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Information Technology (IT) Security as a Service Market Size, Share & Trends Analysis Report By End User (BFSI, Education, Telecom, Healthcare, Energy & Utilities, and Others), By Offering, By Regional Outlook and Forecast, 2023 - 2030

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    Report

  • 262 Pages
  • February 2024
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5945746
The Global Information Technology (IT) Security as a Service Market size is expected to reach $37.4 billion by 2030, rising at a market growth of 12.5% CAGR during the forecast period.

The telecom segment is witnessing continuous network expansion, including deploying 5G technology. Therefore, the telecom segment captured $2255.7 million revenue in the market in 2022. The demand for IT security services rises as telecom operators and service providers seek solutions to secure their expansive networks, protect critical infrastructure, and ensure the integrity of communication channels.



The major strategies followed by the market participants are Mergers & Acquisition as the key developmental strategy to keep pace with the changing demands of end users. For instance, In September, 2023, Cisco Systems Inc. completed the acquisition of Splunk Inc., an American software company. Through this acquisition, the companies helped to make organizations more secure and resilient. Additionally, In April, 2023, Trend Micro Inc. acquired Anlyz Cybersecure Private Limited to incorporate its functionalities into Trend Micro's unified cybersecurity platform, Vision One.

Cardinal Matrix - Market Competition Analysis

Based on the Analysis presented in the Cardinal Matrix; Cisco Systems Inc. and Broadcom, Inc. are the forerunners in the market. In November, 2023, Broadcom Inc. completed the acquisition of VMware, Inc., an American cloud computing and virtualization technology company. Through this acquisition, the Broadcom Software portfolio was combined with the VMware platform to provide critical infrastructure solutions to customers. Companies such as Hewlett Packard enterprise Company, Check Point Software Technologies Ltd., Fortinet, Inc. are some of the key innovators in the market.



Market Growth Factors

Customizable solutions allow organizations to define and implement security postures based on their unique requirements, industry regulations, and risk profiles. IT security as a service provider provides customizable security solutions that may be tailored to the specific needs of various industries and organizations. This ensures that security measures align with the organization's objectives and compliance requirements. Thus, because of the increasing customizable and scalable solutions, the market is anticipated to increase significantly.

Additionally, SMEs often experience dynamic growth, and their cybersecurity needs evolve accordingly. IT security as a service provider offers scalable solutions that can grow with the business. SMEs can adjust their subscription plans and security services as their operations expand, ensuring that cybersecurity measures remain effective and aligned with business growth. Hence, small, and medium-sized enterprises (SMEs) adoption have been a pivotal factor in driving the growth of the market.

Market Restraining Factors

IT security as a service provider often relies on third-party vendors for components, software, and infrastructure. Vulnerabilities in the products or services supplied by third parties can be exploited by malicious actors, compromising the overall security of IT security services. The chain is only as strong as its weakest link. Limited visibility into the entire supply chain can make it challenging for IT security as a service provider to assess and mitigate risks effectively. Thus, lack of supply chain challenges can slow down the growth of the market.

By Offering Analysis

By offering, the market is categorized into email encryption, endpoint protection, data loss prevention, event monitoring, information security, and others. The email encryption segment covered 23.1% revenue share in the market in 2022. Email encryption protects the confidentiality of sensitive information transmitted by email by transforming it into an indistinct format that can only be deciphered by authorized receivers.



By End User Analysis

Based on end user, the market is classified into BFSI, healthcare, telecom, energy & utilities, education, and others. The healthcare segment acquired 21.3% revenue share in the market in 2022. IT security services protect patient data, including electronic health records (EHRs), medical histories, and other sensitive information, safeguarding it from unauthorized access, breaches, or misuse.

By Regional Analysis

Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating 34.1% revenue share. North America faces a continuous and evolving landscape of cybersecurity threats, including ransomware, phishing, and advanced persistent threats (APTs).

