Global Security as a Service (SaaS) Market Outlook to 2023 - A $16.5 Billion Opportunity, Driven by the Increase in Demand for Cloud-based Security Solutions - ResearchAndMarkets.com

The "Security as a Service Market by Component (Solutions and Services), Application Area (Network Security, Endpoint Security, Application Security, Cloud Security), Organization Size, Vertical, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The security as a service market size is estimated to grow from USD 7.6 billion in 2018 to USD 16.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 16.9% during the forecast period.

The factors expected to drive the security as a service market are a growing need to follow regulatory and data protection laws and increasing demand for cloud-based security solutions.

However, organizations' doubts about cloud-based security and availability of free security solution suites and services is still a concern for organizations. Furthermore, a rise in infrastructure complexities is expected to restrain the market growth.

Services segment is expected to grow at a higher CAGR during the forecast period

The security as a service market by service includes consulting, training and education, and support and maintenance services. These services help clients understand their solutions and related processes.

The solution segment is expected to hold a larger market size during the forecast period. The security as a service solutions is being deployed by a large number of Small and Medium-sized Enterprises (SMEs) to secure their organizations from the increasing cyber threats across their cloud-based applications and platforms.

Increasing adoption of cloud-based applications and platforms in SMEs is expected to drive the growth of the SMEs segment during the forecast period

The SMEs segment is expected to grow at a higher CAGR, owing to the rising deployment of the security as a service solution by SMEs to proactively protect their cloud-based applications. SMEs are small in terms of their size, but cater to a large number of customers globally.

The robust and comprehensive security as a service solution is not implemented in SMEs, due to financial constraints in these organizations. Weak cybersecurity and low budget make the SMEs more susceptible to data breaches and identity thefts.

However, the rising sophistication level of cyber-attacks and the increasing need to protect the cloud-based applications and platforms for ensuring customer data protection as well as organization data protection are expected to drive the growth of the market among SMEs. The large enterprise's segment to hold a higher market share in 2018 owing to the initial adoption of cloud-based security solutions

Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period

APAC includes major economies, such as India, China, Australia, Hong Kong, and Japan, which are rapidly deploying the security as a service solution. APAC is expected to grow at the highest CAGR during the forecast period. The APAC security as a service market is gaining traction, as this region is showing the highest growth of cloud-based technologies and solutions adoption for their business functions and this in turn increases the need to secure these solutions against cyber threats and attacks.

SMEs as well as large organizations in the APAC region have become more aware of security as a service and started adopting them to combat cyber frauds and data thefts to their cloud-based applications. Furthermore, North America is expected to have the largest market size in 2018 owing to the presence of a large number of vendors and initial adoption of security as a service solutions owing to advanced cyber-attacks.

Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Attractive Market Opportunities in the Security as a Service Market

4.2 Market By Solution, 2018-2023

4.3 Market By Service, 2018-2023

4.4 Market Share of Top 3 Solutions and Regions, 2018

4.5 Market By Organization Size, 2018

4.6 Market Top 3 Verticals

4.7 Market Investment Scenario

5 Market Overview and Industry Trends

5.1 Introduction

5.2 Regulatory Implications

5.3 Innovation Spotlight

5.4 Market Dynamics

5.4.1 Drivers

5.4.1.1 Mandate to Follow Regulatory and Data Protection Laws

5.4.1.2 Increase in Demand for Cloud-Based Security Solutions

5.4.1.3 High Cost and Risks in Managing On-Premises Security Solutions

5.4.2 Restraints

5.4.2.1 Organizations' Doubts About Cloud-Based Security

5.4.2.2 Availability of Free Security Services and Security Solution Suites

5.4.3 Opportunities

5.4.3.1 Increase in Adoption of Cloud-Based Services Among SMEs

5.4.3.2 Rapid Growth in Bring Your Own Device and Carry Your Own Device Trends

5.4.3.3 Lack of Skilled IT Security Professionals

5.4.4 Challenges

5.4.4.1 Rise in IT Infrastructure Complexities

5.5 Use Cases

5.6 Security as a Service Architecture

5.7 Best Practices in Security Services Space

6 Security as a Service Market By Component

6.1 Introduction

6.2 Solutions

6.3 Services

7 Security as a Service Market By Solution

7.1 Introduction

7.2 Business Continuity and Disaster Management

7.3 Continuous Monitoring

7.4 Data Loss Prevention

7.5 Encryption

7.6 Identity and Access Management

7.7 Intrusion Management

7.8 Security Information and Event Management

7.9 Vulnerability Scanning

7.10 Others

8 Security as a Service Market By Service

8.1 Introduction

8.2 Training and Education

8.3 Consulting

8.4 Support and Maintenance

9 Security as a Service Market By Application Area

9.1 Introduction

9.2 Network Security

9.3 Endpoint Security

9.4 Application Security

9.5 Cloud Security

9.6 Others

10 Security as a Service Market By Organization Size

10.1 Introduction

10.2 Small and Medium Enterprises

10.3 Large Enterprises

11 Security as a Service Market By Vertical

11.1 Introduction

11.2 Banking, Financial Services, and Insurance

11.3 Government and Defense

11.4 Retail

11.5 Healthcare

11.6 IT and Telecom

11.7 Energy and Utilities

11.8 Manufacturing

11.9 Others

12 Security as a Service Market By Region

13 Competitive Landscape

13.1 Start-Up Micro Quadrant

13.2 Competitive Scenario

14 Company Profiles

14.1 Introduction

14.2 Mcafee

14.3 Trend Micro

14.4 IBM

14.5 Microsoft

14.6 Zscaler

14.7 Clearswift

14.8 Alert Logic

14.9 Cygilant

14.10 Barracuda Networks

14.11 Panda Security

14.12 Stratejm

14.13 Radware

14.14 Mindsight

14.15 Sentinel Technologies

14.16 Happiest Minds

For more information about this report visit https://www.researchandmarkets.com/research/992zxx/global_security?w=4

View source version on businesswire.com: https://www.businesswire.com/news/home/20190215005358/en/

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Related Topics: IT Security