NEW YORK, Jan. 17, 2022 /PRNewswire/ -- The security assurance market value is set to grow by USD 3.14 billion, progressing at a CAGR of 10.78% from 2021 to 2026, as per the latest report by Technavio.
Security threats are becoming much more advanced globally. Hackers are continuously finding new ways to exploit critical information. The market also witnessed a global rise in the number of ransomware attacks, which targeted the exchange server vulnerabilities of many enterprises. For instance, according to Check Point Software Technologies Ltd., headquartered in the US, there was a 57% increase in the number of organizations affected by ransomware in H1 2021. Such attacks are forcing enterprises across industries to outsource the management of their security without interrupting their core business operations.
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Security Assurance Market: Growing need to improve security
The use of outdated technologies among several organizations is leading to an increase in the number of cyber security attacks worldwide. For instance, in 2019, approximately 300,000 banking malware were detected in APAC. In addition, the increasing complexity of cyberattacks is compelling many organizations to take various steps to safeguard confidential data. This is encouraging vendors in the market to offer a wide range of services that cater to the emerging demands in the market. For instance, in June 2021, Check Point Software Technologies Ltd. expanded the capabilities of its unified cloud-native security platform to deliver application-first workload protection with checkpoint cloud guard workload protection. This solution empowers security teams with tools to automate security across applications, application programming interfaces (APIs), and microservices from development to runtime through a single interface. All these factors are driving the growth of the global security assurance market.
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Regional Market Analysis
With 35% of the growth originating from North America, the region will record a faster growth rate during 2022-2026.
The increasing number of targeted attacks by hackers on enterprise-critical data is expected to boost the growth of the security assurance market in North America. In addition, governments across countries such as Canada and the US are imposing stricter regulations owing to the increasing prevalence of cyberattacks on hosted servers. Moreover, enterprises operating in the region are becoming more proactive in adopting security solutions.
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Security Assurance Market: Segmentation Analysis
This market research report segments the security assurance market by deployment (on-premises and cloud-based) and geography (North America, APAC, Europe, MEA, and South America).
By deployment, the on-premise segment currently holds the largest share of the global security assurance market. On-premise solutions reduce the instance of security breaches compared to cloud-based solutions. They are also feature-rich and flexible and configurable than cloud-based systems. Moreover, on-premise solutions provide users the control over product upgrades. Many such benefits are increasing the adoption of on-premise security assurance solutions, which is driving the growth of the segment.
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Security Assurance Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.78% |
Market growth 2022-2026 |
USD 3.14 billion |
Market structure |
Fragmented |
YoY growth (%) |
10.24 |
Regional analysis |
North America, APAC, Europe, MEA, and South America |
Performing market contribution |
North America at 35% |
Key consumer countries |
US, China, UK, Germany, and Japan |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Accenture Plc, Aura Information Security, Avaya Holdings Corp., Capgemini SE, Infosys Ltd., International Business Machines Corp., Micro Focus International Plc, Microsoft Corp., NetScout Systems Inc., and SAS Institute Inc. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Some of the key topics covered in the report include:
Market Challenges
Market Drivers
Market Trends
Vendor Landscape
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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