Cyber Security as a Service Global Market Report 2024

The cybersecurity as a service market size has grown rapidly in recent years. It will grow from $145.46 billion in 2023 to $161.15 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth observed during the historic period can be attributed to several factors such as growing incidence of data breaches, prompting organizations to seek robust cybersecurity solutions to safeguard their sensitive information, high costs associated with on-premise solutions have encouraged businesses to explore more cost-effective alternatives, such as cybersecurity as a service (CSaaS).

The cybersecurity as a service market size is expected to see rapid growth in the next few years. It will grow to $246.96 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The anticipated growth in the forecast period can be attributed to several factors such as the growing number of data breaches and cyber-attacks continues to drive demand for robust cybersecurity solutions as organizations strive to protect their sensitive information. Additionally, government initiatives aimed at enhancing cybersecurity standards and regulations further bolster the adoption of cybersecurity services.

The cybersecurity as a service market is poised for significant growth driven by the escalating incidence of data breaches. These breaches, characterized by unauthorized access or manipulation of sensitive data, are on the rise due to increasing cybercrime sophistication and a lack of robust security measures. To mitigate such risks, cybersecurity as a service offers continuous monitoring, vulnerability management, incident response, access control, security awareness training, and compliance assistance. According to The Identity Theft Resource Center's report from January 2023, reported data breach incidents surged by 68% in 2022, reaching 1,862 breaches compared to 1,108 breaches in 2021, underscoring the critical need for robust cybersecurity measures.

Prominent players in the cybersecurity as a service market are investing in innovative technologies to bolster threat prevention capabilities. An example of such innovation is Checkpoint Quantum Titan, a comprehensive cybersecurity platform launched by Check Point Software Technologies Ltd. in October 2022. This solution harnesses the power of artificial intelligence (AI) and deep learning to provide advanced threat prevention and autonomous IoT security. Notably, Checkpoint Quantum Titan stands out for its ability to identify IoT devices and apply zero-trust threat prevention profiles, offering comprehensive protection against evolving cyber threats.

In September 2023, Cisco Systems Inc., a leading digital communications technology company, made a significant move by acquiring Splunk Inc. for $28 billion. This strategic acquisition is poised to reinforce Cisco's foothold in the cybersecurity market and leverage Splunk's expertise to enhance security solutions for its customers. Splunk Inc. is renowned for its suite of cybersecurity solutions, including Splunk Enterprise Security, which offers advanced threat detection and response capabilities.

Major companies operating in the cyber security as a service market are Microsoft Corporation, AT&T Inc., IBM Corporation, Cisco Systems Inc., Oracle Corporation, Tata Consultancy Services Limited, BAE Systems plc, Capgemini SA, Fortinet Inc., NortonLifeLock Inc., Optiv Security Inc., Check Point Software Technologies Ltd., McAfee Inc., Trend Micro Incorporated, CrowdStrike Holding Inc., Okta Inc., ProofPoint Inc., Zscaler Inc., FireEye Inc., Forcepoint LLC, Cyber Ark Software Ltd., Guidepoint Security LLC, Radware Ltd., Alert Logic Inc., LookingGlass Cyber Solutions Inc., Qualys Inc., Sophos Ltd., Stratejm Inc.

North America was the largest region in the cybersecurity as a service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cyber security as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the cyber security as a service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cybersecurity as a Service (CSaaS) is a subscription-based model wherein businesses enlist external organizations to access cybersecurity capabilities through the Internet or cloud-based platforms. This service offers organizations scalable, cost-effective, and flexible solutions to meet evolving cybersecurity requirements. By leveraging the expertise and resources of specialized security providers, CSaaS enhances overall security posture and resilience against cyber threats.

The main types of securities in cybersecurity as a service encompass vulnerability and security assessment, threat intelligence and business analytics, auditing and logging, continuous monitoring and encryption, identity and access management, and others. Vulnerability and security assessment involve identifying, evaluating, and mitigating vulnerabilities in an organization's IT infrastructure, applications, and systems to safeguard them against security threats and breaches. These services are utilized across various organizations, including large enterprises and small and medium-sized enterprises, operating in sectors such as retail, banking, financial services, and insurance (BFSI), information technology (IT) and telecommunications, healthcare, government, automotive, and others.

The cyber security as a service market research report is one of a series of new reports that provides cyber security as a service market statistics, including cyber security as a service industry global market size, regional shares, competitors with a cyber security as a service market share, detailed cyber security as a service market segments, market trends and opportunities, and any further data you may need to thrive in the cyber security as a service industry. This cyber security as a service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cybersecurity as a service market includes revenues earned by entities by providing services such as threat detection and prevention, auditing and logging, compliance and risk management, intrusion detection systems (IDS), intrusion prevention systems (IPS). The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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