The new report by Zion Market Research on the “SaaS Security Industry Market — Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024" has a vast information about the market and its potential.
Sarasota, FL -- (SBWIRE) -- 04/27/2018 -- The global SaaS security industry market was valued at around USD 1,600 million in 2016 and it is expected to reach more than USD 11,200 million by 2024. The global SaaS security industry market is expected to grow at a CAGR of more than 26.5% between 2017 and 2024.
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Increasing adoption of cloud computing in various industries such as BFSI, government, healthcare, telecommunication, and others is anticipated to boost the growth of SaaS security industry market. Increased spending on the developments of cloud computing solutions will also contribute to the growth of the market. It is anticipated that the spending will reach up to USD 162 billion in 2020 which was USD 67 billion in 2015. The advanced technologies such as IoT, Big data, and others have increased the concerns related to security thus fueling the popularity of the SaaS security market.
Our research analysts during primary and secondary research observed that identity and access protection held the largest market share in 2016 and the same trend is expected to continue over the forecast period. Increasing data theft and cyber attacks are the major factors that are expected to promote the growth of the segment.
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By type, identity and access protection segment is expected to register the highest CAGR of around 29% between 2017 and 2024. With the help of identity and access management solutions, the organizations get a primary structure for the business processes for managing the electronic or digital identities. The identity and access management solutions comprise of security-policy enforcement applications, password-management tools, reporting and monitoring, apps and identity repositories. The increasing trend of facial recognition and digital identities will open up new opportunities for the growth of the segment. Following identity and access protection segment, email protection segment also anticipates growing with a significant CAGR of 27% over the forecast period owing to the increasing cases of data breaching and phishing.
On the basis of enterprise size, the market is segmented into small, medium, and large enterprises. Large enterprise segment acquired the major share of around 60% in 2016 owing to the early adoption of SaaS security. The increased adoption of the cloud-computing solutions/services majorly in the large enterprises have increased the demand for the SaaS security solutions. Growing incidences of data breaches have increased the requirement for data security, especially in large organizations. For instance, in July 2017, Equifax's (largest credit bureaus in the U.S.) faced breaching of the consumer data which included the personal information of 145 million customers. In 2013-2014, Yahoo also faced the same problem of data breaching. The SaaS security provides solutions for securing the e-mails, employee data, and also provides security to the network hence it is being widely adopted in the industries.
By end user, BFSI segment held the largest market share of 33% in 2016. Everyday BFSI industry creates a huge amount of data and this industry is shifting towards the cloud-based solutions for storing its data. The growing digital identities in every industry and the rising trend of BYOD in the organizations have increased the chances of data theft and cyber attacks. Banking and financial industry manage a large amount of consumer data such as customers' personal data, financial data, location, and identity thus BFSI industry is adopting SaaS security solutions for securing the vital information of their customers.
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North America held the largest market share in global SaaS security market in 2016. Most of the organizations in this region have adopted cloud services due to its features such as flexibility, automatic software update, disaster recovery, free capital expenditure, and data access from anywhere which has simultaneously increased the need for data security. Thus most of the U.S. based companies such as Google, Microsoft, and Amazon are making efforts in keeping their data and the customers' information safe and secured owing to which the adoption of the SaaS security solutions has increased. APAC region is also gaining the momentum in the SaaS security market and is expected to grow with the highest CAGR of around 31% in between 2017 and 2024.
The major market players in the global SaaS security industry market IBM, CA Technologies, Symantec Corporation, Gemalto NV, and others.
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