Security as a Service Market Is Expected To Reach A Revenue Of USD 1,016.6 Bn By 2033, At 22.6% CAGR: Insights by Dimension Market Research

Cutting-edge Solutions Addressing Cyber Threats: A Glimpse into Industry Evolution of Global Security as a Service Market

New York, July 02, 2024 (GLOBE NEWSWIRE) — Overview

The Global Security as a Service Market size is expected to reach USD 162.5 billion by 2024 and is further anticipated to reach USD 1,016.6 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 22.6% from 2024 to 2033.

The cybersecurity market features various components that are usually available as a service on a monthly subscription or pay-as-you-go model along with identity management, network security with data encryption, and threat detection as outsourced products. Scale and specialized management help to concentrate businesses on the main business proceedings along with the increasingly deepening cyber security threats.

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Important Insights

  • Projections suggest a substantial surge, within the global security as a service market as it is expected to show noteworthy growth by reaching USD 1,016.6 billion by 2033 at a CAGR of 22.6%, commencing from its 2024 base value of USD 162.5 billion.
  • Service component is projected to lead the market growth in security as a service market, by offering consulting, training, and technical support, with the focus shifting towards AI-driven software for diverse applications.
  • Network security is projected to lead with techniques to block intruder traffic, featuring firewalls, intrusion detection, and VPNs for robust data protection.
  • Banking, financial services, and insurance lead verticals with tailored offerings from major players, while government & defense sectors embrace generative AI for enhanced cybersecurity.
  • North America leads the global security as a service market with a 40.5% share in 2024, anticipating sustained growth due to growth in investments in R&D, and advanced tech infrastructure. Also, the Asia Pacific region emerges as the fastest-growing sector, as it is projected to show highest growth potential in 2024.

Latest Trends

  • Enhanced attention on zero trust architecture drives the global security as a service market, ensuring strict access to controls and continuous verification across networks and programs for heightened security posture.
  • Increasing adoption of AI and machine learning technologies in safety solutions reshapes the global security as a service market, imparting advanced threat detection, prediction, and automated response capabilities.
  • Growing emphasis on Identity and Access Management (IAM) solutions affects the global security as a service market, offering strong authentication and authorization mechanisms to protect digital identities and data access.
  • The rise of Quantum Computing readiness initiatives impacts global security as a service market, prompting the development of post-quantum encryption algorithms and safety strategies to mitigate future cryptographic threats.

Security as a Service Market: Competitive Landscape

  • The major player in this market, like Cisco Systems, Honeywell, Samsung Techwin, Hewlett-Packard Enterprise, S2 Security, Panasonic, and Bosch Security Systems, encompasses a range of services that aim at protecting organizations from cyber threats, including cloud security, endpoint security, identity and access management, threat intelligence, and more.
  • These companies’ major expansion strategies like strategic partnerships, acquisition, collaboration, and mergers. In this case, the landscape is diversified with regional and niche players offering bespoke services which reflect the industry’s changing competitive dynamics driven by technological developments according to the changing preferences of consumer preference.

Some of the prominent market players:

  • Cisco Systems
  • Honeywell
  • Samsung Techwin
  • Hewlett-Packard Enterprise
  • S2 Security
  • Panasonic
  • Bosch Security Systems
  • CheckPoint Software Technologies
  • Siemens
  • Fortinet
  • Schneider Electric
  • Salient Systems
  • NortekSecurity
  • Other Key Players

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Security as a Service Market Scope

Report Highlights Details
Market Size (2024) USD 162.5 Bn
Forecast Value (2033) USD 1,016.6 Bn
CAGR (2024-2033) 22.6%
North America Revenue Share 40.5%
Asia Pacific Revenue Share 27.5%
Historical Data 2017 – 2022
Forecast Data 2025 – 2033
Base Year 2023
Estimate Year 2024
Segments Covered By Component, By Application, By Vertical
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Market Analysis

Service segment that displays high market share and multiple use cases, like supplementary consulting, training, technical support as well as contract management. The projected employment growth is in response to the struggle for demand. Research in this market is broadly centered on AI-based software; and will continue to grow and enter other areas like sensor data analysis, computer vision, deep learning, and speech recognition.

