What is Security Software as a Service Market?
Security SaaS provides cloud-based content security like email security, encryption, web security, and identity and access management. The market for security software as a service is expected to expand significantly during the forecast period due to the increasing acceptance of the BYOD (bring your own device) trend by companies, the increase in cyber-attacks and the high demand for cloud technology by small and large companies medium-sized companies will grow. In the midst of the COVID-19 crisis, the network security industry is set for sustainable growth despite the foreseeable economic turmoil. Implementing a remote work policy due to lockdowns unexpectedly puts a strain on remote network technologies and raises concerns about the security risk of the operating technology (OT) to the vulnerable security of the home network. As digital infrastructure becomes a very critical aspect of business strategy considerations, network security becomes a competitive advantage for businesses and for overhauling their remote work strategies.
The market study is being classified by Type (Endpoint Protection, Security Information and Event Management (SIEM), Identity Access Management (IAM), Intrusion Detection and Prevention Systems (IDS/IPS), Email Encryption and Data Loss Prevention (DLP)), by Application (Web, Network, Email and Cloud Database Security) and major geographies with country level break-up.
McAfee (United States), NortonLifeLock (United States), Trend Micro (Japan), Cisco Systems (United States), ZScaler (United States), CipherCloud (United States), Radware (Israel) and Alert Logic (United States) are some of the key players profiled in the study.
The companies are exploring the market by adopting expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to avail of competitive advantage through combined collaborations. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Security Software as a Service market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Security Software as a Service market by Type, Application and Region.
On the basis of geography, the market of Security Software as a Service has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- The Rise in Cyber-Attacks
- An Increase in the Use of Personal Devices by the Employees of an Organization
- Increase in the Number of Hosted Servers
Market Trend
- The Rise in the Number of Cases against the Companies Indulging In Data Theft
- The Increase in Adoption of Bring Your Own Device (BYOD) Trend among Enterprises
Restraints
- The Adoption of Free Security Solutions for Data Security
Opportunities
- The Adoption of Cloud Technology by Some of the Large Banking & Financial Services and Healthcare Industry Verticals
- Growing Number of Small and Medium Enterprises Adopting Cloud Technology
Challenges
Market Leaders and some development strategies
In September 2015, Cisco Systems acquired Portcullis to expand its cybersecurity services to enterprise clients and the government sector in the UK. This acquisition will increase Cisco Systems' ability to offer services such as risk to help clients overcome operational, robust & technical protection challenges and anticipate & respond to new threats.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Government Regulatory, Enterprise Users, Commercial Users and Industrial Users