Coronavirus Business Impact – Security as a Service Market In-depth Analysis of the Industry with Future Estimations

One of the major factors responsible for the rising demand for security as a service (SaaS security) is the soaring popularity of cloud computing across the globe. Since the last few years, a majority of businesses are shifting to cloud computing and cloud-based solutions, mainly on account of the fact that the adoption of cloud-based solutions results in considerable cost savings as cloud doesn’t require any physical dedicated information technology (IT) professionals and infrastructure for efficient performance and maintenance.

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Moreover, cloud allows the users to access their data securely from anywhere in the world. The other major factor contributing to the surging adoption of security as a service is the rising number of stringent government regulations and policies pertaining to data security, in several countries.

Security as a service (SECaaS) is basically a cloud-delivered business model in which a service provider provides security services pertaining to anti-virus, anti-malware, security event management, intrusion detection, authentication, penetration testing and many other security vulnerabilities, to businesses on a subscription basis. These services are usually more effective and cost-effective than the ones provided by the corporate in-house IT team.

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Driven by the above-mentioned factors, the global security as a service market is expected to increase its revenue from $7.8 billion in 2019 to $43.4 billion by 2030, exhibiting a CAGR of 17.4% during the forecast period (2020–2030). SaaS is widely adopted for providing database security, web & e-mail security, endpoint security, and application security. Amongst these, the demand for SaaS securitry for providing database security is expected to be the highest during the forecast period, primarily due to the rising vulnerability of cloud databases to cyber-attacks and cyber-theft.