DUBLIN--(BUSINESS WIRE)--The "Security as a Service Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Component, Organization Size, Application, and Vertical" report has been added to ResearchAndMarkets.com's offering.
The security as a service market is projected to reach US$ 34,854.10 million by 2028 from US$ 13,712.87 million in 2022 It is expected to grow at a CAGR of 16.8% from 2022 to 2028.
Companies Mentioned
- Alert Logic, Inc.
- Barracuda Networks, Inc.
- IBM Corporation
- McAfee LLC
- Microsoft Corporation
- Radware
- Trend Micro Incorporated
- Clearswift
- Silversky
- Zscaler, Inc.
In the last few years, enterprises have witnessed a host of changes. Increasing digitalization, the advent of Industry 4.0, and the growth of smart devices have increased the total number of smart and connected devices globally. To provide better service to their customers, enterprises across all industry verticals have implemented different digitalization levels. It has also increased the amount of data being generated by huge extents, along with the storage of personal information. However, the sudden increase in digitalization and data generation has also attracted new forms of cyber-attacks and crimes.
Globally, several nations have issued strict guidelines for cyber security. For instance, the Ministry of Electronics and Information Technology (MeitY) India launched the Cyber Surakshit Bharat program to develop a strong cybersecurity ecosystem in India. This is consistent with the government's goal of creating a 'Digital India.' This program was supported by the National E-Government Division (NeGD).
The need for sound governance has increased because of the Indian government's initiatives on cybersecurity, which have caused the governance structure to change quickly. The program would urge CISOs and front-line IT personnel from all government agencies to educate themselves on cybercrime and develop their self-defense skills.
Similarly, the Singapore Cybersecurity Act mandates that businesses create a robust infrastructure to make cyberspace safer while fostering global alliances. It is anticipated that such government policies to reduce potential cyber dangers and attacks will open up new business prospects during the projected period. Such factors are expected to boost the security as a service market growth, during the forecast period.
Impact of COVID-19 Pandemic on Security as a Service Market Growth
The pandemic forced enterprises to come to a halt. Mounting losses resulted in enterprises from most verticals resuming functioning remotely. Such trends required makeshift, less secure networks to be accessed by the employees of such enterprises. As such systems are highly compromised and can easily result in a security breach, organizations started to approach market players to remediate the cyber threat to their operations.
The APAC security as a service market is anticipated to experience significant growth due to the recent COVID-19 outbreak because of the rising trend of cyber-attacks involving malware and ransomware in the context of COVID-19. Enterprises are quickly adopting cybersecurity solutions since several employees have switched to remote work environments amid lockdown in various countries.
According to MasterCard Incorporated statistics, South America has been adopting contactless payment options based on cyber security solutions at a faster rate than ever before. As a result of the pandemic's seismic effects across numerous industries, the demand for internet platforms has skyrocketed. Remote working, the rise of digital payments to minimize direct human-to-human contact, and changing business strategies are all driving the incorporation of digitalization. Such trends collectively contribute to the security as a service market growth.
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Security as a Service Market Landscape
4.1. Overview
4.2. Porter's Five Forces Analysis
4.3. Ecosystem Analysis
4.4. Expert Opinions
5. Security as a Service Market - Key Market Dynamics
5.1. Key Market Drivers
5.2. Key Market Restraints
5.3. Key Market Opportunities
5.4. Future Trends
5.5. Impact Analysis of Drivers and Restraints
6. Security as a Service Market - Global Market Analysis
6.1. Security as a Service - Global Market Overview
6.2. Security as a Service - Global Market and Forecast to 2028
6.3. Market Positioning/Market Share
7. Security as a Service Market - Revenue and Forecasts to 2028 Components
8. Security as a Service Market - Revenue and Forecasts to 2028 Organization Sizes
9. Security as a Service Market - Revenue and Forecasts to 2028 Applications
10. Security as a Service Market - Revenue and Forecasts to 2028 Verticals
11. Security as a Service Market Revenue and Forecasts to 2028 Geographical Analysis
12. Industry Landscape
13. Security as a Service Market, Key Company Profiles
14. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/amqttf
