Information Technology (IT) Security as a Service Market to reach $49.7 Billion, globally, by 2032 at 12.8% CAGR: Allied Market Research

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Feb 08, 2024, 10:01 ET

Surge in incidence of data breaches and high costs associated with on-premise solutions drive the growth of the global information technology (IT) security as a service market.

NEW CASTLE, Del., Feb. 8, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Information Technology (IT) Security as a Service Market by Offering (Email Encryption, Endpoint Protection, Data Loss Prevention, Event Monitoring, Information Security, and Others) and End User (BFSI, Healthcare, Telecom, Energy & Utilities, Education, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032" According to the report, the global information technology (IT) security as a service market generated $15.3 billion in 2022, and is estimated to reach $49.7 billion by 2032, witnessing a CAGR of 12.8% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Drivers, Restraints, and Opportunities

The information technology (IT) security as a service market is expected to witness notable growth owing to rise in incidence of data breaches, high costs associated with on-premise solutions, and increased adoption among the SMEs. Moreover, surge in trend of BYOD in enterprises is expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, vulnerability of cloud-based applications to cybercrimes limits the growth of the information technology (IT) security as a service market.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$15.3 Billion
Market Size in 2032	$49.7 Billion
CAGR	12.8 %
No. of Pages in Report	324
Segments covered	Offering, End User, and Region.
Drivers	Rise in incidence of data breaches High costs associated with on-premise solutions, Increased adoption from SME's.
Opportunities	Surge in trend of BYOD in enterprises
Restraints	Vulnerability of cloud-based applications to cybercrimes

COVID-19 scenario

The COVID-19 pandemic had a significant impact on information technology (IT) security as a service, reshaping priorities and accelerating certain trends within the industry. The widespread shift to remote work and increased reliance on digital platforms have heightened the importance of robust cybersecurity measures.
With employees accessing sensitive information from various locations and devices, there has been an increased demand for cloud-based security solutions that offer flexibility, scalability, and centralized management.
Organizations have accelerated their adoption of IT security as a service to ensure the protection of data and systems in this distributed work environment.

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The endpoint protection segment to rule the market

By offering, the endpoint protection segment held the major share in 2022, garnering more than one-fourth of the global information technology (IT) security as a service market revenue, owing to increase in adoption of cloud-based security services, driven by the need for scalable and flexible solutions to address the diverse and sophisticated threats faced by organizations. However, the data loss prevention segment would also showcase the fastest CAGR of 17.6% during the forecast period, owing to the convergence of DLP with other security components, creating integrated solutions that provide comprehensive protection against a spectrum of cyber threats. As privacy regulations and compliance standards become more stringent, DLP solutions are evolving to offer robust compliance management features, assisting organizations in meeting regulatory requirements, and avoiding potential legal repercussions.

The BFSI segment to dominate by 2032

By end user, the BFSI segment accounted for nearly one-third of the global information technology (IT) security as a service market share in 2022, and is expected to rule the market by 2032, owing to the adoption of advanced analytics and threat intelligence in IT security. The BFSI sector is leveraging data analytics and artificial intelligence to proactively identify and respond to cyber threats. However, the energy and utilities segment would also display the fastest CAGR of 17.3% throughout the forecast period, owing to the increased focus on securing critical infrastructure against cyber threats. As the industry becomes more interconnected and digitized, the risk of cyber-attacks on energy and utility systems grows, necessitating robust cybersecurity measures.

North America garnered the major share in 2022

By region, North America garnered the highest share in 2022, holding nearly one-third of the global information technology (IT) security as a service market revenue in 2022 owing to the increase in adoption of cloud-based security services, driven by the need for scalable and flexible solutions to address the diverse and sophisticated threats faced by organizations. The move toward Zero Trust Architecture, emphasizing continuous verification and strict access controls, is gaining traction as a proactive approach to enhance data protection. The Asia-Pacific region would also portray the fastest CAGR of 16.4% during the forecast period, owing to the heightened adoption of cloud-based security services, driven by the region's robust digital transformation initiatives and the need for scalable, cost-effective solutions. As organizations embrace remote work and mobile technologies, there is a growing emphasis on securing endpoints and ensuring robust identity and access management.

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Leading Market Players

Check Point Software Technologies Ltd.
Cisco Systems, Inc.
Barracuda Networks, Inc.
Broadcom
Radware
Trend Micro Incorporated
Cloudflare, Inc.
Fortinet, Inc.
Quick Heal Technologies Ltd
Hewlett Packard Enterprise Development LP

The report analyzes these key players in the global information technology (IT) security as a service market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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