LONDON--(BUSINESS WIRE)--The global SaaS security market is expected to grow at a CAGR of more than 22% during the period 2018-2022, according to a new market research study by Technavio.
The report categorizes the global SaaS security market by service (IAM authentication, e-mail security, web-security, SIEM, and others), by end-user (BFSI, healthcare, government, and others) . The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increasing use of SaaS application among enterprises
SaaS applications are experiencing a steady growth among enterprises by replacing on-premise applications. SaaS applications help organizations save infrastructural and maintenance cost. It also supports high automation and scalability, apart from giving cost optimization benefits. As enterprises begin to understand the benefits of SaaS applications, they are more likely to adopt SaaS applications as it helps free organizational resources and enables them to concentrate on their core services. This increased adoption of SaaS applications to reduce operational cost and improve efficiency will encourage vendors to invest in SaaS security. Hence, this will drive the SaaS security market.
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Market trend: increasing use of AI for SaaS security
SaaS security vendors are planning to add AI technology to improve SaaS security portfolios. Incorporating AI will add new adaptive access capabilities, risk monitoring capability, and help SaaS applications with automated threat detection. AI will have built-in user behavior analytics (UBA) engine, which will establish a unique historical baseline, such as Microsoft Office 365, Box, and others, for every user and SaaS application.
“Every time a user accesses the SaaS application, the AI will compare that with a baseline to check for any anomaly or risky behavior. If an anomaly or risky behavior is found, then AI will write an incident response through integration with third-party ticketing and incident management systems. Hence, AI will help vendors in improving SaaS security. Thus, it will lead to the growth of the SaaS security market among SaaS vendors,” says a senior analyst at Technavio for IT security research.
Market challenge: lack of network infrastructure
As the effects of SaaS security solutions are based on the availability and quality of the network infrastructure, one of the major requirements for efficient performance of SaaS security solutions is a strong and robust network infrastructure. However, developing regions and even some parts of the developed regions are still plagued with weak network infrastructure, which hampers the performance of SaaS security solutions, making SaaS application vulnerable to cyber-attacks. Thus, despite the technological advances of SaaS security solutions, the improper infrastructure may result in latency issues.
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Some of the major contributors in the global SaaS security market:
- Cisco Systems
- McAfee
- Symantec
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