Redding, California, May 15, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Cybersecurity-as-a-Service Market by Application (Network Security, Cloud Security, Endpoint Security, Application Security), Organization Size, Sector (BFSI, IT & Telecommunications, Retail, Healthcare), and Geography - Global Forecast to 2030,’ the Cybersecurity-as-a-Service market is projected to reach $46.6 billion by 2030, at a CAGR of 17.5% from 2023 to 2030.
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Cybersecurity-as-a-Service is a cloud-based approach to outsourcing cybersecurity, where security services are provided on a subscription basis and hosted by cloud providers. Security-as-a-Service solutions have gained popularity among corporate infrastructures as they enable businesses to scale their security needs as they grow, reduce the burden on in-house security teams, and avoid the costs and maintenance of on-premise alternatives.
The growth of the Cybersecurity-as-a-Service market is being driven by several factors, including the increasing significance of cybersecurity in the banking sector, the growing number of data breaches and cyber-attacks, the rising trend of BYOD (bring your own device) in enterprises, and government initiatives aimed at encouraging the adoption of cybersecurity solutions. However, organizations' concerns regarding the security of cloud-based solutions restrain the growth of this market.
Furthermore, the increasing adoption of cloud security solutions among SMEs and the healthcare sector's growing adoption of Cybersecurity-as-a-Service solutions are expected to create growth opportunities in the market. However, one of the major challenges for players operating in this market is the lack of awareness and misconceptions regarding Cybersecurity-as-a-Service solutions among potential customers.
The Cybersecurity-as-a-Service market is segmented by application (network security, cloud security, endpoint security, application security, and other security applications), organization size (large enterprises, small & medium-sized enterprises), and sector (BFSI, IT & telecommunications, retail, manufacturing, healthcare, government, energy & utility, and other sectors). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on application, in 2023, the network security segment is expected to account for the largest share of the Cybersecurity-as-a-Service market. The large market share of this segment is attributed to the growing demand for filtering and monitoring network traffic, the growing number of malware attacks on enterprise networks, and the increasing need to protect connected network infrastructure. However, the cloud security segment is slated to register the highest CAGR during the forecast period due to the rising need to secure workload on the cloud and the increasing demand for advanced threat detection solutions across industries.
Based on organization size, in 2023, the large enterprises segment is expected to account for the larger share of the Cybersecurity-as-a-Service market. The large market share of this segment is attributed to the high spending capabilities of large enterprises resulting in the increased adoption of Cybersecurity-as-a-Service solutions and the availability of skilled IT personnel for the management of cloud security platforms. Furthermore, large enterprises focus on desired security channels against cyber threats to retain customers, boost sales, and validate necessary steps to overcome market interruptions, which drives the increased adoption of Cybersecurity-as-a-Service solutions among large enterprises.
However, the small & medium enterprises segment is slated to register a higher CAGR during the forecast period.
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Based on sector, in 2023, the BFSI segment is expected to account for the largest share of the Cybersecurity-as-a-Service market. The large market share of this segment is attributed to the rising adoption of Cybersecurity-as-a-Service solutions for various financial processes, the growing need for end-to-end security, and the rising demand for fraud detection. However, the healthcare segment is slated to register the highest CAGR during the forecast period.
Based on geography, the Cybersecurity-as-a-Service market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the Cybersecurity-as-a-Service market. North America’s large market share is attributed to the presence of leading Cybersecurity-as-a-Service providers and their increasing focus on developing advanced Cybersecurity-as-a-Service solutions.
However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The infrastructural growth in APAC, especially in China, South Korea, India, Australia, Singapore, and Japan, the rapid growth of regional economies, the increasing number of cybercrimes, and the growing awareness about the importance of cloud security among small and medium-sized organizations offer growth opportunities for the players operating in the Cybersecurity-as-a-Service market.
Some of the key players operating in the Cybersecurity-as-a-Service market are Forcepoint LLC. (U.S.), Trend Micro Incorporated. (Japan), Foresite Cybersecurity Inc. (U.S.), Fortinet, Inc. (U.S.), Zscaler, Inc. (U.S.), Okta, Inc. (U.S.), Radware Ltd. (Israel), Qualys, Inc. (U.S.), CrowdStrike Holding, Inc. (U.S.), IBM Corporation (U.S.), Happiest Minds Technologies Limited. (India), Stratejm Inc. (Canada), Guidepoint Security LLC. (U.S.), Alert Logic, Inc. (U.S.), and Sophos Ltd. (U.K.).
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Scope of the Report:
Cybersecurity-as-a-Service Market Assessment, by Application
- Network Security
- Network Access Control
- Data Loss Prevention
- Intrusion Detection and Prevention System (IDS/IPS)
- Other Network Security Applications
- Endpoint Security
- Endpoint Detection and Response
- Antivirus/Antimalware
- Firewall
- Other Endpoint Security Applications
- Cloud Security
- Identity and Access Management
- Disaster Recovery and Business Continuity
- Security Information and Event Management
- Intrusion Detection and Prevention System (IDS/IPS)
- Data Loss Prevention
- Risk and Compliance Management
- Cloud Access Security Broker
- Container Security
- Other Cloud Security Applications
- Application Security
- Other Security Applications
Cybersecurity-as-a-Service Market Assessment, by Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Cybersecurity-as-a-Service Market Assessment, by Sector
- BFSI
- IT & Telecommunications
- Retail
- Manufacturing
- Healthcare
- Energy & Utility
- Government
- Other Sectors
Cybersecurity-as-a-Service Market Assessment, by Geography
- North America
-
- U.S.
- Canada
-
- Europe
-
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
-
- Asia-Pacific
-
- Japan
- China
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
-
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
-
- Middle East & Africa
-
- UAE
- Israel
- Rest of the Middle East & Africa
-
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