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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

Security as a Service Market

Global Security as a Service Market: By Component: Solutions, Services; By Application: Network Security, Application Security, Cloud Security, Others; By Organisation Size; By Vertical; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics: SWOT Analysis; Competitive Landscape; Industry Events and Developments

Global Security as a Service Market Outlook

The global security as a service market stood at a value of around USD 13 billion in 2021. The market is further expected to grow in the forecast period of 2023-2028 at a CAGR of 18.50% to reach USD 36.1 billion by 2027.

 

Global Security as a Service Market

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The Solutions Segment Based on Component Holds a Significant Share in the Global Security as a Service Industry

Based on component, the solutions segment accounts for a significant share in the market owing to the growing adoption of cloud-based solutions. This can be attributed to the significant advantages offered by the cloud-based technology, such as cost-savings, security, flexibility, mobility, insight, quality control, speed, and reduced risk of data loss, among others. The growing dependence of small, medium, and large enterprises on cloud-based solutions is likely to be a major driving factor for the market in the forecast period. Furthermore, cloud-based solutions are subject to upgradation and new features can be added to these solutions easily.

 

North America Accounts for a Significant Share in the Security as a Service Industry

The security as a service industry in North America is driven by the increased penetration of the internet of things (IoT) in the United States and Canada. The expansion of small, medium, and large enterprises in the region is likely to provide impetus to the market in the forecast period. Moreover, the growing adoption of security as a service in the government sector, owing to the rapid expansion of the military and defence sector, is likely to propel the demand for SECaaS in the region. The growing expenditure by countries like the United States to curb the growing cases of terrorism is also supporting the industry. Hence, the market in the region is expected to witness a healthy growth in the forecast period.

 

Security as a Service: Market Segmentation

Security as a service (SECaaS) is defined as a cloud-computing model which delivers security services over the internet. In other words, it is an outsourcing model which facilitates security management.

 

Global Security as a Service Market by Segment

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Based on component, the market can be segmented into:

  • Solutions
  • Services

The major applications of security as a service include:

  • Network Security
  • Application Security
  • Cloud Security
  • Others

On the basis of organisation size, the market is segmented into:

  • Small and Medium Enterprises
  • Large Enterprises

The different verticals considered in the market report include:

  • Banking, Financial Services, and Insurance 
  • Government and Defence
  • Retail
  • Healthcare
  • IT and Telecom
  • Energy and Utilities
  • Manufacturing
  • Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Security as a Service Market by Region

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Rising Application of Security as a Service in the BFSI Sector to Boost the Growth of the Industry

The rising application of SECaaS in the banking, financial services, and insurance sector is driving the global market for security as a service. This can be attributed to the rising cases of fraud, cheating, and hacking in the banking, financial services, and insurance sector. In addition to this, SECaaS reduces the cost of security hardware and simplifies security management and removes the need to employ highly trained and expensive security staff. Furthermore, it is capable of eliminating the potential threats in the banking sector by deeply analysing the schemes and business offerings. Furthermore, the market will also be aided by the rising application of security as a service in the military and defence sector owing to the rising geopolitical tension between the nations. These factors are anticipated to bolster the market growth in the forecast period.

 

