Global Security as a Service Market Analysis and Forecast to 2022 | Growth Opportunity Assessment
Princeton, NJ -- (SBWIRE) -- 06/18/2018 -- Research Cosmos forecasts the Security as a service market size to grow from USD 3.12 Billion in 2015 to USD 8.52 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 22.2%. The increasing cloud adoption among the enterprises, to reduce cost and increase operational efficiency, has created demand for cloud security. The major factors contributing to the growth of the market are increasing demand for cloud-based security, shift from traditional security to advanced security, and high on-premise security costs for organizations.
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The scope of this report covers the Security as a service market by solution, service, application area, organization size, vertical and region. The endpoint protection solution is expected to dominate the market, contributing the largest market share during the forecast period. The market is also projected to witness growth in the Security Information and Event Management (SIEM) solution and Intrusion Detection and Prevention Systems (IDS/IPS) during the forecast period. Email encryption solution is expected to play a key role in the Security as a service market and is expected to grow at the highest CAGR in the next five years. With the increase in advanced persistent attacks (APTs) and targeted attacks, email encryption solution is gaining wide adoption among enterprises as email communication has become a primary mode of communication for enterprise users.
The training and education services segment is expected to dominate the Security as a service market in market size. However, consulting services is expected to grow with the highest CAGR in the next five years. Similarly enterprises segment is expected to demand more of security services as compared to SMEs.
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North America is expected to have the largest market share and would dominate the Security as a service market during the forecast period. The market in APAC offers potential growth opportunities for the market and is estimated to grow at the highest CAGR during the forecast period. APAC and MEA markets are investing heavily on SECaaS solutions to increase their security infrastructure in order to tackle cyber-attacks. The region is also increasingly outsourcing its network infrastructure security as it may not be in a position to handle complex and multiple cyber threats.
A wide range of security solutions suites are offered by various vendors often with discounts and sometimes as bundled services, for free. These products and services perform similar tasks to the products offered by the major vendors and are usually available at cheap prices through widespread distribution networks. This can act as major factor restraining the growth of the Security as a service market. The major vendors in the Security as a service market include Symantec Corporation, Cisco Systems, Trend Micro, Panda Security, CipherCloud, McAfee, and others. These players adopted various strategies, such as mergers and acquisitions, partnerships, collaborations, and new product launches to cater to the needs of the market.
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