among SMEs
-- Rapid Growth in Bring Your Own Device and Carry Your Own Device Trends
-- Lack of Skilled IT Security Professionals
Challenges
-- Rise in IT Infrastructure Complexities
Use Cases
-- Adoption of Security as a Service for Mitigating Internal and External
Cyber Threats
-- Adoption of Security as a Service Among Leading Energy and Utilities
Companies
-- Dependence of A Leading IT and Telecom Company on Distributed Denial of
Service Protection and Mitigation Solutions and Services
Companies Mentioned
-- Alert Logic
-- Barracuda Networks
-- Clearswift
-- Cygilant
-- Happiest Minds
-- IBM
-- Mcafee
-- Microsoft
-- Mindsight
-- Panda Security
-- Radware
-- Sentinel Technologies
-- Stratejm
-- Trend Micro
-- Zscaler
For more information about this report visit https://www.researchandmarkets.com/research/znmsvf/security_as_a?w=5
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SOURCE Research and Markets