Key Industry Players in the Global Security as a Service Market

The report gives a detailed analysis of the following key players in the global security as a service market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • McAfee Corporation
  • Cisco Systems Inc.
  • Trend Micro Incorporated
  • Okta Inc.
  • Lookout Inc.
  • Alert Logic, Inc.
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Component, Application, Organisation Size, Vertical, Region
Breakup by Component Solutions, Services
Breakup by Application Network Security, Application Security, Cloud Security, Others
Breakup by Organisation Size Small and Medium Enterprises, Large Enterprises, Retail, Healthcare, IT and Telecom, Energy and Utilities, Manufacturing, Others
Breakup by Vertical Banking, Financial Services, and Insurance, Government and Defence
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered McAfee Corporation, Cisco Systems Inc., Trend Micro Incorporated, Okta Inc., Lookout Inc., Alert Logic, Inc., Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface  
2    Report Coverage – Key Segmentation and Scope
3    Report Description
    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary
    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Security as a Service Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Security as a Service Historical Market (2018-2022) 
    8.3    Global Security as a Service Market Forecast (2023-2028)
    8.4    Global Security as a Service Market by Component
        8.4.1    Solutions
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Services
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
    8.5    Global Security as a Service Market by Application
        8.5.1    Network Security
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Application Security
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
        8.5.3    Cloud Security
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2018-2022)
            8.5.3.3    Forecast Trend (2023-2028) 
        8.5.4    Others
    8.6    Global Security as a Service Market by Organisation Size
        8.6.1    Small and Medium Enterprises
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Large Enterprises
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022)
            8.6.2.3    Forecast Trend (2023-2028)
    8.7    Global Security as a Service Market by Vertical
        8.7.1    Banking, Financial Services, and Insurance 
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2018-2022)
            8.7.1.3    Forecast Trend (2023-2028)
        8.7.2    Government and Defence
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2018-2022)
            8.7.2.3    Forecast Trend (2023-2028)
        8.7.3    Retail
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2018-2022)
            8.7.3.3    Forecast Trend (2023-2028)
        8.7.4    Healthcare
            8.7.4.1    Market Share
            8.7.4.2    Historical Trend (2018-2022)
            8.7.4.3    Forecast Trend (2023-2028)
        8.7.5    IT and Telecom
            8.7.5.1    Market Share
            8.7.5.2    Historical Trend (2018-2022)
            8.7.5.3    Forecast Trend (2023-2028)
        8.7.6    Energy and Utilities
            8.7.6.1    Market Share
            8.7.6.2    Historical Trend (2018-2022)
            8.7.6.3    Forecast Trend (2023-2028)
        8.7.7    Manufacturing
            8.7.7.1    Market Share
            8.7.7.2    Historical Trend (2018-2022)
            8.7.7.3    Forecast Trend (2023-2028)
        8.7.8    Others    
    8.8    Global Security as a Service Market by Region
        8.8.1    North America
            8.8.1.1    Market Share
            8.8.1.2    Historical Trend (2018-2022) 
            8.8.1.3    Forecast Trend (2023-2028)
        8.8.2    Europe
            8.8.2.1    Market Share
            8.8.2.2    Historical Trend (2018-2022) 
            8.8.2.3    Forecast Trend (2023-2028)
        8.8.3    Asia Pacific
            8.8.3.1    Market Share
            8.8.3.2    Historical Trend (2018-2022) 
            8.8.3.3    Forecast Trend (2023-2028)
        8.8.4    Latin America
            8.8.4.1    Market Share
            8.8.4.2    Historical Trend (2018-2022) 
            8.8.4.3    Forecast Trend (2023-2028)
        8.8.5    Middle East and Africa
            8.8.5.1    Market Share
            8.8.5.2    Historical Trend (2018-2022) 
            8.8.5.3    Forecast Trend (2023-2028)
9    North America Security as a Service Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022) 
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022) 
        9.2.3    Forecast Trend (2023-2028)
10    Europe Security as a Service Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022) 
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022) 
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022) 
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022) 
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Security as a Service  Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022) 
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022) 
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022) 
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022) 
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022) 
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Security as a Service Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022) 
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022) 
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022) 
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Security as a Service Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022) 
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022) 
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022) 
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022) 
        13.4.3    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape
    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    McAfee Corporation
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Cisco Systems Inc.
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Trend Micro Incorporated
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Okta Inc.
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Lookout Inc.    
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Alert Logic, Inc.
            16.2.6.1    Company Overview
            16.2.6.2    Product Portfolio
            16.2.6.3    Demographic Reach and Achievements
            16.2.6.4    Certifications
        16.2.7    Others
17    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Security as a Service Market: Key Industry Highlights, 2018 and 2028
2.    Global Security as a Service Historical Market: Breakup by Component (USD Billion), 2018-2022
3.    Global Security as a Service Market Forecast: Breakup by Component (USD Billion), 2023-2028
4.    Global Security as a Service Historical Market: Breakup by Application (USD Billion), 2018-2022
5.    Global Security as a Service Market Forecast: Breakup by Application (USD Billion), 2023-2028
6.    Global Security as a Service Historical Market: Breakup by Organisation Size (USD Billion), 2018-2022
7.    Global Security as a Service Market Forecast: Breakup by Organisation Size (USD Billion), 2023-2028
8.    Global Security as a Service Historical Market: Breakup by Vertical (USD Billion), 2018-2022
9.    Global Security as a Service Market Forecast: Breakup by Vertical (USD Billion), 2023-2028
10.    Global Security as a Service Historical Market: Breakup by Region (USD Billion), 2018-2022
11.    Global Security as a Service Market Forecast: Breakup by Region (USD Billion), 2023-2028
12.    North America Security as a Service Historical Market: Breakup by Country (USD Billion), 2018-2022
13.    North America Security as a Service Market Forecast: Breakup by Country (USD Billion), 2023-2028
14.    Europe Security as a Service Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    Europe Security as a Service Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Asia Pacific Security as a Service Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Asia Pacific Security as a Service Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Latin America Security as a Service Historical Market: Breakup by Country (USD Billion), 2018-2022
19.    Latin America Security as a Service Market Forecast: Breakup by Country (USD Billion), 2023-2028
20.    Middle East and Africa Security as a Service Historical Market: Breakup by Country (USD Billion), 2018-2022
21.    Middle East and Africa Security as a Service Market Forecast: Breakup by Country (USD Billion), 2023-2028
22.    Global Security as a Service Market Structure