Recent Strategies Deployed in the Market

  • Nov-2023: Broadcom Inc. completed the acquisition of VMware, Inc., an American cloud computing and virtualization technology company. Through this acquisition, the Broadcom Software portfolio was combined with the VMware platform to provide critical infrastructure solutions to customers.
  • Oct-2023: Quick Heal Technologies Limited unveiled the metaProtect. The new product is a cloud-based platform for remote security and privacy management. The new product assists in safeguarding the devices of the entire family.
  • Sep-2023: Cisco Systems Inc. completed the acquisition of Splunk Inc., an American software company. Through this acquisition, the companies helped to make organizations more secure and resilient.
  • Aug-2023: Check Point Software Technologies Ltd. completed the acquisition of Perimeter 81 Ltd., an Israeli cloud and network security company. Through this acquisition, Check Point integrated the capabilities of Perimeter 81 into the architecture of Check Point Infinity. Additionally, the acquisition helped Check Point by offering secure access to remote users and providing SSE solutions in the market.
  • Aug-2023: Radware Ltd. entered into an agreement with Spark New Zealand Limited, a New Zealand telecommunications and digital services company. Under this agreement, the companies offered applications and network security services to their customers in New Zealand. Additionally, the agreement helped Spark in the distribution of the applications and the network security solutions to the customers in New Zealand.

List of Key Companies Profiled

  • Quick Heal Technologies Limited
  • Trend Micro, Inc.
  • Radware Ltd.
  • Cisco Systems Inc.
  • Broadcom, Inc.
  • Cloudflare, Inc.
  • Check Point Software Technologies Ltd.
  • Hewlett Packard enterprise Company
  • Barracuda Networks, Inc. (KKR & Co. Inc.)
  • Fortinet, Inc.

