Global Security as a Service Market Report and Forecast 2024-2032

Global Security as a Service Market Outlook

The global security as a service market stood at a value of around USD 18.25 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 18.50% to reach USD 84.35 billion by 2032.

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The Solutions Segment Based on Component Holds a Significant Share in the Global Security as a Service Industry

Based on component, the solutions segment accounts for a significant share in the market owing to the growing adoption of cloud-based solutions. This can be attributed to the significant advantages offered by the cloud-based technology, such as cost-savings, security, flexibility, mobility, insight, quality control, speed, and reduced risk of data loss, among others. The growing dependence of small, medium, and large enterprises on cloud-based solutions is likely to be a major driving factor for the market in the forecast period. Furthermore, cloud-based solutions are subject to upgradation and new features can be added to these solutions easily.

North America Accounts for a Significant Share in the Security as a Service Industry

The security as a service industry in North America is driven by the increased penetration of the internet of things (IoT) in the United States and Canada. The expansion of small, medium, and large enterprises in the region is likely to provide impetus to the market in the forecast period. Moreover, the growing adoption of security as a service in the government sector, owing to the rapid expansion of the military and defence sector, is likely to propel the demand for SECaaS in the region. The growing expenditure by countries like the United States to curb the growing cases of terrorism is also supporting the industry. Hence, the market in the region is expected to witness a healthy growth in the forecast period.

Security as a Service Market Segmentation

Security as a service (SECaaS) is defined as a cloud-computing model which delivers security services over the internet. In other words, it is an outsourcing model which facilitates security management.

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Based on component, the market can be segmented into:

• Solutions
• Services

The major applications of security as a service include:

• Network Security
• Application Security
• Cloud Security
• Others

On the basis of organisation size, the market is segmented into:

• Small and Medium Enterprises
• Large Enterprises

The different verticals considered in the market report include:

• Banking, Financial Services, and Insurance 
• Government and Defence
• Retail
• Healthcare
• IT and Telecom
• Energy and Utilities
• Manufacturing
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Application of Security as a Service in the BFSI Sector to Boost the Growth of the Industry

The rising application of SECaaS in the banking, financial services, and insurance sector is driving the global market for security as a service. This can be attributed to the rising cases of fraud, cheating, and hacking in the banking, financial services, and insurance sector. In addition to this, SECaaS reduces the cost of security hardware and simplifies security management and removes the need to employ highly trained and expensive security staff. Furthermore, it is capable of eliminating the potential threats in the banking sector by deeply analysing the schemes and business offerings. Furthermore, the market will also be aided by the rising application of security as a service in the military and defence sector owing to the rising geopolitical tension between the nations. These factors are anticipated to bolster the market growth in the forecast period.

Key Industry Players in the Global Security as a Service Market

The report gives a detailed analysis of the following key players in the global security as a service market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• McAfee Corporation
• Cisco Systems Inc.
• Trend Micro Incorporated
• Okta Inc.
• Lookout Inc.
• Alert Logic, Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report