Across regions and verticals, due to increased security threats, adoption of security solutions is rising, leading to expansion of the security-as-a-service (SaaS) market. Due to a sudden increase in cyber-crimes and data hacking activities, enterprises have started focusing on better security solutions for securing information deployed on the cloud as well as on-premise, and to strengthen the security structure of their company.
Moreover, large organizations are taking initiatives to implement Saas solutions for their business applications deployed on the cloud, and helping other small enterprises understand the usage of security as a service capabilities and internet security threats.
As per Persistence Market Research revised analysis, the global SaaS market is poised to surge at a CAGR of over 18% through 2031.
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Key Takeaways from Market Study
- North America was the dominant market in 2020 in terms of value for SaaS. Over the coming years, Europe is expected to be one of the key markets for sustainable revenue generation from security as a service, as increasing adoption of cloud-based solutions and services is boosting market growth in the region.
- The BFSI (Banking, Financial Services, and Insurance) segment is expected to offer the highest incremental opportunity during the forecast period, as many private banks are using SaaS models for email encryption, data loss prevention, and network protection.
- To reduce implementation costs, large enterprises are using cloud-based solutions and adopting SaaS solutions.
- The education and manufacturing industry is expected to increasingly adopt security as a service solutions to securely access confidential data on a real-time basis.
- The SaaS market in the U.S. is expected to expand at a CAGR of around 16% over the next ten years, while that in the U.K. at 17.5%.
- The markets in China and India are slated to surge at around 20% CAGRs respectively, over the next ten years.
“Enterprises are implementing IOT-based solutions progressively. IOT solution providers are integrating SaaS in order to reduce cyber-attacks on connected devices, identify the threat, and fix susceptibilities before launching them in the market, says a Persistence Market Research analyst.
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COVID-19 Pandemic Impact Analysis
Increase in remote working has led to the need for greater focus on cyber-security, because of higher exposure to cyber risks. This is evident from the fact that around 47% of individuals fall for phishing scams while working at home. Cyber-attackers are seeing COVID-19 as an opportunity to step up their criminal activities and exploit vulnerable employees working from home. Hence, to reduce the impact of cyber-attacks, companies are focusing and enhancing their development and application of security measures.
Many companies are increasing their spending budgets on security solutions as a fight against increasing number of cyber-attacks and threats amidst this pandemic outbreak. Also, cybersecurity technology and service providers are shifting priorities to support current needs: business continuity, remote work, and planning for transition to the next normal.
Security-as-a-service players rely on multiple expansion strategies to enhance penetration across lucrative markets. These include collaborations with major players, product launches, acquisitions, partnerships, and strengthening of regional and global distribution networks.
- For instance, in September 2020, Proofpoint and CyberArk, a privileged access management company, collaborated to safeguard high-risk users. This partnership will bring more security solutions for organizations, which will enable them to identify their much attacked people (VAPs) by applying additional security policies.
- In December 2020, Thales Group and Google Cloud collaborated to deliver more problem-solving solutions in digital identity and security. This collaboration will help in ensuring sensitive data and secure public and private clouds to improve data privacy.
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Some of the leading companies providing security-as-a-service are:
- Intel Corporation
- Oracle Corporation
- Cisco Systems Inc.
- Trend Micro Incorporated
- Proofpoint Inc.
- Thales Group
- Qualys Inc.
- Alert Logic
- Zscaler Inc.
- Okta Inc.
Key Regions Covered
- North America
- Middle East & Africa
- Rest of the World
Key Segments Covered
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