Security as a Service (SECaaS) Market (Updated Version Available)
Security as a Service (SECaaS) Market Size, Share & Trends Analysis, By Component (Solutions and Services), Enterprise Size (Large Enterprise and Small and Medium Enterprises (SMEs)), Application (Network Security, Cybersecurity Security, End point Security, SIEM Security, and Others), End-User (BFSI, Healthcare, Energy & Utilities, IT and Telecommunications, Retail and E-commerce, Government, and Others), By Region, Forecast Period 2022 - 2030
Report ID : RI_588523 | Date : April 2023 |
Format : 
Key Market Overview:
Security as a Service (SECaaS) Market is estimated to reach over USD 38.88 Billion by 2030 from a value of USD 13.05 Billion in 2022, growing at a CAGR of 14.62% from 2023 to 2030.
Security as a Service (SECaaS) is a cloud-based security model that provides security services to businesses and organizations on a subscription basis. The model allows companies to outsource security operations to third-party providers who specialize in cybersecurity. SECaaS providers offer a range of security services, including threat detection and response, vulnerability scanning, risk assessment, data encryption, and access control. Moreover, SECaaS provides SIEM solutions to collect, analyze, and report on security events across the organizations network and endpoints which in turn increases the demand for security as a service, promoting market growth.
The growing adoption of SECaaS by businesses to protect digital assets from cyber threat is driving the growth of the market. SECaaS provides network security solutions including firewalls, intrusion detection and prevention systems, and virtual private networks (VPNs) to protect the organizations network from cyber threats. Additionally, SECaaS offers email security solutions to organizations such as spam filters, malware protection, and email encryption to secure email communication and prevent phishing attacks. For instance, in January 2023, OTAVA launched Security as a Service (SECaaS), a cloud-based security model that offers businesses comprehensive protection against all attack vectors. The service is designed to provide businesses with a holistic security solution that covers all aspects of the digital environment including endpoint security and email security.
Security as a Service (SECaaS) Report Coverage:
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Market Dynamics:
Driver:
The growing adoption of cloud computing is a major driver of the growth of the Security as a Service (SECaaS) market. Cloud computing offers businesses the ability to scale the IT infrastructure and SECaaS provide businesses with scalable security solutions that grow with the business needs. The integration of SECaaS with other cloud-based services, such as identity and access management (IAM) and compliance management provide businesses with a better holistic approach to meeting security needs. Additionally, SECaaS provides cloud security solutions that secure cloud-based applications and infrastructure. The solutions include cloud access security brokers (CASB), data loss prevention (DLP), and cloud workload protection platforms (CWPP) to protect the organizations network from cyber threats. For instance, in October 2021, Sangfor Technology launched Managed Cloud Services to provide users with a personalized digital infrastructure and to offer security services to organizations. The security services are designed to help businesses to improve operational efficiency and streamline the IT infrastructure.
Restraint:
Data privacy and limited control over security act as major restraints to the growth of the SECaaS market. Since SECaaS depends on a third-party provider to manage the security needs, the chances of a data breach are high which limits the adoption of SECaaS and causes users to seek out alternative security solutions. Additionally, the formulation of different data protection laws and regulations such as GDPR and HIPAA also offers a significant challenge for a third-party provider to ensure that the security practices align with such regulations.
Opportunities:
The advancements in technology such as artificial intelligence (AI), machine learning (ML), and automation are predicted to create future opportunities for the SECaaS market. False positives serve as a major issue for businesses that operate using traditional security solutions. The integration of AI and ML with traditional security solutions is expected to reduce false positives by analyzing data and filtering out non-threatening alerts. For instance, in February 2023, Singtel launched the worlds first 5G Security-as-a-Slice capabilities is an innovative development in the field of security and telecommunications. The security service is artificially intelligent and provides real-time security updates to offer protection against emerging threats without users\' intervention.
Security as a Service (SaaS) Market Competitive Landscape:
The Security as a Service (SaaS) market is highly competitive, with numerous vendors offering a wide range of solutions and services. The growing demand for cybersecurity solutions is propelling new players to enter the market and existing players will continue to innovate and expand the offerings to stay competitive. Key players are: -
• OTAVA
• IBM Corporation
• SANGFOR TECHNOLOGIES.