Key Questions Answered in the Report

What was the global security as a service market size in 2021?

In 2021, the global security as a service market attained a value of nearly USD 13 billion.

What is the growth rate of the market?

The market is estimated to grow at a CAGR of 18.50% between 2023 and 2028.

What is the forecast outlook of the market for 2023-2028?

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 36.1 billion by 2027.

What are the major regional markets of security as a service, according to the EMR report?

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

What are the major industry drivers?

The major drivers of the market include the rapid technological advancements and the rising application of security as a service in various industry verticals including banking, financial services and insurance, healthcare, energy and utilities, and manufacturing, among others.

What are the key industry trends of the global security as a service market?

The increasing growing adoption of cloud-based security solutions is expected to be a key trend guiding the growth of the industry.

What are the major components included in the market report?

Solutions and services are the major components included in the market report.

What are the different applications of the security as a service?

Network security, application security, and cloud security, among others are the different applications.

What are the major segments based on organisation size?

Small and medium enterprises and large enterprises are the major segments explored in the market report.

What are the different verticals considered in the market report?

Banking, financial services, and insurance, government and defence, retail, healthcare, IT and telecom, energy and utilities, and manufacturing, among others are the different verticals considered in the market report.

Who are the key industry players, according to the report?

The major players in the industry are McAfee Corporation, Cisco Systems Inc., Trend Micro Incorporated, Okta Inc., Lookout Inc., and Alert Logic, Inc., among others.

Analyst Review

The global security as a service market attained a value of USD 13 billion in 2021, driven by the growing demand for cloud-based software in the military and defence sector. Aided by the growing availability of high-speed internet, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 18.50%. The market is projected to reach USD 36.1 billion by 2027.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on component, the market is divided into solutions and services. On the basis of application, the market is divided into network security, application security, and cloud security, among others. By organisation size, the market is divided into small and medium enterprises and large enterprises. The different industry verticals included in the market report are banking, financial services and insurance, government and defence, retail, healthcare, IT and telecom, energy and utilities, and manufacturing, among others. The major regional markets for security as a service are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include McAfee Corporation, Cisco Systems Inc., Trend Micro Incorporated, Okta Inc., Lookout Inc., and Alert Logic, Inc., among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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