Market Overview
The
Global Security as a Service Market is projected to hold a market value of
USD 162.5 billion in 2024 and is expected to show promising growth as the market is projected to have a
USD 1,016.6 billion market value at a CAGR of 22.6% in the forthcoming years.
This market enables
cybersecurity all-in-one applications, which can be ordered on a subscription basis or pay-as-you-go basis. Such precautions are taken care of by outsourced suppliers, such as identity management, network security, data encryption, as well as threat detection management. The market's origin is driven by the common knowledge that there is a massive cyber threat wave, and it causes a high demand for innovative solutions that are beyond on-premise ones. Companies get scalability, adaptability, and specialized management which allows firms to concentrate on operations’ principal points while online safety is guaranteed against growing hackers and cyber security threats.
Key Takeaways
- On the basis of component, the service segment is positioned as a major driver of market growth in this market in 2024.
- In the context of application, Network security, being one of the most widely used types of cyber security as it hold the highest market share in 2024.
- The banking, financial services and insurance sectors is projected to dominate the verticals segment as they distinctly stand out, commanding a substantial 28.0% of the market share in 2024.
- North America is projected to command the global security as a service market with 40.5% of the market share in 2024.
Use Cases
- This market help in protecting endpoints across the organization's network from advanced threats, minimizing the risk of data breaches and malware infections.
- Security as service market offers cloud security solutions to safeguard data, applications, and infrastructure hosted in public, private, or hybrid cloud environments.
- This market provide security solutions to e-mail to protect organizations from phishing attacks, spam, malware, & email-borne threats.
- Threat intelligence services to help organizations detect, analyze, and respond to security incidents & emerging threats effectively.
Market Dynamic
In the context of security as a service market, several key dynamics are influencing its growth. Rapid advancements in artificial intelligence & machine learning technologies are going to be one of the major factors that will be driving the growth of this market. This dynamic landscape is marked by the continuous development of effective self-learning AI-driven security solutions.
As cyber security threats are becoming more advanced, organizations seeking advanced
generative AI solutions to fortify their defense are leading the market growth. The rising incidents of cyber security threats and breaches, various global events, budget constraints as they are costly and the growing awareness about security threats among consumers & collaborations between cybersecurity companies & AI technology giants are also shaping the future of this market further.
Research Scope and Analysis
By Component
Based on components, the service segment is positioned as a major driver of market growth in this
market in 2024 as it holds the highest market share, and the service segment is further set to hold a substantial portion of the market in the upcoming years. Such services have applications in this industry in different forms such as consulting, training, technical support as well as contract management services rendered by the cyber firm.
With the growing need for service, it is forecasted that the global security as a service market would see sizable employment. The researchers are now shifting their attention to developing pure software based on AI to services on sensor data analysis, computer vision, and deep learning algorithms as well as speech recognition. Here we illustrate a software feature that is part of a broader
artificial intelligence application and that can counter the new breed of cyber security challenges.
By Application
In the context of application, Network security is one of the most widely used types of cyber security as it holds the highest
market share in 2024 as it is used as a different set of techniques and mechanisms to block all incoming and outgoing traffic from intruders. Here a spying module declares x data coming from an approved network, data stoppage, or a hacker attack. The bundled
network security services comprise numerous segments ranging from blankets such as firewalls, intrusion detection systems, virtual private networks, and user authentication resulting in enhanced data protection levels.
This kind of challenge can be met by firewalls serving as the first line of defense against intrusions and controlling all traffic about the data immigration. they can be hardware or software-based, with their designs tailored to the end use. Data security comes of paramount significance in the interconnected world today because it stops leaks of data, privacy infringements, and capsular shielding of the system of the organization.
By Verticals
The banking, financial services, and insurance sectors are projected to dominate the verticals segment as they distinctly stand out, commanding a substantial 28.0% of the market share in 2024. In this sector major companies like IBM Security, Cisco Systems, Symantec (which now has the brand name Norton Life Lock), Fortinet, Palo Alto Networks, and Check Point. They deliver custom offerings such as managed services, threat hunt, endpoint security, and compliance readiness.
Security services that focus on rigorous regulation compliance and issues related to cyber-security, addressing financial institution data security and the safety of customers' details. Moreover, smaller niche and regional vendors become an integration of a complex competitive environment, delivering security solutions that are customized while keeping in view the particular requirements of financial institutions.
