Allied Market Research (AMR) published a report – “Security as a Service Market,” – noting that the global security-as-a-service market should hit $75 billion by 2032, marking a CAGR of 19.4 percent from 2023.
AMR speculates that an increase in cyber-risk increased demand for security services, owing to the need for advanced security solutions and rising cloud-based services adoption. Additionally, the rise in demand for advanced threat intelligence and analytics is expected to provide increased opportunity for growth.
The COVID-19 pandemic also impacted the market size, as businesses facing financial uncertainty gained a heightened awareness of cybersecurity threats in the face of increased remote work. This prompted stronger adoption of security services to protect sensitive data and networks.
By component:
- The solution segment held more than two-thirds of the global security-as-a-service market revenue.
- The service segment is projected to manifest the highest CAGR (21.3 percent, 2023-2032).
- The network security segment is projected to maintain its leadership status throughout the forecast period.
- The cloud security segment is projected to manifest the highest CAGR (23.8 percent, 2023-2032).
- The large enterprises segment should maintain its status.
By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global security as a service market revenue. It is also estimated to maintain its leadership status throughout the forecast period, owing to the increase in demand for advanced security solutions. Moreover, the rise in cyber threat incidents and the requirement for strong security measures propelled enterprises to adopt SECaaS models, which provide them with scalable and cost-effective security solutions.
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