Cybersecurity-as-a-Service Market to Reach $46.6 Billion by 2030 at a CAGR of 17.5% During 2023–2030. The growth of the Cybersecurity-as-a-Service market is being driven by several factors, including the increasing significance of cybersecurity in the banking sector, the growing number of data breaches and cyber-attacks, the rising trend of BYOD (bring your own device) in enterprises, and government initiatives aimed at encouraging the adoption of cybersecurity solutions. However, organizations' concerns regarding the security of cloud-based solutions restrain the growth of this market.
Furthermore, the increasing adoption of cloud security solutions among SMEs and the healthcare sector's growing adoption of Cybersecurity-as-a-Service solutions are expected to create growth opportunities in the market. However, one of the major challenges for players operating in this market is the lack of awareness and misconceptions regarding Cybersecurity-as-a-Service solutions among potential customers.
Growing Adoption of Cloud Security Solutions Among Businesses to Drive Market Growth
In today's modern connected world, the trend toward cloud deployments is on the rise, and leading industry experts predict this trend to continue in the coming years. Organizations are moving their workloads to the cloud to gain more agility, reduce time to market, and lower expenses.
Additionally, advanced technologies, such as the IoT and Industry 4.0, have contributed to the increase in the data stored on the cloud. With the emergence of the BYOD and WFH trends and increasing internet penetration across new markets, organizations are progressively inclined to use cloud services, driving the need for cloud security. Thus, cloud security is vital in protecting organizations transitioning to the cloud against cyberattacks.
However, organizations’ transition to cloud servers has resulted in a surge in cyberattacks. For instance, cloud-based attacks rose by 630% between January and April 2020. Furthermore, in 2020, 39% of healthcare organizations suffered ransomware attacks in the cloud. Thus, cloud security has emerged as an effective way for organizations to minimize security issues. Some of the security issues in the Cloud are as follows:
- Unauthorized access to application functionality or data
- Exposed cloud services due to misconfiguration
- Hijacking of user accounts because of poor encryption and identity management
- Data leakage from insecure APIs or other infrastructure endpoints
- Distributed denial of service (DDoS) attacks due to poorly managed resources
Organizations are now opting to deploy cloud-level security monitoring for both public and private clouds to facilitate vulnerability detection for IoT devices. Thus, the benefits of cloud security as a service have encouraged their wide-scale adoption, which is driving the growth of cybersecurity as a services market.
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Key Findings in the Cybersecurity-as-a-Service Market Study:
In 2023, the Large Enterprise Segment is Expected to Account for the Largest Market Share
Based on organization size, in 2023, the large enterprise segment is expected to account for the larger share of the Cybersecurity-as-a-Service market. The large market share of this segment is attributed to the strong IT infrastructure of large enterprises, the management of cybersecurity platforms by skilled IT personnel, and the growing adoption of advanced technologies such as cloud, AI, and machine learning.
However, the small & medium-sized enterprises segment is slated to register the higher CAGR during the forecast period.
The Cloud Security Segment to Register the Highest CAGR
Based on application, the cloud security segment is projected to register the highest CAGR during the forecast period. The rising need to secure workload on the cloud, the increasing demand for advanced threat detection solutions across industries, the growing adoption of BYOD devices, and the growing significance of cloud security solutions in the BFSI sector are expected to support the growth of this segment.
The Healthcare Sector Segment to Register the Highest CAGR
Based on sector, the healthcare segment is projected to register the highest CAGR during the forecast period. The rising adoption of telemedicine devices and remote healthcare services, the rising number of cyberattacks, and the increasing need for securing connected medical devices and effective cloud security measures are expected to support the growth of this segment.
Asia-Pacific to Be the Fastest-growing Regional Market
In 2023, North America is expected to account for the largest share of the Cybersecurity-as-a-Service market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. However, the market in Asia-Pacific is slated to record the fastest growth rate during the forecast period. The infrastructural growth in APAC, especially in China, South Korea, Japan, and India, the rapid growth of regional economies, the rising adoption of advanced technologies such as cloud, AI, and machine learning, growing awareness regarding cloud security among small and medium-sized organizations, and government initiatives promoting the adoption of advanced Cybersecurity-as-a-Service solutions contribute to the rapid growth of this regional market.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants in the last 3 to 4 years. The key players operating in the Cybersecurity-as-a-Service market are Forcepoint LLC. (U.S.), Trend Micro Incorporated. (Japan), Foresite Cybersecurity Inc. (U.S.), Fortinet, Inc. (U.S.), Zscaler, Inc. (U.S.), Okta, Inc. (U.S.), Radware Ltd. (Israel), Qualys, Inc. (U.S.), CrowdStrike Holding, Inc. (U.S.), IBM Corporation (U.S.), Happiest Minds Technologies Limited. (India), Stratejm Inc. (Canada), Guidepoint Security LLC. (U.S.), Alert Logic, Inc. (U.S.), and Sophos Ltd. (U.K.).
Scope of the Report:
Cybersecurity-as-a-Service Market Assessment, by Application
- Network Security
- Network Access Control
- Data Loss Prevention
- Intrusion Detection and Prevention System (IDS/IPS)
- Other Network Security Applications
- Endpoint Security
- Endpoint Detection and Response
- Antivirus/Antimalware
- Firewall
- Other Endpoint Security Applications
- Cloud Security
- Identity and Access Management
- Disaster Recovery and Business Continuity
- Security Information and Event Management
- Intrusion Detection and Prevention System (IDS/IPS)
- Data Loss Prevention
- Risk and Compliance Management
- Cloud Access Security Broker
- Container Security
- Other Cloud Security Applications
- Application Security
- Other Security Applications
Cybersecurity-as-a-Service Market Assessment, by Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Cybersecurity-as-a-Service Market Assessment, by Sector
- BFSI
- IT & Telecommunications
- Retail
- Manufacturing
- Healthcare
- Energy & Utility
- Government
- Other Sectors
Cybersecurity-as-a-Service Market Assessment, by Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of the Middle East & Africa
Key Questions Answered in the Report:
