Global Security as a Service (SECaaS) Market Insights, Forecast to 2028

Security as a Service Market Analysis - 2028

The global Security as a Service (SECaaS) market size is projected to reach US$ 15610 million by 2028, from US$ 3615.2 million in 2021, at a CAGR of 22.7% during 2022-2028.

Key drivers of the SECaaS market include the growing adoption of cloud-based security services due to its various benefits. The rising sophistication of cyberattacks and strict government regulations regarding data protection will propel the SECaaS market in the coming years.The growing demand from the commercial sector will boost the growth prospects of the market during the forecast period. The increasing use in government organizations and residential sectors will augment the growth of the market in the forthcoming years.

Trends Influencing Security as a Service Market

Advantages of cloud-based security platforms

On-premise options are costly and entail several risks. Cloud-hosted security solutions are cost-effective as it does not require any additional investment regarding installation. They automatically fit into the existing network infrastructure. By using endpoint scanning and threat intelligence they can sharply identify any advanced attacks and provide protection through intrusion detection, penetration testing, security event management, anti-malware/spyware, anti-virus, and authentication. Furthermore, they have 24*7 real-time monitoring and provide built-in redundancies along with globally distributed networks for handling traffic surges and optimizing application performance. Complex DDoS attacks are removed efficiently with high flexibility, customizability, and scalability. The powerful access control protocols and data encryption prevent any unwanted authorization or snooping on sensitive data. Also, the pay-as-you-go model charges you exactly as per your consumption needs. Industry-specific regulations are maintained properly. These factors will surge the growth of the SECaaS market during the forecast period. 

 Strict rules and a high number of cyberattacks 

Nearly every businesses operate on digital networks. A company’s entire assets depend on a complex network of computers, switches, printers, servers, routers, and access points. This creates a loophole as a simple malicious link can corrupt the entire IT network of an organization within seconds. Extensive preparation needs to be made by the entire IT team and security engineers such as performing regular vulnerability assessments, creating a data loss prevention program, deploying intrusion protection, and conducting routine penetration testing for each new set of cyberthreats. This takes time, money, and a huge number of skilled resources. Whereas hiring security as a service provider can shift the focus on more productive activities while leaving all the security work to third-party specialized vendors at a fixed subscription rate. Moreover, with digitization happening at a record pace, stricter international data privacy regulations are coming into existence like the GDPR, etc. These laws mandate regulatory compulsion on companies or any other private, or public entities to give preference to choice, consent, access, participation, integrity, security, and enforcement.  All these factors will spur the growth of the SECaaS market during the subsequent years. 

Commercial sector

With the advent of edge computing, IoT platforms, AI, and robots the need for solid data protection is imminent. Hacking, phishing, and cyber threats are becoming deadlier by the day as huge volumes of online data get generated.  For instance, the BFSI industry is particularly at heightened risk as well-planned breaches and invasions can lead to massive loss of financial data, and an increase in distress. One tap transactions and digital banking services are the prime targets for getting access to a customer’s bank account details and invading their privacy. Further getting under the skin of ATM software is a looming threat. Many fintech startups and cyber security firms are collaborating to build a secure digital ecosystem. These rapidly changing landscapes will provide huge scope for the growth of the SECaaS market during the upcoming period. 

Government and residential sector

The public sector faces routine cyber-attack threats. State-sponsored attacks are carried out to extract national security information for espionage or terror strikes. These threat actors try to remain undetected in the systems for months before causing some serious problems. A public company’s vast supply chain is perfect for hackers to gain access and spy on contractors and supply managers across the entire system. Companies are not able to gain full visibility of all the functions taking place onsite. Moreover, double ransomware attacks are meted out by keeping the data hostage in exchange for a hefty ransom by the organization. There are sector-specific intrusion and phishing where a user downloads a malware embedded link that starts carrying out activities on the device. Personally identifiable information( PII) is easily stolen through privilege escalation and credential theft. On the other hand, residential areas can suffer from a new form of attack known as social engineering. Social media platforms like LinkedIn, Twitter, Instagram, and Facebook connect a lot of people online. A seemingly convincing profile with a similar list of friends, and acquaintances can easily become the breeding ground for hackers. Spammy content, botnets can enter into any unprotected system and start corrupting your pc, mobile phones, or laptops. These threats necessitate the requirement for external skilled personnel to handle the security problems which in turn will drive the growth of the SECaaS market during the upcoming period. 

Security as a Service Market Size and Share

Based on type, the Identity, and Access Management segment is expected to dominate in the security as a service market share as vulnerability and security management is an extensive procedure through which risks are identified and network weaknesses are detected. An increasing number of businesses are relying on these procedures to combat the rising incidences of cyberattacks in their network infrastructure.  

Based on application, the BFSI segment is expected to maintain the lead in the security as a service market share due to growing cases of spyware, malware, and ransomware attacks forcing financial institutions to adopt security as a service solution. Real-time detection is necessary for preventing cases of fraud. 

Based on region, North America will witness considerable growth in the security as a service market share due to the growing proliferation of connected devices, increasing awareness, and presence of key players. However, the Asia-Pacific region will grow the fastest as emerging countries are investing heavily in their security infrastructure to tackle the rising cyberattacks.

Security as a Service Market Segment

Security as a Service market is segmented by players, region (country), by Type and by Application. Players, stakeholders, and other participants in the global Security as a Service market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application for the period 2017-2028.

Security as a Service Market Segment By Type

• Email Encryption
• SIEM
• Identity and Access Management (IAM)
• Endpoint Protection
• Intrusion Detection and Prevention Systems (IDS/IPS)
• DLP
• Others

Security as a Service Market Segment By Application

• IT & Telecom
• BFSI
• Retail
• Healthcare
• Government and Defense
• Oil and Gas
• Others

By Company

• Symantec
• McAfee
• Trend Micro
• Cisco
• Fortinet
• Panda Security
• Ciphercloud
• Zscaler
• Alert Logic
• Radware

By Region

• North America
• United States
• Canada
• Europe
• Germany
• France
• UK
• Italy
• Russia
• Nordic Countries
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA