The global security software as a service (SaaS) market is expected to witness significant growth over the forecast period. Security SaaS provides cloud-based content security such as email security, encryption, web security, and identity and access management. The security software as a service market is expected to grow significantly over the forecast period owing to the increase in adoption of Bring Your Own Device (BYOD) trend among enterprises, the rise in cyber-attacks, high demand for cloud technology among small and medium enterprises.
Most of the organization use cloud technology to store critical data as it gives flexibility in sharing and accessing data. The technological shift from traditional systems to the advanced security system and an increase in the use of personal devices by the employees of an organization is the primary factor driving the growth of the market. Government sectors adopting cloud technology in different areas such as defense and railway has also propelled the demand for this industry.
One of the factors restraining the market growth is the adoption of free security solutions for data security. Many small and medium enterprises use such network protection system to reduce the IT budget. But these solutions often do not provide protection from complex cyber-attacks leading to the loss of confidential enterprise data.
The security SaaS industry is segmented by solution, service, application area, and organization size. By solution, it is segmented as endpoint protection, Security Information and Event Management (SIEM), Identity Access Management (IAM), Intrusion Detection and Prevention Systems (IDS/IPS), Email Encryption, and Data Loss Prevention (DLP). By service, it is segmented as consulting and training & deployment. By application area, it is segmented as the web, network, email, and cloud database security. By organization size, it is segmented as a large, small and medium enterprise.
Cloud technology service providers do not consider providing cloud protection, however, they assume getting protection is end-users responsibility. Therefore, some of cloud technology providers don’t give security features with the technology. Companies, these days, prefer organized security providers who provide technology on a secured server.
Growing number of small and medium enterprises adopting cloud technology are an opportunity for the Security Software as a Service industry.
North America and Europe are the key markets for this industry for the forecast period owing to growing frequency of cyber-attacks, presence of large enterprises, increase in the number of hosted servers and rise in the number of cases against the companies indulging in data theft. In North American and European countries such as U.S., Germany, and France the adoption of cloud technology by some of the large banking & financial services and healthcare industry verticals are continuously increasing which will have a positive impact on the revenue of this industry.
Asia Pacific at present is an emerging market and is expected to have significant growth for the forecast period owing to continuous expansion of economies in manufacturing, education, government, and IT sector. Cloud technology provider and adoption of cloud computing both are increasing in countries such as China, India, and Japan which will further propel the market growth.
Key players in this industry are, McAfee, Symantec Corporation, Trend Micro, Cisco Systems, ZScaler, CipherCloud, Radware, and Alert Logic. Companies in the Security Software as a Service market have adopted various strategic initiatives such as new product development, merger and acquisition, and partnerships and collaboration to have a competitive advantage and capture a significant market share.
In June 2014, Trend Micro launched a new solution design for VMware's vCloud Hybrid Service(vCHS) that helps customers to move their on-premise or private cloud deployment to the public cloud with added layers of protection. The administrators can detect virtual machines automatically and provide consistent, secure network across the data center and into the public cloud by applying context-based policies.
In October 2015, Trend Micro a security solution provider acquired HP Tipping Point to strength its protection solution business. Trend Micro will combine its services with HP’s network security solutions, which will Trend Micro to make next-generation intrusion prevention systems.
In September 2015, Cisco Systems acquired Portcullis to expand its cyber security services to enterprise clients and the government sector in the UK. This acquisition will increase Cisco Systems ability to offer services such as risk to help clients overcome operational, robust & technical protection challenges and anticipate & respond to new threats.
Avail customized purchase options to meet your exact research needs:
Get your queries resolved from an industry expert.
Design an exclusive study to serve your research needs.
A testimonial for service in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.
"The quality of research they have done for us has been excellent..."
Amidst the COVID-19 crisis, the network security industry is poised for sustainable growth despite the foreseeable economic turbulence. Implementation of remote working policy, due to lockdown is putting unanticipated stress on remote networking technologies and causing operational technology (OT) security risk concerns over the vulnerable home network security. Furthermore, as digital infrastructure becomes a critical aspect of business strategic considerations, network security will become a competitive differentiator for businesses and overhaul their remote working strategies. We are incessantly monitoring the market dynamics and regulations while continuously assessing the impact of Covid-19 with the aim of providing you with actionable market insights. The report will account for Covid19 as a key market contributor.