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Global Security as a Service Market to Grow at a CAGR of 18.50% During 2022-2027, Aided by the Rising Application of SecaaS in the Military and Defence Industry

According to a new report by EMR titled, ‘Global Security as a Service Market Report and Forecast 2022-2027’, the market attained a value of nearly USD 13 billion in 2021. The Global Security as a Service Industry is further expected to grow at a CAGR of 18.50% between 2022 and 2027 to reach USD 36.1 billion by 2027.

The rising application of security as a service in the military and defence sector is driving the global security as a service industry. This can be attributed to the various advantages offered by the security as a service (SECaaS) such as team extension, minimised costs, increased efficiency in the threat hunting operations, rapid incident response, and security asset management, among others. The rising cases of terrorism and geopolitical conflicts is anticipated to boost the market growth in the forecast period. Furthermore, the growing adoption of the cloud-based services in various sectors owing to the cost-effectiveness and speed is likely to provide impetus to the market.

North America is likely to account for a significant share in the market and is anticipated to witness a considerable growth in the forecast period. The small, medium, and large enterprise in the United States of America and Canada have invested significantly on the cloud-based security services and solutions. This has been a major driving factor in the market. The rising military expenditure, along with the rising demand for SecaaS from the federal investigation departments in the United States, is likely to provide lucrative opportunities to the market in the forecast period.

In November 2021, Allot Ltd. (NASDAQ: ALLT) announced that Play has launched the Allot securituy-as-a-service solution, which is a zero-touch, clientless cyber security, and content control service.

Market Breakup by Component, Application, Organisation Size, Vertical, and Region:

  • The market is segmented on the basis of component into solutions and services.
  • Based on application, the market is divided into network security, application security, and cloud security, among others.
  • By organization size, the market has been segmented into small and medium enterprises and large enterprises.
  • The verticals in the market include banking, financial services, and insurance, government and defence, retail, healthcare, IT and telecom, energy and utilities, and manufacturing, among others.
  • Region-wise, the global market for security as a service can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The market for security as a service is driven by the rising application of SECaaS software in the BFSI, healthcare, and government sector, among others, is driving the market growth. 
  • The growing adoption of SecaaS in the military and defence industry owing to the rising military expenditure in the emerging economies is anticipated to boost the market growth in the forecast period.
  • In addition to this, the market is anticipated to be augmented by the technological advancements in the small, medium, and large enterprises, which might propel the demand for SecaaS services.
  • The market will further be aided by the rapid expansion of the security providers in the developing countries owing to the thriving economic growth and increasing tech-friendly population.

Key Offerings of the Report:

  • The EMR report gives an overview of the global security as a service market for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the components, applications, organisation sizes, verticals, and regions of security as a service.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the security as a service industry are McAfee Corporation, Cisco Systems Inc., Trend Micro Incorporated, Okta Inc., Lookout Inc., and Alert Logic, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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