• Stratejm Inc.
• Intel Corporation
• SlashNext, Inc.
• Deloitte Touche Tohmatsu Limited
• McAfee Inc.
• Barracuda Networks Inc.
• CipherCloud
Recent Developments:
• In December 2022, IBM announced offering a range of solutions to help the financial services industry to manage risk and regulations, including the Cloud Security Advisor (CSA) solution. Financial services firms are a prime target for cyberattacks, with attackers seeking to steal customer data and access sensitive financial information. IBMs CSA solution helps firms manage such threats by providing real-time threat intelligence and incident response capabilities.
• In December 2022, Deloitte partnered with Makros to bolster the cybersecurity practice. Makros specializes in threat hunting and detection, endpoint detection and response, and security operations center (SOC) optimization. The partnership is considered a strategic move by Deloitte to enhance its existing cybersecurity capabilities and provide more comprehensive cybersecurity services to clients.
Security as a Service (SECaaS) Market Segmentation:
By Component
Based on components, the market is bifurcated into solutions and services. The services dominate the market and are predicted to witness the fastest CAGR during the forecast period. Security service helps to identify and mitigate security threats and offers a range of services such as SIEM security service and cybersecurity services that are customized to meet the unique security needs of each business. SECaaS services include, vulnerability scanning, threat detection and response, risk assessment, data encryption, and compliance management driving the growth of the market. For instance, in June 2021, Stratejm launched a managed detection & response (MDR) cybersecurity service that provides real-time threat detection and response to security incidents. MDR services use advanced technologies such as machine learning, artificial intelligence, and behavioral analytics to monitor an organizations network, endpoints, and data for any signs of potential cyber threats.
By Enterprise Size
The enterprise size segment is divided into large enterprises and small and medium enterprises (SMEs). Large enterprises dominate the market as large enterprises have more resources available to invest in SECaaS solutions. Additionally, large enterprises have a dedicated team of cybersecurity professionals to manage and operate SECaaS solutions. The professionals are responsible for configuring, managing, and monitoring the security systems, and ensuring the security and compliance of the enterprise. For instance, in May 2022, Intel launched Project Amber to provide customers and partners with a security service for cloud-to-edge and on-premises trust assurance. The service provides confidential computing, secure and responsible AI, and quantum-resistant cryptography in the quantum era.
SMEs are expected to witness the fastest CAGR as SMEs are increasingly adopting digital technologies to enhance operations, reduce costs, and improve efficiency. The growing adoption of digital technologies increases the demand for cybersecurity solutions to protect against cyber threats and to ensure the safety of digital assets. Therefore, the rising number of cyber threats towards SMEs is compelling SMEs to invest in cybersecurity solutions to safeguard the operations and reputation and promote market growth during the forecast period.
By Application
The application segment is classified into network security, cybersecurity, endpoint security, SIEM security, and others. Network security dominates the market as network security involves the protection of computer networks from unauthorized access, misuse, or modification. Additionally, network security includes firewalls, intrusion prevention and detection systems, and other network security solutions driving the growth of the SECaaS market. Furthermore, the increasing adoption of cloud computing and the Internet of Things (IoT) is also propelling the growth of the network security market. For instance, in February 2023, SlashNext announced the launch of the industrys first generative AI solution for email security. The new release is designed to apply AI to solve email security threats that cause 90% of breaches and credential thefts.
Cybersecurity is anticipated to witness the fastest CAGR owing to the increasing number of cyber threats that raises the demand for cybersecurity solutions to protect against such threats. Additionally, the digital transformation of businesses is driving the adoption of new technologies such as cloud computing, the Internet of Things (IoT), and artificial intelligence (AI). The advent of such technologies increases the risk of cyber theft and raised the need for cybersecurity solutions to protect against the threats, driving the cybersecurity market growth.
