As a result of an increase in security threats, Security-as-a-Service Market (SaaS) is expanding across nations and industry sectors. Due to a sharp increase in cybercrimes and data hacking activities, businesses have been concentrating on better security solutions for securing information deployed on-premises and in the cloud in order to strengthen their organization’s security structure.
Along with helping other small businesses understand how to use the capabilities of security as a service and internet security risks, large companies are also taking steps to integrate Saas solutions for their cloud-based business apps. Persistence Market Research’s most recent forecast projects that the global SaaS market will expand at a CAGR of more than 18% through 2031.
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Key Market Study Conclusions
- In terms of SaaS market value in 2020, North America dominated. Because of the region’s growing reliance on cloud-based products and services, Europe is anticipated to be one of the primary markets for sustainable revenue generation from security as a service in the years to come.
- Since many private banks use SaaS models for email encryption, data loss prevention, and network protection, the BFSI (Banking, Financial Services, and Insurance) category is anticipated to present the biggest incremental opportunity during the projected period.
- Large businesses are implementing SaaS and cloud-based solutions to cut down on deployment expenses.
- For safe real-time access to confidential data, the manufacturing and education sectors are predicted to embrace security as a service solutions more frequently.
- Over the next 10 years, the SaaS market in the U.S. is anticipated to grow at a CAGR of roughly 16%, while that in the U.K. at 17.5%.
- Over the next ten years, the markets in China and India are expected to grow at CAGRs of about 20% and 10%, respectively.
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Discover More Helpful Information
With historical demand data from 2016 to 2020 and projected figures for the years 2021 to 2031, Persistence Industry Research offers an unbiased overview of the global security as a service market. In order to better understand the opportunities in SaaS, the market has been divided into seven major global regions based on component (solutions and services), application (network security, endpoint security, application security, cloud security, and others), and vertical (banking, financial services, and insurance, healthcare, retail, it & telecom, energy & utilities, government, and others).
Pandemic Impact Analysis of COVID-19
Because remote workers are more exposed to cyber dangers, there is a greater need to focus on cyber security. This is clear from the statistic that 47% of those who work from home fall victim to phishing scams. Cybercriminals are taking advantage of COVID-19 to intensify their criminal activities and target at-home workers who are particularly susceptible. Therefore, businesses are concentrating and improving the development and use of security measures in order to lessen the impact of cyber-attacks.
As a result of this pandemic epidemic, many businesses are boosting their spending budgets for security solutions to combat the rising amount of cyber-attacks and threats. Additionally, cybersecurity service providers and technology are refocusing their efforts to better serve current demands for business continuity, remote work,
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