Security as a Service Market worth 8.52 Bn USD by 2020, According to a New Study on ASDReports
The report, now available on ASDReports, "Security as a Service Market by Solution (Email Encryption, SIEM, IAM, Endpoint Protection, IDS/IPS, Data Loss Prevention and Others), by Service, by Application, by Organization Size, by Vertical, by Region - Global Forecast to 2020", The SECaaS market size is estimated to grow from USD 3.12 Billion in 2015 to USD 8.52 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 22.2%.
With an increasing Bring Your Own Device (BYOD) trend among organizations, the need for SECaaS solutions is growing rapidly across the globe. The rapid growth in the IT infrastructure of a business has given rise to new and sophisticated threats like zero-day malwares, Trojans, and advanced persistent threats which can put an organization’s critical data at risk. This has encouraged organizations to deploy could-based security solutions to safeguard their networks, cloud, and endpoints against potential cyber-attacks. Furthermore, organizations are looking forward to shift from traditional security to advanced security to protect the critical assets from potential threats. Cloud-based security offers advanced security measures securing an organization’s network, hardware, software, applications as well as endpoint devices.
Security as a Service Market - Global Forecast to 2020
The healthcare vertical is expected to hold the largest market
The healthcare vertical has the largest market size in the SECaaS market, as there has been an increase in hacking cases in the healthcare industry such as recent attacks on AHMC Healthcare office near Los Angles which resulted in the data loss of nearly half million patient records. The attacks aimed at the healthcare vertical are focused toward accessing patient personal information. Similarly the retail vertical is also expected to witness traction in the forecasted period.
Database cloud security is expected to grow with the highest CAGR during the forecast period
The database cloud security market is expected to grow with the highest CAGR, as database cloud security solution enables enterprises to securely access their applications in the cloud. Moreover, this application is finding rapid deployment among major industry verticals as it allows easy and safe usage of enterprises applications in the cloud.
North America expected to contribute the largest market share, APAC to grow the fastest
North America is expected to have the largest market share and would dominate the SECaaS market from 2015 to 2020, due to the presence of a large number of SECaaS vendors. APAC offers potential growth opportunities for the SECaaS market to grow, as countries in APAC are investing heavily to increase the development of data loss prevention, intrusion detection systems, and endpoint security solutions.
The major vendors in the SECaaS market include Symantec Corporation, McAfee, Cisco Systems, Trend Micro, CipherCloud, ZScaler, Alert Logic, Radware, and others.
MarketsandMarkets segments the SECaaS market on the basis of solutions, services, application areas, organization size, and regions. The report covers regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America. The report also covers detailed information regarding the major factors influencing the growth of the SECaaS market, such as drivers, restraints, challenges, and opportunities.
Source : ASDReports - Market Research - view original press release