Market Report Segmentation

By End User
  • BFSI
  • Education
  • Telecom
  • Healthcare
  • Energy & Utilities
  • Others
By Offering
  • Endpoint Protection
  • Email Encryption
  • Information Security
  • Event Monitoring
  • Data Loss Prevention
  • Others
By Geography
  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Information Technology (IT) Security as a Service Market, by End User
1.4.2 Global Information Technology (IT) Security as a Service Market, by Offering
1.4.3 Global Information Technology (IT) Security as a Service Market, by Geography
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Market Challenges
Chapter 4. Competition Analysis - Global
4.1 Cardinal Matrix
4.2 Recent Industry Wide Strategic Developments
4.2.1 Partnerships, Collaborations and Agreements
4.2.2 Product Launches and Product Expansions
4.2.3 Acquisition and Mergers
4.3 Top Winning Strategies
4.3.1 Key Leading Strategies: Percentage Distribution (2019-2023)
4.3.2 Key Strategic Move: (Mergers & Acquisition: 2019, Oct - 2023, Nov) Leading Players
4.4 Porter’s Five Forces Analysis
Chapter 5. Global Information Technology (IT) Security as a Service Market by End User
5.1 Global BFSI Market by Region
5.2 Global Education Market by Region
5.3 Global Telecom Market by Region
5.4 Global Healthcare Market by Region
5.5 Global Energy & Utilities Market by Region
5.6 Global Others Market by Region
Chapter 6. Global Information Technology (IT) Security as a Service Market by Offering
6.1 Global Endpoint Protection Market by Region
6.2 Global Email Encryption Market by Region
6.3 Global Information Security Market by Region
6.4 Global Event Monitoring Market by Region
6.5 Global Data Loss Prevention Market by Region
6.6 Global Others Market by Region
Chapter 7. Global Information Technology (IT) Security as a Service Market by Region
7.1 North America Information Technology (IT) Security as a Service Market
7.1.1 North America Information Technology (IT) Security as a Service Market by End User
7.1.1.1 North America BFSI Market by Country
7.1.1.2 North America Education Market by Country
7.1.1.3 North America Telecom Market by Country
7.1.1.4 North America Healthcare Market by Country
7.1.1.5 North America Energy & Utilities Market by Country
7.1.1.6 North America Others Market by Country
7.1.2 North America Information Technology (IT) Security as a Service Market by Offering
7.1.2.1 North America Endpoint Protection Market by Country
7.1.2.2 North America Email Encryption Market by Country
7.1.2.3 North America Information Security Market by Country
7.1.2.4 North America Event Monitoring Market by Country
7.1.2.5 North America Data Loss Prevention Market by Country
7.1.2.6 North America Others Market by Country
7.1.3 North America Information Technology (IT) Security as a Service Market by Country
7.1.3.1 US Information Technology (IT) Security as a Service Market
7.1.3.1.1 US Information Technology (IT) Security as a Service Market by End User
7.1.3.1.2 US Information Technology (IT) Security as a Service Market by Offering
7.1.3.2 Canada Information Technology (IT) Security as a Service Market
7.1.3.2.1 Canada Information Technology (IT) Security as a Service Market by End User
7.1.3.2.2 Canada Information Technology (IT) Security as a Service Market by Offering
7.1.3.3 Mexico Information Technology (IT) Security as a Service Market
7.1.3.3.1 Mexico Information Technology (IT) Security as a Service Market by End User
7.1.3.3.2 Mexico Information Technology (IT) Security as a Service Market by Offering
7.1.3.4 Rest of North America Information Technology (IT) Security as a Service Market
7.1.3.4.1 Rest of North America Information Technology (IT) Security as a Service Market by End User
7.1.3.4.2 Rest of North America Information Technology (IT) Security as a Service Market by Offering
7.2 Europe Information Technology (IT) Security as a Service Market
7.2.1 Europe Information Technology (IT) Security as a Service Market by End User
7.2.1.1 Europe BFSI Market by Country
7.2.1.2 Europe Education Market by Country
7.2.1.3 Europe Telecom Market by Country
7.2.1.4 Europe Healthcare Market by Country
7.2.1.5 Europe Energy & Utilities Market by Country
7.2.1.6 Europe Others Market by Country
7.2.2 Europe Information Technology (IT) Security as a Service Market by Offering
7.2.2.1 Europe Endpoint Protection Market by Country
7.2.2.2 Europe Email Encryption Market by Country
7.2.2.3 Europe Information Security Market by Country
7.2.2.4 Europe Event Monitoring Market by Country
7.2.2.5 Europe Data Loss Prevention Market by Country
7.2.2.6 Europe Others Market by Country
7.2.3 Europe Information Technology (IT) Security as a Service Market by Country
7.2.3.1 Germany Information Technology (IT) Security as a Service Market
7.2.3.1.1 Germany Information Technology (IT) Security as a Service Market by End User
7.2.3.1.2 Germany Information Technology (IT) Security as a Service Market by Offering
