QMI: Global Security-as-a-Service Market Size to Go Up at a CAGR of 17% by 2030

Trend Micro

The global security-as-a-service market is speculated to cross a valuation of USD 10.4 billion in 2021 and as per the projections, it will grow at a CAGR of 17% during the forecast period till 2030.

No doubt the demand for Security-as-a-service (SaaS) has increased to a great extent due to the growth in cyber threats to various corporations and businesses. With the help of Identity and Access Management (IAM) tools for example, organizations are trying to stop identity fraud. All these solutions are dependent on a centralized framework to modify user access rights and keep a check on the monitor authorization based on the access rights.

Talking about Security-as-a-Service (popularly referred to as SaaS), it delivers cloud-hosted security services on a subscription basis. SaaS is used by various businesses falling into the small, medium, and large categories due to its primary benefits for different corporate infrastructures like avoiding the costs and maintenance of on-premise alternatives, fulfilling duties of in-house security teams, and increasing security requirements with the expansion of businesses. In simple terms, SaaS is an outsourced service in which a third party is used to manage and operate security.

COVID-19 Impact on the Global SaaS Market

As mentioned by Quince Marketing Insights (QMI), their team is keeping a close track of the COVID 19 impact on the global SaaS industry and it has witnessed that the demand for SaaS is comparatively low to the pre-COVID era. On the other hand, it has also been said that the SaaS industry will again start growing at a sustainable pace by the end of the second quarter of 2021. Most of the businesses all around the globe have been adversely affected due to the lockdown imposed by various countries to tackle the spread of COVID-19.

Raw materials’ demand and supply along with product manufacturing are disturbed on a global level and the market is almost closed in various countries until now. Industries that have incurred huge financial losses due to the pandemic are aviation, electronic industries, oil, and gas. This has resulted in poor demand for a number of products and SaaS is one of the most affected ones. All these aspects have been closely monitored in the report by QMI.

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Alert Logic

Major Market Developments Mentioned in Report

  • Proofpoint’s expansion of partnership with CyberArk in 2020. It allowed the organizations to pinpoint their very attacked people (VAPs) so that they can opt for additional security policies for their high-risk users with privileged access and provide a solution for phishing attempts.
  • Thales Group’s collaboration with Google Cloud to boost the ability of enterprises to securely transfer confidential data between public cloud, hybrid, and private IT infrastructures.
  • Atlassian and McAfee’s collaboration allowed the customers of Atlassian to use McAfee MVISION Cloud to extend their security policies to their use of Atlassian services.

Key Points of The SaaS Market Report

  • Impact of COVID-19 on the global SaaS market.
  • Profiles of market leaders running their operations in the global SaaS market like Trend Micro, Panda Security, CipherCloud, Alert Logic, Digital Guardian, Proofpoint, Thales Group, Fortinet, Happiest Minds, Okta, Paladion, Radware, McAfee, Zscaler, SL, and Broadcom.
  • Important global market trends and forecasts analysis with the country-specific market analysis for up to 25 countries.
  • Major impact factor analysis over regions that consist of analysis, drivers, restraints, challenges, and opportunities that are existing in the worldwide SaaS market.
  • A brief global SaaS market analysis with the analysis of trend-based factors and insights.
  • Industry leaders’ growth strategies, competitive benchmarking, and product offering details along with their major investments in the last five years.

The report by QMI can be downloaded here.

Fortinet

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