Meticulous Research®—a leading global market research company, published a research report titled, ‘Cybersecurity-as-a-Service Market by Application (Network Security, Cloud Security, Endpoint Security, Application Security), Organization Size, Sector (BFSI, IT & Telecommunications, Retail, Healthcare), and Geography - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the Cybersecurity-as-a-Service market is projected to reach $46.6 billion by 2030, at a CAGR of 17.5% from 2023 to 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.
The Cybersecurity-as-a-Service market is segmented by application (network security, cloud security, endpoint security, application security, and other security applications), organization size (large enterprises, small & medium-sized enterprises), and sector (BFSI, IT & telecommunications, retail, manufacturing, healthcare, government, energy & utility, and other sectors). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on application, the Cybersecurity-as-a-Service market is segmented into network security, application security, cloud security, endpoint security, and other security applications. In 2023, the network security segment is expected to account for the largest share of the Cybersecurity-as-a-Service market. The large market share of this segment is attributed to the rising data and security breaches, the growing demand for filtering and monitoring network traffic, the growing number of malware attacks on enterprise networks, and the increasing need to protect connected network infrastructure.
However, the cloud security segment is slated to register the highest CAGR during the forecast period due to the rising need to secure workload on the cloud, the increasing demand for advanced threat detection solutions across industries, and the growing sophistication of cybercrimes.
Based on organization size, the Cybersecurity-as-a-Service market is segmented into large enterprises and small & medium-sized enterprises. In 2023, the large enterprises 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 highest CAGR during the forecast period.
Based on sector, the Cybersecurity-as-a-Service market is segmented into BFSI, IT & telecommunications, retail, manufacturing, healthcare, government, energy & utility, and other sectors. In 2023, the BFSI segment is expected to account for the largest share of the Cybersecurity-as-a-Service market. The large market share of this segment is attributed to the rising fraudulent activities, rising adoption of Cybersecurity-as-a-Service solutions for various financial processes, rising demand for fraud detection, and surging need for improving the agility of work and customer experience.
However, the healthcare segment is slated 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 Cybersecurity-as-a-Service measures are expected to support the growth of this segment.
Based on geography, the Cybersecurity-as-a-Service market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the Cybersecurity-as-a-Service market. North America’s major market share is attributed to the presence of prominent players offering advanced Cybersecurity-as-a-Service solutions to various sectors. Furthermore, the growing adoption of Cybersecurity-as-a-Service in BFSI, retail, and IT & telecommunications sectors, growing adoption of advanced technologies, and rising demand for cloud-based security solutions are also contributing to the growth of the Cybersecurity-as-a-Service market in North America.
However, Asia-Pacific is projected to register the fastest growth rate during the forecast period. The rapid growth of this market is driven by the growth in regional economies, growing awareness regarding cloud security among small and medium-sized organizations, and the expanding retail and BFSI sector, especially in China, Japan, South Korea, and India.
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.).
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