Security As A Service Market Segments, Opportunity, Growth and Forecast By End-use Industry -2028

The Security As A Service Market is projected to reach US$ 34,854.10 million by 2028 from US$ 13,712.87 million in 2022. It is expected to grow at a CAGR of 16.8% from 2022 to 2028.

Over the past few years, companies have experienced significant changes due to the rise of digitalization, Industry 4.0, and smart device growth, leading to a rise in smart and connected devices worldwide. To enhance customer service, enterprises in all industries have adopted varying levels of digitalization, resulting in a significant increase in data generation and personal information storage. However, the rapid expansion of digitalization and data creation has also attracted new forms of cyber-attacks and crimes.

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The List of Companies -
1. Alert Logic, Inc.
2. Barracuda Networks, Inc.
3. IBM Corporation
4. McAfee LLC
5. Microsoft Corporation
6. Radware
7. Trend Micro Incorporated
8. Clearswift
9. Silversky
10. Zscaler, Inc.

Countries worldwide have implemented stringent cybersecurity regulations. For example, India's Ministry of Electronics and Information Technology (MeitY) launched the Cyber Suraksheet Bharat program to establish a robust cybersecurity ecosystem in India, in line with the government's "Digital India" vision. The National E-Government Division (NeGD) supported this initiative. As a result of the Indian government's cybersecurity efforts, there has been a rapid shift in the governance structure, emphasizing the need for sound governance. The program encourages CISOs and IT personnel from all government agencies to educate themselves on cybercrime and develop self-defense skills.

Similarly, the Singapore Cybersecurity Act mandates that businesses establish a strong infrastructure to enhance cybersecurity while fostering global partnerships. It is expected that such government policies aimed at mitigating potential cyber threats and attacks will create new business opportunities in the security-as-a-service market during the projected period, thereby boosting market growth.

Europe has prioritized infrastructure investment and cybersecurity funding as a top priority. As the demand for robust security in the Banking, Financial Services, Insurance (BFSI), and Defense sectors increases, the Security as a Service market is expected to expand significantly in the near future. Eurostat data suggests that the growing adoption of cloud-based services, Advanced Persistent Threats (APTs), and mobile internet usage by young people presents a significant opportunity for cybersecurity vendors in the European Security as a Service market. With the internet becoming more accessible, affordable, and quicker, the cybersecurity of connected devices, PCs, and wearables is declining due to data breaches, malware, and phishing attacks.

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In the current era, information security has emerged as a crucial aspect of national security. Many critical systems such as vehicle control, signal processing, communication, surveillance, and weapons rely heavily on computerization. This makes military organizations highly vulnerable to cyber attacks, which can have severe consequences. In response, the military industry, like many other industries worldwide, is working with experts and all stakeholders to increase awareness and provide secure cyberspace by utilizing resilient and robust cybersecurity technology. Such initiatives are anticipated to boost the growth of the security as a service market.

To security as a service market player, various factors are contributing to generating maximum revenue. One such factor is the emergence of telecom fraud, which is causing significant revenue loss for operators worldwide. According to Infosys Limited, uncollected revenue and fraud have cost operators up to US$ 30 billion. The adoption of OTT data services and technological innovations such as IoT and 5G in the telecom sector has led to a rise in internet users and customer uptake. Additionally, the increasing use of artificial intelligence (AI), deep learning, and big data analytics across different applications in the aerospace, automotive, manufacturing, and military & defense sectors has boosted the demand for smart electronics. All these developments are expected to aid security as a service market player in generating higher revenues.

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