Security as a Service Market by Component (Solution and Service), Application (Network Security, Endpoint Security, Application Security, and Cloud), Organization Size (SMEs, Large Enterprises), Vertical, and Region - Global Forecast to 2026

Northbrook, IL 60062 -- (SBWire) -- 03/01/2023 --The 2022 Cloud Computing Survey from Foundry (formerly IDG Communications, Inc.) states that 72% of IT decision-makers (ITDMs) say their organization is defaulting to cloud-based services when upgrading or purchasing new technical capabilities. The massive pandemic-driven shift to remote work has kicked the evolution toward cloud-first IT infrastructure into high gear.

The majority (69%) of companies have accelerated their cloud migration over the past 12 months, and the percentage of companies with most or all IT infrastructure in the cloud is expected to leap from 41% today to 63% in the next 18 months. ITDM's are also looking toward the future, with the 52% of ITDMs saying that they consider Software-as-a-Service the biggest cloud growth area, followed by Platform-as-a-Service (38%), Security as a Service (37%), and Infrastructure-as-a-Service (36%).

As per MarketsandMarkets Analysis, the global Security as a Service Market represents an opportunity of USD 23.8 billion. The SECaaS Market is expected witness high growth of about 14% during the forecast period. The key growth driver of the SECaaS market are mandates to follow regulatory and data protection laws, increase in demand for cloud-based security solutions among SMEs, and high cost and risks in managing on-premises security solutions.

Security as a service (SECaaS) is a cloud-based model wherein security vendors secure and maintain the enterprise network, application, and data over the cloud. It is a security management approach, which enables the provisioning of security solutions and services from the cloud. It is an outsourcing service, which benefits an organization in several ways, such as reduced costs, ease of IT security, scalable security services, and continuous support. It enables organizations to access and implement robust security practices. Security services are integrated with the enterprise infrastructure, safeguarding enterprises' essential assets from external and internal threats.

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Value Addition To Cybersecurity Companies

SECaaS allows companies to use an external provider to handle and manage cybersecurity. Outsourced security solutions cover services like data loss prevention, antivirus management and intrusion detection. By using a SECaaS vendor, companies benefit from the expertise and innovation of a dedicated cybersecurity team specializing in the intricacies of preventing breaches in a cloud computing environment. SECaaS is a comprehensive solution that helps an organization address any security issue without needing its own dedicated security staff. By outsourcing its security needs, the organization can focus on generating more business as opposed to locking down its digital assets.

During migration towards cloud environment and beyond, SECaaS vendors address security threats, including data breaches, phishing scams and distributed denial of service attacks. A SECaaS vendor combats these threats by using the cloud to integrate its services with companies existing infrastructure.

SECaaS solutions help customers protect their critical assets, such as network, endpoint, cloud, database, application, and web, with greater visibility and control. The model delivers solutions, such as IAM, encryption, vulnerability management, and disaster recovery, over the cloud. SECaaS providers incorporate various regulations into their offerings to maintain the security and privacy of the customers' data and ensure compliance across enterprise assets.

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The cloud based SECaaS model is favorable for customers due to various factors, such as scalability, streamlined delivery mechanism, attractive pricing, and reduced overhead in hardware management. The model's advantages include updated security solutions, fast user provisioning, cost reduction, and easy in-house IT management. Enterprises adopt scalable SECaaS solutions that identify and mitigate these threats in real time, minimizing the overhead expense in managing enterprise assets and risks of advanced threats. Such adoption for SECaaS can be attributed to increasing awareness and investment in cloud delivered solutions and services across global organizations.

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