By End-User
The end-user segment is categorized into BFSI, healthcare, energy & utilities, IT and telecommunications, retail and E-commerce, government, and others. BFSI dominates the market as SECaaS solutions provide fraud detection and prevention services to the BFSI sector to detect and prevent fraudulent transactions, identity theft, and other financial crimes. The solutions use advanced analytics and machine learning algorithms to detect patterns and anomalies that indicate fraudulent activity. For instance, in November 2021, Allot Security-as-a-Service solution announced that Play launched and provides zero-touch, clientless cybersecurity and content control services. The service is extensively utilized in the banking industry to provide users with a complete cybersecurity solution and eliminate the need to download or install any software. The government sector is projected to witness the fastest CAGR as government agencies rely heavily on email to communicate internally and externally. Email security solutions such as anti-spam, anti-phishing, and email encryption help to protect against email-based threats such as phishing attacks, malware, and data breaches. Moreover, government employees use a variety of devices, such as laptops, tablets, and smartphones, to access government networks and data. Endpoint security solutions, such as antivirus and anti-malware software, firewalls, and intrusion prevention systems, aid in protecting against threats. Therefore, the increasing adoption of email security solutions and endpoint security solutions is expected to drive the growth of security as a service in government sector.
By Region:
North America dominates the market due to the increasing adoption of digital technology and the expanding IT sector that increases the demand for SECaaS solutions. Since endpoint security is a critical component of any IT security strategy to protect individual devices from a range of threats, SECaaS solutions provide endpoint security as a service, allowing businesses to protect the devices. Moreover, government authorities and players in countries including the U.S. are investing in security solutions by launching different initiatives and embracing research and development. For instance, in April 2021, MIT Researchers launched new data privacy-focused initiative to address AI-driven analytics. The collaboration of five distinct technical areas including data privacy, data portability, database systems, AI and machine learning, human-computer interaction, and new information architectures is driving the market growth in North America.
Asia-Pacific is expected to witness the fastest CAGR due to the increasing adoption of cloud computing and the growing trend towards digital transformation in the region. The growing demand for cloud-based security solutions by businesses that operate online to protect the data and systems from cyber threats is expected to fuel the growth of the market. Additionally, the presence of key companies that invest heavily in the upgrading the security services is also driving the market growth. The companies such as Trend Micro Incorporated, Securelytics, and Nihon Cyber Defence constantly apply strategies to gain a competitive edge in the market and are projected to bolster the growth of security as a service market.
Security as a Service (SECaaS) Market is estimated to reach over USD 38.88 Billion by 2030 from a value of USD 13.05 Billion in 2022, growing at a CAGR of 14.62% from 2023 to 2030.
Security as a Service (SECaaS) is a cloud-based security model that provides security services to businesses and organizations on a subscription basis. The model allows companies to outsource security operations to third-party providers who specialize in cybersecurity. SECaaS providers offer a range of security services, including threat detection and response, vulnerability scanning, risk assessment, data encryption, and access control. Moreover, SECaaS provides SIEM solutions to collect, analyze, and report on security events across the organizations network and endpoints which in turn increases the demand for security as a service, promoting market growth.
The growing adoption of SECaaS by businesses to protect digital assets from cyber threat is driving the growth of the market. SECaaS provides network security solutions including firewalls, intrusion detection and prevention systems, and virtual private networks (VPNs) to protect the organizations network from cyber threats. Additionally, SECaaS offers email security solutions to organizations such as spam filters, malware protection, and email encryption to secure email communication and prevent phishing attacks. For instance, in January 2023, OTAVA launched Security as a Service (SECaaS), a cloud-based security model that offers businesses comprehensive protection against all attack vectors. The service is designed to provide businesses with a holistic security solution that covers all aspects of the digital environment including endpoint security and email security.
Security as a Service (SECaaS) Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | USD 38.88 Billion |
| CAGR (2023-2030) | 14.62 % |
| Base Year | 2022 |
| By Component | Solutions and Services |
| By Enterprise Size | Large Enterprise and Small and Medium Enterprises (SMEs) |
| By Application | Network Security, Cybersecurity Security, End point Security, SIEM Security, and Others |
| By End-User | BFSI, Healthcare, Energy & Utilities, IT and Telecommunications, Retail and E-commerce, Government, and Others |
| By Geography |
|
| Key Players | OTAVA, IBM Corporation, SANGFOR TECHNOLOGIES., Stratejm Inc., Intel Corporation, SlashNext, Inc., Deloitte Touche Tohmatsu Limited, McAfee Inc., Barracuda Networks Inc., CipherCloud |
Market Dynamics:
Driver:
The growing adoption of cloud computing is a major driver of the growth of the Security as a Service (SECaaS) market. Cloud computing offers businesses the ability to scale the IT infrastructure and SECaaS provide businesses with scalable security solutions that grow with the business needs. The integration of SECaaS with other cloud-based services, such as identity and access management (IAM) and compliance management provide businesses with a better holistic approach to meeting security needs. Additionally, SECaaS provides cloud security solutions that secure cloud-based applications and infrastructure. The solutions include cloud access security brokers (CASB), data loss prevention (DLP), and cloud workload protection platforms (CWPP) to protect the organizations network from cyber threats. For instance, in October 2021, Sangfor Technology launched Managed Cloud Services to provide users with a personalized digital infrastructure and to offer security services to organizations. The security services are designed to help businesses to improve operational efficiency and streamline the IT infrastructure.
