The global security as a service market size is foreseen to grow from USD 7,552.4 million in 2018 to USD 16,493.3 million by 2023, with the Compound Annual Growth Rate (CAGR) being 16.9% from the year 2018 to the year 2023.
The report takes care of the security as a service solutions as well as services across segments. It has the aim of estimating the market size and growth potential of this market all through segments, including application areas, components, verticals, organization size, and regions. In addition, the report also has an in-depth competitive analysis of the key players in the market, including with their product and business offerings, company profiles, key market strategies, and recent developments.
The major growth drivers of the security as a service market are increase in demand for cloud-based security solutions, mandates to follow regulatory and data protection laws, and high cost as well as risks involved in managing on-premises security solutions. Also, an increase in adoption of cloud-based services between Small and Medium-sized Enterprises (SMEs) and rapid growth in Carry Your Own Device (CYOD) and Bring Your Own Device (BYOD) trends are expected to deliver a huge growth opportunity for the security as a service market over the next 5 years.
The greatest challenge for the security as a service market is the rise in IT infrastructure complexities as well as the availability of security solution suites and free security services.
The Banking, Financial Services, as well as the Insurance (BFSI) vertical is expected to rule the market, having the highest share during the period of forecast, whereas the retail vertical is foreseen to grow at the highest rate.
In a bid to address the sophisticated threats, the expectation for the encryption solution is to grow at the highest rate during the forecast period. Additionally, as a result of the huge adoption of mobile and web applications, the market for application security is projected to gain traction within the next 5 years.
This report should be bought as it would assist the market leaders/new entrants in this market with details on the closest approximations of the revenue numbers for the overall security as a service market as well as its sub-segments. Purchasing the report would also assist stakeholders to understand the competitive landscape and gain more insights to better their positions and plan more suitable go-to- strategies for the market. The report would also help stakeholders to understand the pulse of the market and have information concerning restraints, key market drivers, opportunities, and challenges.
For more information as regards this report, visit https://www.researchandmarkets.com/r/umpfm3