The security as a service market is expected to grow from USD 7.6 billion in 2018 to USD 16.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 16.9% as per a report by MarketsandMarkets.
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Why rapid growth in Bring Your Own Device and Carry Your Own Device trends providing newer opportunities?
Over the last 5 years, with the introduction of new platforms, BYOD policies, CYOD trends, business applications, and other technologies, the IT infrastructure has become more complex and heterogeneous. The rapid advancements in mobile computing have led to the growing popularity of the BYOD and CYOD trends in corporate environments. These trends offer work flexibility and increased employee productivity, enabling employees to access the organizational data from anywhere, anytime with their own devices. Hence, it is necessary to ensure the confidentiality and integrity of the organizational data by safeguarding it from potential risks.
The BYOD policy is gaining popularity among SMEs and large enterprises and changing the way users access the organizational data. As the technology related to BYOD is improving, organizations are mobilizing their workforce. With the adoption of the BYOD model, organizations are subscribing to security services to protect devices, such as smartphones, tablets, desktops, and laptops from cyber threats. With the increasing use of BYOD, enterprises not only need to secure devices that are inside office premises, but also secure those who have remote access to the corporate network. This factor has significantly increased spending on security services, which is expected to drive the growth of the security as a service market.
Many organizations across various sectors have been adopting security as a service models to enhance real-time protection and maintain secure network infrastructure. Security and vulnerability management is one of the techniques in security as a service space that helps enterprises identify vulnerabilities and risks associated with these vulnerabilities. It is a proactive approach to secure sensitive data by eliminating weaknesses of network security, which include cyber threats, such as dormant malware attack and other advanced invasion techniques. The contributing factors for the market growth of the Security Information and Event Management (SIEM) solution are the increasing use of diverse operating systems, rising volume of data, rapid adoption of the Bring Your Own Device (BYOD) trend, growing number of mobile devices at the workplace, and increasing adoption of cloud computing.
The need of organizations to comply with stringent regulatory compliances across the globe is driving the growth of security as a service market. The support and maintenance services segment is expected to grow at the highest CAGR during the forecast period.
North America is expected to hold the highest share of the global security as a service market from 2018 to 2023, due to the presence of a large number of security as a service vendors in the region. APAC is expected to offer potential growth opportunities, owing to the rise in demand for cybersecurity solutions in SMEs, and the exponential growth in the number of enterprises shifting their infrastructure to cloud.
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