Security of the network poses safety issues, applying different techniques to destroy and block traffic from outside and inside. Firewalls are the first ones to play their role, generally being either reside on physical or virtual devices, which can be configured by the system administrator based on the purpose of protecting the system data from leaks, privacy breaches as well as vulnerabilities.

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Security as a Service Market Segmentation

By Component

  • Software
  • Services

 By Application

  • Network Security
  • Endpoint Security
  • Application Security
  • Cloud Security
  • Others

By Verticals

  • BFSI
  • Government and Defense
  • Retail
  • Healthcare
  • IT and Telecom
  • Energy and Utilities
  • Others

Growth Drivers

  • Advancements in AI/ML: Rapid progress in artificial intelligence and machine learning tech drives self-learning security solutions, fueling market growth.
  • Increasing Cyber Threats: Rising incidents prompt organizations to adopt advanced AI-driven defenses, propelling market expansion.
  • Budget Constraints: Despite costs, demand surges for effective artificial intelligence security due to heightened awareness and threat landscape complexity.
  • Global Events Impact: Major events underscore cybersecurity importance, driving demand for artificial intelligence solutions in threat mitigation.
  • Consumer Awareness: Growing understanding of cyber threats spurs demand for artificial intelligence-powered security among individuals and businesses.
  • Collaborations with Tech Giants: Partnerships between cybersecurity firms and AI leaders accelerate innovation, amplifying market growth.

Restraints

  • Concerns over data privacy and compliance regulations pose challenges in this market, necessitating stringent measures to ensure regulatory adherence and data protection.
  • Limited awareness and understanding of security risks among companies restrict the global security as a service market, requiring elevated education and awareness initiatives.
  • Integration complexities with present IT infrastructure impede the adoption of security as a service solution, slowing down market growth and deployment efficiency.
  • Persistent cybersecurity skills shortage constrains the global security as a service market, impacting the availability of certified employees to manage and perform security services effectively.

Growth Opportunities

  • Accelerating digital transformation initiatives creates growth prospects within the global security as a service market, driving demand for agile and scalable security solutions to defend evolving IT environments.
  • Rising adoption of IoT devices and edge computing expands the global security as a service market, fueling demand for specialized security offerings to protect allotted networks and devices.
  • Increasing regulatory compliance necessities present growth opportunities inside the global security as a service market, driving demand for solutions that ensure adherence to industry-specific guidelines and data protection legal guidelines.
  • Growing focus on threat intelligence and predictive analytics spurs innovation within the global security as a service market, presenting opportunities for advanced threat detection, analysis, and proactive defense mechanisms.

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Regional Analysis

North America is anticipated to dominate the security as a service market with a substantial 40.5% share in 2024, expected to sustain significant growth, which is driven by higher investments in research and development which can be accredited to its expanding technological ecosystem where major industries like finance, healthcare, and government are significantly facing cyber security and cyber-attack threats.

Major companies in this region are heavily investing in research and development to improve their product portfolio to counter the increasing demand for the proper solution against security service issues.

By Region

North America

  • The U.S.
  • Canada

Europe

  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America

Middle East & Africa

  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

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  • Security as a Service Market is projected to hold a market value of USD 162.5 billion in 2024 and is expected to show promising growth as the market is projected to have a USD 1,016.6 billion market value at a CAGR of 22.6%
  • Network Security Market is expected to reach a value of USD 32.8 billion in 2024, and it is further anticipated to reach a market value of USD 99.1 billion by 2033 at a CAGR of 13.1%.

Recent Developments in the Security as a Service Market

  • December 2023: NRI Secure introduces “AI Red Team,” a security assessment service focusing on systems utilizing generative AI, addressing vulnerabilities and risks comprehensively.
  • August 2023: Schneider Electric launches Managed Security Services to mitigate cyber threats in operational technology environments, providing flexible solutions with 24/7 support.
  • July 2023: Kyndryl enhances security services to address cyber threats, offering modular solutions and global security centers, targeting the $47 billion managed security services market.
  • March 2023: Hewlett Packard Enterprise strengthens network security by acquiring Axis Security, enhancing its SASE solutions with cloud security and SD-WAN integration.
  • December 2022: Allot Ltd., announced that Far EasTone Telecommunications (FET) in Taiwan has implemented cybersecurity threat protection and content control services for mobile customers using Allot NetworkSecure. Allot collaborates with CommVerge for integration and local support.

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