New York, NY -- (SBWIRE) -- 10/25/2017 -- Is increasing adoption of Cloud based services luring cyber attackers for carrying out malicious activities?
As the telecom industry continues to evolve and inclines to a digital business model, leading players are increasingly adopting cloud based services. This offers many distinct advantages such as cheaper services, more computing power and easy availability of storage space. Cashing on the internet on demand model that the cloud offers, telecom companies offer more affordable, agile and enhanced services. However, relying increasingly on the cloud is a double edged sword, as the threats that cloud computing is facing from hackers and cyber attackers is immense. There are high chances that telecom companies possess personal information of individuals like names, addresses, and credit card numbers, and if this information is hacked, then there are high chances of this sensitive information being misused, resulting in identity theft and financial losses. It is in this context that the global Security as a Service market is thriving and providing the much needed security to cloud computing infrastructure, so that personal data and sensitive information of organizations doesn't get hacked and misused.
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High adoption of business services over cloud services likely to fuel the global Security as a Service market
The global Security as a Service market is expected to witness significant growth during the assessment period. This growth is expected to be primarily driven by the high adoption of business services over cloud services. To secure cloud based business applications and for reducing expenses without increasing competitive pricing of products, companies are adopting the Security as a Service model that does not require maintenance of hardware or software.
Revenue generated by the global Security as a Service market is estimated to reach nearly US$ 3,400 Mn by 2016, witnessing an increase from approximately 3,000 Mn in 2015. Large enterprise sub segment is estimated to hold the largest share among the enterprise segment due to rapid implementation of security as a service solutions for securing business applications over the cloud, accounting for nearly US$ 2,000 Mn by 2016, up from more than US$ 1600 Mn in 2015.
Telecom & IT remains the largest industry for SaaS. Healthcare, Retail & Consumer Goods, and BFSI are the other prominent industries for the global SaaS market. The risks of data loss in the healthcare industry can disrupt dozens of associated businesses such as insurance reimbursement and drug development, and with it, compromise the health of millions of patients. Cloud computing is being merged in the global finance industry, but protection of electronic transactions has necessitated the need for amalgamating a Security-as-a-Service business model. By the end of the forecast period, Healthcare and BFSI industries will account for a market value share of 20.3% and 17.7% respectively, with the global IT & Telecom sector accounting for a revenue share of nearly 30%.
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Competitive Backdrop & Enterprise-based Market Segmentation
Providing security services to large enterprises remains a lucrative revenue-generation business model for leading players. By 2026, large enterprises such as conglomerates or multinational corporations will procure about 50% share of global market value, higher than the collective revenue share of small and medium enterprises. Meanwhile, companies in the global Security-as-a-Service market have transformed from being service providers, software developers, and security platform providers to managed security service providers and integrators of Security-as-a-Service for client enterprises. Some of the leading market players profiled in this report include Intel Security, Oracle Corporation, Cisco Systems, Inc., Gemalto NV, Qualys Inc., Alert Logic Inc., Trend Micro Inc., Proofpoint Inc., Zscaler, Inc., and Okta, Inc.
The Need for Subscription-based Security Keeps Surging
Interlinked businesses within a company or within multiple corporations are exposed to the threats of network breach, now that cybercrime is at large. As a countermeasure, business operations need to be integrated with security services that safeguard the companies, not just at the "firewall" level, but at an out-and-out networking parameter. Fusing a security-based business model in an existing and complicated corporate structure can be really formidable for companies, considering the added expenditure of developing an individual security service.
Additionally, companies are not looking to further implicate their operational accountabilities by gaining a total ownership of such developed security services. Ergo, the growth of the global market for Security-as-a-Service will be primarily driven by increasing partnerships of companies with service providers offering subscription-based security. So, cost advantages of integrating a Security-as-a-Service business model will encourage more companies to upgrade security measures of their businesses.