Security as a Service Market Analysis
Based on the Security as a Service Market share Forecast, it is anticipated that the market would expand at a CAGR of 17.35% from 2022 to 2030, with a predicted market value of USD 46.24 billion.
Multiple Factors to Bolster Market Growth
Security as a service is a method to design a service-oriented business network infrastructure. It is a model that has been specifically built for security management to offer security services and solutions through the Internet. Security as a service (SaaS) is a software-as-a-service (SaaS) method that is limited to a set of defined information security services. The service's advantages include continuous anti-virus monitoring and upgrades, ease of management, lower costs, data loss protection, identity, and access management, and other features. Due to the numerous benefits, businesses are readily adopting these services, which is favorably impacting the security as a service market, resulting in an optimistic growth projection for the industry throughout the forecast period.
As the need for and demand for cloud computing grows, the security as a service market is seeing an increase in demand for cloud computing security. Cloud computing security is linked to policies and techniques used to safeguard company data, such as computer security, information security, and network security. Traditional security and hardware solutions have given way to enhanced security and cloud-based security services in the market. Cloud-based security protects customers' data and information at a relatively low cost. Furthermore, the increased demand for cloud computing security is projected to be one of the primary reasons driving the growth of the security as a service market during the forecast period.
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Market Segmentation
The global security as a service market has been segmented into component, application area, organization size, and vertical.
By component, the global security as a service market has been segmented into Solution and Service.
By application area, the global security as a service market has been segmented into Network, Email, and Other Security.
By organization size, the global security as a service market has been segmented into SMEs and Large Enterprises.
By vertical, the global security as a service market has been segmented into BFSI, IT and Telecom, and Others.
Regional Analysis
North America to Rule the Global Market
The introduction of cloud computing security is propelling the growth of the North American security as a service market. During the projected period, the region is expected to lead the market with the biggest market share. The United States and Canada are among the region's leaders, owing to technological improvements and increased adoption of cloud-based services. Furthermore, in the United States, top intelligent network providers such as Cisco Systems, Symantec Corporation, Fortinet Inc., Verizon, and others are improving sophisticated cloud architecture and network security.
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Key Players
Symantec Corporation (US), Intel Corporation (US), Trend Micro Incorporated (Japan), Cisco Systems Inc. (US), Fortinet Inc. (US), Panda Security (Spain), CipherCloud (US), Zscaler Inc. (US), Alert Logic Inc. (US), and Radware Ltd (Israel), International Business Machines Corporation (US), Verizon (US), and SecureWorks (US).
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