Global Cyber Security as a Service Market is projected to record the CAGR of nearly 12.8% over the period from 2020 to 2026.
The global Cyber Security as a Service Market is projected to record the CAGR of nearly 12.8% over the period from 2020 to 2026. The report offers assessment and analysis of the Cyber Security as a Service market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Digital networks are of key significance for any firm and hence their security is the key as well as major priority to any organization. With IT firms moving towards digitization of their businesses, the challenges of cybersecurity have propped up. It has become the key task for cybersecurity service providers – either in-house or outsourced- for ensuring the security of the data of the organization, employee’s personal information, and the clients of the firms.
Cybersecurity as a service has become an enabler rather than becoming an obstacle to digitization and has added value to the digital ecosystem. Furthermore, cybersecurity as a service assist the companies evaluate their digital resilience and determine & prioritize the key assets of the firm for protection. Apart from this, it also helps in protecting the confidentiality of the vital data of the firm from cyberattacks without diminishing the ability of firm to innovate and adds value to technological investments.
Market Growth Dynamics
Cybersecurity as a service assists the firms in enhancing risk management activities, apply quantitative risk analytics, and develop effective cybersecurity solutions for improving the value chain activities of the business. Apart from this, cybersecurity as a service supports next-gen of enterprise technology platforms including robotics, cloud-based operating models, and agile development. All these aforementioned factors will catalyze the growth of cybersecurity as a service market in the years ahead.
Furthermore, with firms trying to provide both soothing and seamless digital experience for customers, the market is slated to gain momentum over the coming years. Additionally, the decision of procuring of cybersecurity as a service by the firms is influenced by their needs to provide robust security to cyber infrastructure, intellectual property, and private data. Additionally, the market is anticipated to garner huge proceeds over the coming years due to its spectrum of applications across military & defense, medical, and pharmaceutical sectors. Cybersecurity plays a major role in combating cybercrimes, providing firewalls in defense cyber activities for safeguarding & ensuring national security, and medical cybersecurity equipment for patient safety, thereby steering the business trends. Cybersecurity as a service has majorly influenced and impacted three key domain areas: people, processes, and technology in particular.
Moreover, cybersecurity helps the firms in identifying as well as monitoring high risk group such as those employee groups carrying out the tasks or work of personal data identification. The cybersecurity also helps the firm to avoid the leakage of key information through various means like cyberattacks or hacking. Additionally, cybersecurity service providers also helps in enhancing the awareness about social engineering among the employees and enhance multifactor authentication for staff working from distant locations. In addition to this, cybersecurity expert’s help in providing strong security to cloud-based virtual desktop applications, shadow IT systems, VPNs, cell-centers, bank-teller interfaces, and other facility-based apps & remotely accessed apps through deployment of compensating controls. Apparently, the cybersecurity as the service assists in reducing patching or patch cycles for critical systems like virtual private networking, cloud interfaces, and end-point protection required for carrying tasks from remote places.
North America To Contribute Majorly Towards Overall Market Revenue Share During 2020-2026
The regional market growth during the forecast timeline is owing to rise in the digitization and surge in the number of connected devices. Furthermore, the U.S. and Canada are predicted to be the major regional revenue pockets over the forecast timespan.
Key players influencing the market growth include Qualys, Microsoft, Palo Alto Networks, RSA Security, Cisco Systems, Check Point Software Technologies, AWS, Splunk, Cyberark, FireEye, F5 Networks, Fortinet, Symantec, Forcepoint, IBM Corporation, F-Secure, Juniper Networks, Imperva, Micro Focus, McAfee, Oracle, Proofpoint, Rapid7, Sophos, and Trend Micro.
The global cyber security as a service market is segmented as follows:
By size of organization:
By security type:
By end-user industry:
Decision of procuring of cybersecurity as a service by the firms is influenced by their needs to provide robust security to cyber infrastructure, intellectual property, and private data will steer Cybersecurity as a service market growth in the forthcoming years.
The CAGR of the industry is expected to be approximately 12.8% during the forecast timespan.
North American region will contribute sizably towards the global market revenue over the estimated timeline.