Restraint:
Data privacy and limited control over security act as major restraints to the growth of the SECaaS market. Since SECaaS depends on a third-party provider to manage the security needs, the chances of a data breach are high which limits the adoption of SECaaS and causes users to seek out alternative security solutions. Additionally, the formulation of different data protection laws and regulations such as GDPR and HIPAA also offers a significant challenge for a third-party provider to ensure that the security practices align with such regulations.
Opportunities:
The advancements in technology such as artificial intelligence (AI), machine learning (ML), and automation are predicted to create future opportunities for the SECaaS market. False positives serve as a major issue for businesses that operate using traditional security solutions. The integration of AI and ML with traditional security solutions is expected to reduce false positives by analyzing data and filtering out non-threatening alerts. For instance, in February 2023, Singtel launched the worlds first 5G Security-as-a-Slice capabilities is an innovative development in the field of security and telecommunications. The security service is artificially intelligent and provides real-time security updates to offer protection against emerging threats without users\' intervention.
Security as a Service (SaaS) Market Competitive Landscape:
The Security as a Service (SaaS) market is highly competitive, with numerous vendors offering a wide range of solutions and services. The growing demand for cybersecurity solutions is propelling new players to enter the market and existing players will continue to innovate and expand the offerings to stay competitive. Key players are: -
• OTAVA
• IBM Corporation
• SANGFOR TECHNOLOGIES.
• Stratejm Inc.
• Intel Corporation
• SlashNext, Inc.
• Deloitte Touche Tohmatsu Limited
• McAfee Inc.
• Barracuda Networks Inc.
• CipherCloud
Recent Developments:
• In December 2022, IBM announced offering a range of solutions to help the financial services industry to manage risk and regulations, including the Cloud Security Advisor (CSA) solution. Financial services firms are a prime target for cyberattacks, with attackers seeking to steal customer data and access sensitive financial information. IBMs CSA solution helps firms manage such threats by providing real-time threat intelligence and incident response capabilities.
• In December 2022, Deloitte partnered with Makros to bolster the cybersecurity practice. Makros specializes in threat hunting and detection, endpoint detection and response, and security operations center (SOC) optimization. The partnership is considered a strategic move by Deloitte to enhance its existing cybersecurity capabilities and provide more comprehensive cybersecurity services to clients.
Security as a Service (SECaaS) Market Segmentation:
By Component
Based on components, the market is bifurcated into solutions and services. The services dominate the market and are predicted to witness the fastest CAGR during the forecast period. Security service helps to identify and mitigate security threats and offers a range of services such as SIEM security service and cybersecurity services that are customized to meet the unique security needs of each business. SECaaS services include, vulnerability scanning, threat detection and response, risk assessment, data encryption, and compliance management driving the growth of the market. For instance, in June 2021, Stratejm launched a managed detection & response (MDR) cybersecurity service that provides real-time threat detection and response to security incidents. MDR services use advanced technologies such as machine learning, artificial intelligence, and behavioral analytics to monitor an organizations network, endpoints, and data for any signs of potential cyber threats.
By Enterprise Size
The enterprise size segment is divided into large enterprises and small and medium enterprises (SMEs). Large enterprises dominate the market as large enterprises have more resources available to invest in SECaaS solutions. Additionally, large enterprises have a dedicated team of cybersecurity professionals to manage and operate SECaaS solutions. The professionals are responsible for configuring, managing, and monitoring the security systems, and ensuring the security and compliance of the enterprise. For instance, in May 2022, Intel launched Project Amber to provide customers and partners with a security service for cloud-to-edge and on-premises trust assurance. The service provides confidential computing, secure and responsible AI, and quantum-resistant cryptography in the quantum era.