Further, the government & defense sector have also embraced the idea of using generative AI to boost their cyber security alert, safeguard critical infrastructure information, detect advanced threats and breaches, and most importantly reinforce national security. The capability to access an extensive database & real-time network traffic monitoring helps the solution to assess the security threat.
The Security as a Service Market Report is segmented on the basis of the following
By Component
By Application
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Others
By Verticals
- BFSI
- Government and Defense
- Retail
- Healthcare
- IT and Telecom
- Energy and Utilities
- Others
Regional Analysis
North America is projected to command the global security as a service market with
40.5% of the market
share in 2024 as it is further anticipated to show subsequent growth in the forthcoming period of
2024 to 2033 as well. This region's dominance can be attributed to its expanding technological ecosystem where major industries like finance, healthcare, and government are significantly facing cyber security and cyber-attack threats.
This region constantly invests in new innovative cybersecurity ideas and the growth of cutting-edge technologies to counter the increasing demand for the proper solution against security service issues. Sectors like finance and healthcare are now relying on advanced security measures to protect sensitive data, making generative AI an indispensable tool in cyber security systems. So, combining these factors shows that North America plays a pivotal role in the growth of global security as a service market.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
This market fosters various major players like Cisco Systems,
Honeywell, Samsung Techwin, Hewlett-Packard Enterprise, S2 Security, Panasonic, Bosch Security Systems, and CheckPoint Software Technologies. The competitive landscape provides an in-depth analysis of the products offered in the market by major players. These are a few of the most important players in the worldwide Security as a Service market's competitive landscape.
Additionally, a diverse array of other providers from large corporations with established cybersecurity track records to smaller businesses that have recently entered this market have combined to form the dynamic security as a service market, which even addresses the cyber security issues of organizations on a global scale.
Some of the prominent players in the Global Security as a Service Market are:
- Cisco Systems
- Honeywell
- Samsung Techwin
- Hewlett-Packard Enterprise
- S2 Security
- Panasonic
- Bosch Security Systems
- CheckPoint Software Technologies
- Siemens
- Fortinet
- Schneider Electric
- Salient Systems
- Nortek Security
- Other Key Players
Recent Development
- In December 2022 Allot Ltd., announced that Far EasTone Telecommunications (FET) in Taiwan has implemented cybersecurity threat protection and content control services for mobile customers using Allot NetworkSecure. Allot collaborates with CommVerge for integration and local support.
- In July 2023, Kyndryl enhances security services to address cyber threats, offering modular solutions and global security centers, targeting the $47 billion managed security services market.
- In August 2023, Schneider Electric launches Managed Security Services to mitigate cyber threats in operational technology environments, providing flexible solutions with 24/7 support.
- In December 2023, NRI Secure introduces "AI Red Team," a security assessment service focusing on systems utilizing generative AI, addressing vulnerabilities and risks comprehensively.
- In March 2023, Hewlett Packard Enterprise strengthens network security by acquiring Axis Security, enhancing its SASE solutions with cloud security and SD-WAN integration.
Report Details
| Report Characteristics |
| Market Size (2024) |
USD 162.5 Bn |
| Forecast Value (2033) |
USD 1,016.6 Bn |
| CAGR (2023-2032) |
22.6 % |
| Historical Data |
2018 – 2023 |
| Forecast Data |
2024 – 2033 |
| Base Year |
2023 |
| Estimate Year |
2024 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Component (Software, and Services), By Application (Network Security, Endpoint Security, Application Security, Cloud Security, and Others), By Verticals (BFSI, Government and Defense, Retail, Healthcare, IT and Telecom, Energy and Utilities, and Others) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
Cisco Systems, Honeywell, Samsung Techwin, Hewlett-Packard Enterprise, S2 Security, Panasonic, Bosch Security Systems, Check Point Software Technologies, Siemens, Fortinet, Schneider Electric, Salient Systems, NortekSecurity, and Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Security as a Service Market size is estimated to have a value of USD 162.5 billion in 2024 and is expected to reach USD 1,016 billion by the end of 2033.
North America has the largest market share for the Global Security as a Service Market with a share of about 40.5% in 2024.
Some of the major key players in the Global Security as a Service Market are Cisco Systems, Honeywell, Samsung Techwin, Hewlett-Packard Enterprise and many others.
The market is growing at a CAGR of 22.6 percent over the forecasted period.