26 March 2021
Visiongain has published a new report on Security as a Service (SaaS) Market Report to 2031: Forecasts by Component (Business Continuity and Disaster Recovery, Continuous Monitoring, Data Loss Prevention, Training and Education, Consulting, Support and Maintenance, and Others), By Organization Size (SMEs and Large Enterprises), By Application (Network Security, Endpoint Security, Application Security, Cloud Security, and Others), and By Vertical (Banking, Financial Services, and Insurance, Retail, Healthcare, IT and Telecom, and Others). PLUS, Profiles of Leading Security as a Service Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Security as a Service market was valued at US$ xx billion in xx and is projected to reach at a market value of US$ xx billion by 2031.
COVID-19 Impact on Security as a Service Market
The COVID-19 pandemic has impacted lives of people all around the globe. It has proved quite detrimental for business across the globe and no industry and remained untouched by its impacts. This pandemic has caused a serious disruption in the supply chain and has resulted in a huge supply-demand gap in the market for security and vulnerability management worldwide.
Due to increased internet penetration across crucial industry verticals such as healthcare, finance and insurance, and others, the demand for security and vulnerability management solutions for the protection against cyber-attacks is driving the growth of security as a service market.
Increase in demand for cloud-based security solutions
The increase in cybercrime incidents across the world, increase of the sensitive administrative information, and the rise in trend of the use of mobile devices is expected to drive the Security as a Service (SaaS) market over the forecast timeframe.
Increase in adoption of cloud-based services among SMEs
SMEs are focusing on streamlining their business models, and using cloud-based platforms for achieving business effectiveness. As SMEs generally don’t have strict security measures for protecting their data, they are most vulnerable for cyber-attacks. The cloud deployment offers benefits to the SMEs such as high flexibility, cost-effectiveness, and scalability to update their business operations.
Some of the companies profiled in the report include Trend Micro, IBM, Microsoft, Clearswift, Alert logic, Cygilant, Barracuda Networks, Panda Security, Stratejm, and Radware.
• In October 2015, Trend Micro (a security solution provider) acquired HP Tipping Point to strength its protection solution business.
• In January 2020, Alert Logic joined forces with Rackspace to help SMB and mid-market Amazon Web Services (AWS) customers improve their security posture with an AWS Security Review program.
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