SMEs are expected to witness the fastest CAGR as SMEs are increasingly adopting digital technologies to enhance operations, reduce costs, and improve efficiency. The growing adoption of digital technologies increases the demand for cybersecurity solutions to protect against cyber threats and to ensure the safety of digital assets. Therefore, the rising number of cyber threats towards SMEs is compelling SMEs to invest in cybersecurity solutions to safeguard the operations and reputation and promote market growth during the forecast period.
By Application
The application segment is classified into network security, cybersecurity, endpoint security, SIEM security, and others. Network security dominates the market as network security involves the protection of computer networks from unauthorized access, misuse, or modification. Additionally, network security includes firewalls, intrusion prevention and detection systems, and other network security solutions driving the growth of the SECaaS market. Furthermore, the increasing adoption of cloud computing and the Internet of Things (IoT) is also propelling the growth of the network security market. For instance, in February 2023, SlashNext announced the launch of the industrys first generative AI solution for email security. The new release is designed to apply AI to solve email security threats that cause 90% of breaches and credential thefts.
Cybersecurity is anticipated to witness the fastest CAGR owing to the increasing number of cyber threats that raises the demand for cybersecurity solutions to protect against such threats. Additionally, the digital transformation of businesses is driving the adoption of new technologies such as cloud computing, the Internet of Things (IoT), and artificial intelligence (AI). The advent of such technologies increases the risk of cyber theft and raised the need for cybersecurity solutions to protect against the threats, driving the cybersecurity market growth.
By End-User
The end-user segment is categorized into BFSI, healthcare, energy & utilities, IT and telecommunications, retail and E-commerce, government, and others. BFSI dominates the market as SECaaS solutions provide fraud detection and prevention services to the BFSI sector to detect and prevent fraudulent transactions, identity theft, and other financial crimes. The solutions use advanced analytics and machine learning algorithms to detect patterns and anomalies that indicate fraudulent activity. For instance, in November 2021, Allot Security-as-a-Service solution announced that Play launched and provides zero-touch, clientless cybersecurity and content control services. The service is extensively utilized in the banking industry to provide users with a complete cybersecurity solution and eliminate the need to download or install any software. The government sector is projected to witness the fastest CAGR as government agencies rely heavily on email to communicate internally and externally. Email security solutions such as anti-spam, anti-phishing, and email encryption help to protect against email-based threats such as phishing attacks, malware, and data breaches. Moreover, government employees use a variety of devices, such as laptops, tablets, and smartphones, to access government networks and data. Endpoint security solutions, such as antivirus and anti-malware software, firewalls, and intrusion prevention systems, aid in protecting against threats. Therefore, the increasing adoption of email security solutions and endpoint security solutions is expected to drive the growth of security as a service in government sector.
By Region:
North America dominates the market due to the increasing adoption of digital technology and the expanding IT sector that increases the demand for SECaaS solutions. Since endpoint security is a critical component of any IT security strategy to protect individual devices from a range of threats, SECaaS solutions provide endpoint security as a service, allowing businesses to protect the devices. Moreover, government authorities and players in countries including the U.S. are investing in security solutions by launching different initiatives and embracing research and development. For instance, in April 2021, MIT Researchers launched new data privacy-focused initiative to address AI-driven analytics. The collaboration of five distinct technical areas including data privacy, data portability, database systems, AI and machine learning, human-computer interaction, and new information architectures is driving the market growth in North America.
Asia-Pacific is expected to witness the fastest CAGR due to the increasing adoption of cloud computing and the growing trend towards digital transformation in the region. The growing demand for cloud-based security solutions by businesses that operate online to protect the data and systems from cyber threats is expected to fuel the growth of the market. Additionally, the presence of key companies that invest heavily in the upgrading the security services is also driving the market growth. The companies such as Trend Micro Incorporated, Securelytics, and Nihon Cyber Defence constantly apply strategies to gain a competitive edge in the market and are projected to bolster the growth of security as a service market.
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| Multi user | : $5460 |
| Corporate user | : $7460 |
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