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Security as a Service Market Growing at a CAGR 18.9% | Key Player Mcafee, Trend Micro, IBM, Microsoft, Zscaler

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Security as a Service Market Growing at a CAGR 18.9% | Key Player Mcafee, Trend Micro, IBM, Microsoft, Zscaler

July 30
10:07 2020
Security as a Service Market Growing at a CAGR 18.9% | Key Player Mcafee, Trend Micro, IBM, Microsoft, Zscaler

McAfee (US), Trend Micro (Japan), Zscaler (US), IBM (US), Microsoft (US), Clearswift (UK), Alert Logic (US) Cygilant (US), Barracuda Networks (US), Panda Security (Spain), Stratejm (Canada), Radware (China), Mindsight (US), Sentinel Technologies (US), Happiest Minds (India), Okta (US), ProofPoint (US), Qualys(US), Symantec (US), Sophos (UK), Egress Technologies
Security as a Service Market by Component (Solution and Service), Application Area (Network Security, Endpoint Security, Application Security, and Cloud), Organization Size, Vertical, and Region – Global Forecast to 2025

Security as a service solutions help customers protect their critical assets, such as network, endpoint, cloud, database, application, and web, with greater visibility and control. Security as a service is a cloud-based model, wherein a third party vendor manages and maintains the enterprise data and applications over the internet. It is a security management approach that enables the provisioning of managed security services from the cloud. The security services are integrated with enterprise infrastructure, safeguarding their essential assets from external and internal threats. Security as a service is an outsourcing service that benefits an organization in several ways, such as reduced costs, ease of IT security, scalable security services, and continuous support. It enables organizations to access and implement robust security practices. The global Security as a Service Market size is expected to grow from USD 11.1 billion in 2020 to USD 26.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 18.9% during the forecast period.

The application security segment is expected to grow at a higher CAGR during the forecast period

Application security solutions and services enable enterprises to secure their business-sensitive applications through greater visibility, control, and the use of existing security solutions, such as Identity and Access Management (IAM), web filtering, and application whitelisting. These enable the security of enterprise applications and software codes from external and internal threats, including web attacks, Distributed Denial of Service (DDoS), site scraping, and frauds.

Business-sensitive applications are one of the primary targets of attackers, as they carry information about critical assets, as well as processes that are followed by an enterprise. Cloud-based application security solutions and services are providing cost-effective and scalability functionality to customers, which is thereby inducing high growth in this market.

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The BFSI vertical is expected to maintain the leading position in terms of revenue generation during the forecast period

Increased instances of spyware/keylogger, Trojans, viruses, ransomware, and other malware in the Banking, Financial Services, and Insurance (BFSI) vertical are driving the adoption of security as a service solutions. The BFSI vertical is also a major target for cybercriminals, as it holds sensitive information of employees, customers, assets, offices, branches, and operations. Furthermore, with stricter regulations and increasing instances of frauds and cyber-attacks, the need for real-time detection and protection from advanced threat and brand protection is driving the growth of the security as a service market in the BFSI vertical.

The key growth driver of the security as a service market are mandates to follow regulatory and data protection laws, increase in demand for cloud-based security solutions, and high cost and risks in managing on-premises security solutions. Additionally, increase in adoption of cloud-based services among Small and Medium-sized Enterprises (SMEs) and rapid growth in Bring Your Own Device (BYOD) and Carry Your Own Device (CYOD) trends are expected to provide a tremendous growth opportunity for the security as a service market over the next five years. The biggest challenge for security as a service market is the rise in IT infrastructure complexities and the availability of free security services and security solution suites. Cyber threats are proliferating with adversaries becoming more professional and adept at breaking the barriers established via traditional security measures. Hence, organizations must take preventive measures to deploy security as a service to combat sophisticated cyber threats that may arise in the future. Moreover, security as a service providers are developing advanced solutions to identify and mitigate cyber threats in real-time, thus minimizing the overhead in managing enterprise assets and risks of advanced threats.

McAfee (US), Trend Micro (Japan), Zscaler  (US), International Business Machines Corporation (US), Microsoft (US), Clearswift (UK), Alert Logic (US) Cygilant (US), Barracuda Networks (US), Panda Security (Spain), Stratejm (Canada), Radware (China), Mindsight (US), Sentinel Technologies (US), Happiest Minds (India), Okta(US), ProofPoint (US), Qualys(US), Symantec(US), Sophos(UK), Egress Technologies(UK), Forcepoint(US), Fortinet(US), Kaspersky Lab(US), CipherCloud(US), DXC Technology(US), Cisco(US), AT&T(US) and Axcient (US)  are some of the key vendors offering security as a service market across the globe. Players in this business sector have embraced different strategies to extend their worldwide presence and expand its market share. Partnerships and collaborations, and new product launches were the key strategies adopted by industry players to accomplish development in the market. Apart from these agreements, mergers and acquisitions and business expansions are some of the other significant strategies embraced by the market players in the security as a service market.

McAfee is prominently recognized for providing security solutions and services to a wide range of customers across verticals. McAfee’s innovative offerings make it one of the most trusted and deployed solution providers in the market. Its key strategy in the security as a service market is to develop business-specific, cybersecurity solutions, and services according to the current scenario of evolving vulnerabilities. It plans to develop new business models and integrate multi-application solutions as a part of its future strategy. Furthermore, the company plans to expand its presence and strengthen its market position by adopting effective partnership strategies. For instance, in September 2018, McAfee, along with Allot Communications, partnered with Telefonica to launch a new solution for SMEs that aimed at providing comprehensive cybersecurity solutions for protecting both fixed and mobile networks of corporate and personal devices. Furthermore, in April 2018, the company partnered with Netmagic to offer malware protection services to its Indian customers.

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Trend Micro is among the leading providers of cloud-based security solutions across the globe. Research and Development (R&D) investments are helping the company innovate cutting-edge solutions and strengthen its portfolio. Being a well-established company, Trend Micro is equipped with a strong network of globally spread channel partners that are helping the company provide its offerings to a broad customer base. The company has adopted organic, as well as inorganic growth strategies to remain competitive in the security as a service market. For instance, in 2017, Trend Micro signed a 5-year partnership with Randstad to provide cloud infrastructure security solutions. In addition, in 2017, the company launched Trend Micro TippingPoint NX Series NGIPS. These strategies are helping the company strengthen its portfolio and deliver robust cybersecurity offerings to its global customers.

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