7.2.3.2 UK Information Technology (IT) Security as a Service Market
7.2.3.2.1 UK Information Technology (IT) Security as a Service Market by End User
7.2.3.2.2 UK Information Technology (IT) Security as a Service Market by Offering
7.2.3.3 France Information Technology (IT) Security as a Service Market
7.2.3.3.1 France Information Technology (IT) Security as a Service Market by End User
7.2.3.3.2 France Information Technology (IT) Security as a Service Market by Offering
7.2.3.4 Russia Information Technology (IT) Security as a Service Market
7.2.3.4.1 Russia Information Technology (IT) Security as a Service Market by End User
7.2.3.4.2 Russia Information Technology (IT) Security as a Service Market by Offering
7.2.3.5 Spain Information Technology (IT) Security as a Service Market
7.2.3.5.1 Spain Information Technology (IT) Security as a Service Market by End User
7.2.3.5.2 Spain Information Technology (IT) Security as a Service Market by Offering
7.2.3.6 Italy Information Technology (IT) Security as a Service Market
7.2.3.6.1 Italy Information Technology (IT) Security as a Service Market by End User
7.2.3.6.2 Italy Information Technology (IT) Security as a Service Market by Offering
7.2.3.7 Rest of Europe Information Technology (IT) Security as a Service Market
7.2.3.7.1 Rest of Europe Information Technology (IT) Security as a Service Market by End User
7.2.3.7.2 Rest of Europe Information Technology (IT) Security as a Service Market by Offering
7.3 Asia Pacific Information Technology (IT) Security as a Service Market
7.3.1 Asia Pacific Information Technology (IT) Security as a Service Market by End User
7.3.1.1 Asia Pacific BFSI Market by Country
7.3.1.2 Asia Pacific Education Market by Country
7.3.1.3 Asia Pacific Telecom Market by Country
7.3.1.4 Asia Pacific Healthcare Market by Country
7.3.1.5 Asia Pacific Energy & Utilities Market by Country
7.3.1.6 Asia Pacific Others Market by Country
7.3.2 Asia Pacific Information Technology (IT) Security as a Service Market by Offering
7.3.2.1 Asia Pacific Endpoint Protection Market by Country
7.3.2.2 Asia Pacific Email Encryption Market by Country
7.3.2.3 Asia Pacific Information Security Market by Country
7.3.2.4 Asia Pacific Event Monitoring Market by Country
7.3.2.5 Asia Pacific Data Loss Prevention Market by Country
7.3.2.6 Asia Pacific Others Market by Country
7.3.3 Asia Pacific Information Technology (IT) Security as a Service Market by Country
7.3.3.1 China Information Technology (IT) Security as a Service Market
7.3.3.1.1 China Information Technology (IT) Security as a Service Market by End User
7.3.3.1.2 China Information Technology (IT) Security as a Service Market by Offering
7.3.3.2 Japan Information Technology (IT) Security as a Service Market
7.3.3.2.1 Japan Information Technology (IT) Security as a Service Market by End User
7.3.3.2.2 Japan Information Technology (IT) Security as a Service Market by Offering
7.3.3.3 India Information Technology (IT) Security as a Service Market
7.3.3.3.1 India Information Technology (IT) Security as a Service Market by End User
7.3.3.3.2 India Information Technology (IT) Security as a Service Market by Offering
7.3.3.4 South Korea Information Technology (IT) Security as a Service Market
7.3.3.4.1 South Korea Information Technology (IT) Security as a Service Market by End User
7.3.3.4.2 South Korea Information Technology (IT) Security as a Service Market by Offering
7.3.3.5 Singapore Information Technology (IT) Security as a Service Market
7.3.3.5.1 Singapore Information Technology (IT) Security as a Service Market by End User
7.3.3.5.2 Singapore Information Technology (IT) Security as a Service Market by Offering
7.3.3.6 Malaysia Information Technology (IT) Security as a Service Market
7.3.3.6.1 Malaysia Information Technology (IT) Security as a Service Market by End User
7.3.3.6.2 Malaysia Information Technology (IT) Security as a Service Market by Offering
7.3.3.7 Rest of Asia Pacific Information Technology (IT) Security as a Service Market
7.3.3.7.1 Rest of Asia Pacific Information Technology (IT) Security as a Service Market by End User
7.3.3.7.2 Rest of Asia Pacific Information Technology (IT) Security as a Service Market by Offering
7.4 LAMEA Information Technology (IT) Security as a Service Market
7.4.1 LAMEA Information Technology (IT) Security as a Service Market by End User
7.4.1.1 LAMEA BFSI Market by Country
7.4.1.2 LAMEA Education Market by Country
7.4.1.3 LAMEA Telecom Market by Country
7.4.1.4 LAMEA Healthcare Market by Country
7.4.1.5 LAMEA Energy & Utilities Market by Country
7.4.1.6 LAMEA Others Market by Country
7.4.2 LAMEA Information Technology (IT) Security as a Service Market by Offering
7.4.2.1 LAMEA Endpoint Protection Market by Country
7.4.2.2 LAMEA Email Encryption Market by Country
7.4.2.3 LAMEA Information Security Market by Country
7.4.2.4 LAMEA Event Monitoring Market by Country
7.4.2.5 LAMEA Data Loss Prevention Market by Country
