Global Security as a Service (SECaaS) Market to Reach $33.0 Billion by 2028, Fueled by Rising Online Threats

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Oct 20, 2023, 18:45 ET

DUBLIN, Oct. 20, 2023 /PRNewswire/ -- The "Security as a Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global security as a service (SECaaS) market, which reached a size of US$ 14.5 billion in 2022, is poised for substantial expansion. Projections indicate that the market will surge to US$ 33.0 billion by 2028, registering a robust Compound Annual Growth Rate (CAGR) of 14.5% during the forecast period from 2023 to 2028.

Key Market Insights:

Security as a Service, or SECaaS, encompasses a range of cloud-based cybersecurity solutions outsourced by organizations. These solutions include secure email and web gateways, identity and access management, anti-virus and anti-malware services, intrusion detection, vulnerability management, and application security testing. SECaaS solutions are integrated into an organization's infrastructure and offered via subscription by cloud providers. They offer cost efficiency, enhanced security expertise, protection against online threats, rapid provisioning, and scalability as businesses grow.

Market Drivers:

Rising Demand for Cloud-Based Security: The increasing demand for cloud-based security solutions and the high costs and risks associated with managing on-premises security solutions are driving the market's growth.
Growing Online Threats: The improvement of IT infrastructure has led to a surge in online threats like data breaches and identity thefts, spurring the need for SECaaS solutions.
Regulatory Compliance: Stringent regulatory and data protection laws are compelling organizations to adopt SECaaS to ensure compliance.
Remote Work Security: The rise of remote work due to the COVID-19 pandemic has increased security concerns, prompting organizations to invest in advanced security solutions such as SECaaS.
Technological Advancements: Innovations in SECaaS, including deep learning, IoT security, and AI, are bolstering market growth.

Market Segmentation:

Component: Solutions, Services
- Security solutions dominate the market.
Organization Size: Small and Medium-sized Enterprises, Large Enterprises
- Large enterprises are significant users of SECaaS.
Application: Network Security, Endpoint Security, Application Security, Cloud Security, Others
- Network security holds a substantial share due to growing network threats.
Vertical: BFSI, Government and Defense, Retail and E-Commerce, Healthcare and Life Sciences, IT and Telecom, Energy and Utilities, Manufacturing, Others
- BFSI and government sectors are key adopters of SECaaS.

Regional Insights:

North America and Asia-Pacific are leading regional markets, with countries like the United States, China, and India driving growth.

Competitive Landscape:

Key players in the global SECaaS market include Alert Logic Inc., Barracuda Networks Inc., Cisco Systems Inc., Dell Technologies Inc., Fortinet Inc., International Business Machines Corporation, McAfee LLC, Microsoft Corporation, Okta Inc., Proofpoint Inc., Qualys Inc., Radware Ltd., Trend Micro Incorporated, and Zscaler Inc.

COVID-19 Impact:

The pandemic heightened security concerns related to remote work and increased the adoption of SECaaS to mitigate online threats.

Key Questions Answered:

What was the size of the global security as a service (SECaaS) market in 2022?
What growth rate is expected for the SECaaS market during 2023-2028?
What are the primary factors driving the global SECaaS market?
How has COVID-19 impacted the global SECaaS market?
What is the segmentation of the global SECaaS market by component, organization size, application, and vertical?
Which regions are key in the global SECaaS market?
Who are the major players in the global SECaaS market?

For more information about this report visit https://www.researchandmarkets.com/r/ytz3l4

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