Cybersecurity-as-a-Service Market to be Worth $46.6 Billion by 2030
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.
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Cybersecurity-as-a-Service Market
Assessment, by
Application
·
Network Security
o
Network Access Control
o
Data Loss Prevention
o
Intrusion Detection and Prevention System (IDS/IPS)
o
Other Network Security Applications
·
Endpoint Security
o
Endpoint Detection and Response
o
Antivirus/Antimalware
o
Firewall
o
Other Endpoint Security Applications
·
Cloud Security
o
Identity and Access Management
o
Disaster Recovery and Business Continuity
o
Security Information and Event Management
o
Intrusion Detection and Prevention System (IDS/IPS)
o
Data Loss Prevention
o
Risk and Compliance Management
o
Cloud Access Security Broker
o
Container Security
o
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
o
U.S.
o
Canada
·
Europe
o
Germany
o
U.K.
o
France
o
Italy
o
Spain
o
Rest of Europe
·
Asia-Pacific
o
Japan
o
China
o
India
o
South Korea
o
Singapore
o
Rest of Asia-Pacific
·
Latin America
o
Brazil
o
Mexico
o
Rest of Latin America
·
Middle East & Africa
o
UAE
o
Israel
o
Rest of the Middle East & Africa
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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.
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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.
Key Players
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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Key
Questions Answered in the Report:
· Which are the high-growth market segments in terms of application,
organization size, and sector?
· What is the historical market size for Cybersecurity-as-a-Service
across the globe?
· What are the market forecasts and estimates for 2023–2030?
· What are the major drivers, restraints, opportunities, challenges,
and trends in the global Cybersecurity-as-a-Service market?
· Who are the major players in the global Cybersecurity-as-a-Service
market, and what are their market shares?
· What is the competitive landscape like?
· What are the recent developments in the global
Cybersecurity-as-a-Service market?
· What are the different strategies adopted by major market players?
· What are the geographic trends and high-growth countries?
· Who are the local emerging players in the global
Cybersecurity-as-a-Service market, and how do they compete with other players?
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