7.4.2.6 LAMEA Others Market by Country
7.4.3 LAMEA Information Technology (IT) Security as a Service Market by Country
7.4.3.1 Brazil Information Technology (IT) Security as a Service Market
7.4.3.1.1 Brazil Information Technology (IT) Security as a Service Market by End User
7.4.3.1.2 Brazil Information Technology (IT) Security as a Service Market by Offering
7.4.3.2 Argentina Information Technology (IT) Security as a Service Market
7.4.3.2.1 Argentina Information Technology (IT) Security as a Service Market by End User
7.4.3.2.2 Argentina Information Technology (IT) Security as a Service Market by Offering
7.4.3.3 UAE Information Technology (IT) Security as a Service Market
7.4.3.3.1 UAE Information Technology (IT) Security as a Service Market by End User
7.4.3.3.2 UAE Information Technology (IT) Security as a Service Market by Offering
7.4.3.4 Saudi Arabia Information Technology (IT) Security as a Service Market
7.4.3.4.1 Saudi Arabia Information Technology (IT) Security as a Service Market by End User
7.4.3.4.2 Saudi Arabia Information Technology (IT) Security as a Service Market by Offering
7.4.3.5 South Africa Information Technology (IT) Security as a Service Market
7.4.3.5.1 South Africa Information Technology (IT) Security as a Service Market by End User
7.4.3.5.2 South Africa Information Technology (IT) Security as a Service Market by Offering
7.4.3.6 Nigeria Information Technology (IT) Security as a Service Market
7.4.3.6.1 Nigeria Information Technology (IT) Security as a Service Market by End User
7.4.3.6.2 Nigeria Information Technology (IT) Security as a Service Market by Offering
7.4.3.7 Rest of LAMEA Information Technology (IT) Security as a Service Market
7.4.3.7.1 Rest of LAMEA Information Technology (IT) Security as a Service Market by End User
7.4.3.7.2 Rest of LAMEA Information Technology (IT) Security as a Service Market by Offering
Chapter 8. Company Profiles
8.1 Quick Heal Technologies Limited
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Regional Analysis
8.1.4 Recent strategies and developments:
8.1.4.1 Partnerships, Collaborations, and Agreements:
8.1.4.2 Product Launches and Product Expansions:
8.1.5 SWOT Analysis
8.2 Trend Micro, Inc.
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental Analysis
8.2.4 Research & Development Expenses
8.2.5 Recent strategies and developments:
8.2.5.1 Partnerships, Collaborations, and Agreements:
8.2.5.2 Acquisition and Mergers:
8.2.6 SWOT Analysis
8.3 Radware Ltd.
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Regional Analysis
8.3.4 Research & Development Expenses
8.3.5 Recent strategies and developments:
8.3.5.1 Partnerships, Collaborations, and Agreements:
8.3.6 SWOT Analysis
8.4 Cisco Systems, Inc.
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Regional Analysis
8.4.4 Research & Development Expense
8.4.5 Recent strategies and developments:
8.4.5.1 Partnerships, Collaborations, and Agreements:
8.4.5.2 Product Launches and Product Expansions:
8.4.5.3 Acquisition and Mergers:
8.4.6 SWOT Analysis
8.5 Broadcom, Inc.
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Segmental and Regional Analysis
8.5.4 Research & Development Expense
8.5.5 Recent strategies and developments:
8.5.5.1 Partnerships, Collaborations, and Agreements:
8.5.5.2 Acquisition and Mergers:
8.5.6 SWOT Analysis
8.6 Cloudflare, Inc.
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Regional Analysis
8.6.4 Research & Development Expense
8.6.5 Recent strategies and developments:
8.6.5.1 Acquisition and Mergers:
8.6.6 SWOT Analysis
8.7 Check Point Software Technologies Ltd.
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Regional Analysis
8.7.4 Research & Development Expenses
8.7.5 Recent strategies and developments:
8.7.5.1 Partnerships, Collaborations, and Agreements:
8.7.5.2 Acquisition and Mergers:
8.7.6 SWOT Analysis
8.8 Hewlett Packard Enterprise Company
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Segmental and Regional Analysis
8.8.4 Research & Development Expense
8.8.5 Recent strategies and developments:
8.8.5.1 Acquisition and Mergers:
8.8.6 SWOT Analysis
8.9 Barracuda Networks, Inc. (KKR & Co. Inc.)
8.9.1 Company Overview
8.9.2 Financial Analysis
8.9.3 SWOT Analysis
8.10. Fortinet, Inc.
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Regional Analysis
8.10.4 Research & Development Expenses
8.10.5 Recent strategies and developments:
8.10.5.1 Product Launches and Product Expansions:
8.10.6 SWOT Analysis
Chapter 9. Winning Imperatives of Information Technology (IT) Security as a Service Market

Companies Mentioned

  • Quick Heal Technologies Limited
  • Trend Micro, Inc.
  • Radware Ltd.
  • Cisco Systems Inc.
  • Broadcom, Inc.
  • Cloudflare, Inc.
  • Check Point Software Technologies Ltd.
  • Hewlett Packard enterprise Company
  • Barracuda Networks, Inc. (KKR & Co. Inc.)
  • Fortinet, Inc.

Methodology

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