Security as a Service Market - Forecasts from 2022 to 2027

The security as a service market is anticipated to increase from US$6.634 billion in 2020 to US$18.554 billion in 2027 at a CAGR of 15.83%.

The fast rise in data generation and digitization has also attracted new types of cybercrimes and attacks. SaaS, sometimes known as SECaaS, has gained popularity as a way for corporate infrastructures to scale their security requirements as their organization expands, reduce the workload of their in-house security staff, and do away with the expense and upkeep of on-premises alternatives. Security solutions include things like antivirus, intrusion detection, authentication, anti-malware/spyware, penetration testing, and security event management. SaaS solution providers link their cloud security services with corporate networks to give cloud-based security services to diverse organizations. The newest security tools and upgrades, quicker provisioning and higher agility, and resource liberation are just a few advantages of security-as-a-service. Due to its lower costs, more security knowledge, improved protection from online attacks, quicker provisioning, and increased agility, SECaaS has become more popular.

Increasing the requirement for cloud-based security solutions in SMEs to boost the market expansion

When using the cloud, businesses can combine additional infrastructure technologies, such as software-defined perimeters, to build powerful and highly secure platforms. Moving to cloud-based platforms like Software as a Service (SaaS) and Infrastructure as a Service allows SMEs to continuously modernize their applications and infrastructures (laaS). The majority of SMEs in all industries become prime targets for cybercriminals looking to take advantage of holes in their security model. Cloud-based apps cannot be protected from cyber attacks like malware, ransomware, phishing, and DNS data exfiltration by conventional appliance-based firewalls and security gateways. SME security administrators drive the demand for cloud-based security as service solutions to enhance performance and secure web and mobile apps, as well as crucial network infrastructures. Cloud-based security as a service solution, can employ cloud services to secure apps, data, users, and devices without the need to install a large amount of security hardware on-premises. As SMEs prepare to address data and information security concerns over the cloud, the market's need for cloud-based security as a service solution is anticipated to develop.

Increasing Government regulations to boost the market expansion

Many government initiatives to lessen possible cyber threats and attacks are expected to create new economic services, complying with government regulations. These factors are anticipated to fuel market growth for security as a service.

Market Developments:

• Oct 2022: Okta, Inc., the top independent identity supplier, recently unveiled a Nonprofit Cybersecurity Portfolio and awarded grants totaling $1,020,000 to help the social sector be more secure. This grant comes at a time when nonprofits are experiencing an increase in cyberattacks, putting millions of already vulnerable people at even greater risk. It is the result of Okta's three-year commitment to invest $10 million out of the Okta for Good Fund, a donor-advised fund held at Tides Foundation. The six organizations and initiatives that will get the cash were chosen in collaboration with outside nonprofit security experts and the leadership of Okta Security, including David Bradbury, CSO of Okta, and Jameeka Green Aaron, CISO of Auth0, an Okta product division.
• Oct 2022: The debut of McAfee+, a new product line combining all new privacy and identity protections that enable users to comfortably and securely live life online, was announced by McAfee Corp., a global leader in online protection. Users of the new McAfee+ product suite have access to identity restoration tools as well as award-winning security for all of their devices. As part of the launch of the new product line, McAfee also introduced protection for Chromebooks, making it the first major security company to fully support Chrome OS. Chrome OS users can now install and access McAfee capabilities on their Chromebooks, including antivirus, VPN, safe browsing, and more.

Product Offerings:

• Single Sign-On: With simple connections to every programme and a Network of pre-built integrations, one may start using the cloud. With a network of more than 7,000 pre-built integrations, Okta is an SSO provider that enables users to adopt and deploy SSO to cloud apps securely in weeks rather than months, all without having to create and maintain the interfaces themselves. With more than 1,400 SAML and OpenID Connect connectors, password storage, RADIUS and LDAP support, and links to third-party legacy SSO systems, Okta's cloud-based single sign-on service connects everything from the cloud to the ground.
• Zero Trust Network Access: A SaaS solution called Zero Trust Network Access allows more granular and secure access control to any corporate resource that is hosted on-premises or in the cloud. By providing point-to-point connectivity without the usage of agents or appliances, it eliminates network-level dangers by utilizing the concept of Zero Trust Access. There is no longer any room for lateral movement or network-based threats because the network-level attack surface has been completely eliminated. Implementing continuous, contextual (user, device, and resource-based context) authorization to enterprise applications and allowing a secured employee, partner, and BYOD access, prevent unauthorized access to the corporate resources. Its access and activity policies are simple to set, fine-grained, and easy to manage.

Market Segmentation:

By Type

• Email Protection
• Data Loss Prevention
• Web Protection
• Network Protection
• Identity and Access Protection
• Others

By Enterprise Size

• Small
• Medium
• Large

By End-User Industry

• BFSI
• Communication and Technology
• Healthcare
• Government
• Defense
• Others

By Geography

• North America
• USA
• Mexico
• Canada
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• India
• China
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others