Security as a Service Market Size, Trend & Growth Analysis 2028

Security as a Service Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Service), Organization Size (SMEs and Large Enterprises), Application (Network Security, Endpoint Security, Application Security, Cloud Security, and Others), and Vertical (BFSI, Government & Defense, Retail, Healthcare, IT & Telecom, Energy & Utilities, Manufacturing, and Others)

Publication Month : Jun 2022

  • Report Code : TIPRE00012030
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 177
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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.

Security as a service is a technique to supply security solutions to an organization for data centers or regional gateways. As it helps enable secure access to apps, it has become a crucial approach for enterprises to increase their mobile and cloud deployments. To increase enterprises' application security, various security solutions are deployed. Data loss prevention (DLP), compliance solutions, advanced malware prevention, cloud access security brokers making decisions, and continuous monitoring are just a few of the security solutions offered. Service providers charge organizations a reasonable monthly fee for their services. Due to these benefits, end-use industries are increasingly approaching market players, which is anticipated to fuel the global expansion of the security as a service market. Organizations utilize security as a service extensively because it offers a number of advantages over traditional approaches, including speedier operations, ongoing virus updates, cost-effective solutions, and faster operations.

The global demand for security solutions is also growing due to the rising digitization and the use of cloud-based services across various industries. Many companies have recently adopted business apps, bring-your-own-device (BYOD) guidelines, choose-your-own-device (CYOD) trends, and other technology. Concern over the integrity and confidentiality of organizational data has grown due to these trends. Over 3.7 billion people use email globally, and 269 billion emails are sent daily as a result of the development of electronic marketing methods. This provides huge opportunities for hackers to send spam emails to users to obtain crucial information about them. Most security problems begin with phishing emails used by hackers to mislead victims into giving them access to accounts, logins, or financial information before moving on to technical hacks. Hence, the rising importance of cybersecurity strongly promotes the security as a service market growth.

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Security as a Service Market: Strategic Insights

Market Size Value inUS$ 13,712.87 Million in 2022
Market Size Value byUS$ 34,854.10 Million by 2028
Growth rateCAGR of 16.8% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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Impact of COVID-19 Pandemic on Security as a Service Market Growth


The continuous growth in the number of novel coronavirus-infected patients compelled government authorities to impose stringent lockdowns across the US and other regions in the first 3 quarters of 2020. The manufacturing sector witnessed severe losses due to temporary factory shutdowns while most enterprises were forced to shift towards remote working setups. The rising uptake of work-from-home policy triggered a rise in cyber-attacks and the requirement for protection from the same. Small and medium enterprises were forced to raise their expenditure on network security solutions. In lieu of such effects of the pandemic, the security as a service market size was positively impacted. In the US, a sharp increase was witnessed in phishing and malware distribution using COVID-19-themed lures and the registration of new domain names with coronavirus- or COVID-19-related terms.

The region also witnessed heightened online transactions, which further attracted cyber criminals. Hence, enterprises started focusing on cybersecurity infrastructure to protect customers and employees. This created great growth opportunities for market players. Microsoft reported that between February and May 2020, 19 million phishing and ransomware attacks with a Covid-19 theme were also detected in Asia Pacific. Since several individuals were forced to work from hastily created less secure environments during the pandemic, the growing use of cloud-based services became a hotspot for cyberattacks. Hence, COVID-19 positively influenced global security as a service market growth.

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Market Insights – Security as a Service Market

Significant market prospects are created by the rise of e-business, growing awareness of data protection, the trend of bring-your-own-device (BYOD), and acceptance of managed security measures. The use of cloud technologies has grown significantly over time, which has increased the demand for more dependable and affordable security solutions. The IT infrastructure has grown more complicated and heterogeneous over the past 5 years due to the introduction of new platforms, BYOD regulations, CYOD trends, business apps, and other technologies. BYOD and CYOD trends are becoming more and more common in business settings due to the quick improvements in mobile computing. Organizations are signing up for security services to shield devices, such as smartphones, tablets, desktop computers, and laptops from cyber dangers as a result of the BYOD model's adoption. Such trends are inherently driving security as a service market.

Organization Size-based Insights

The security as a service market, by organization size, is segmented into large enterprises and SMEs (Small and Medium Enterprises). The SMEs segment is expected to register a higher CAGR during the forecast period. As per the World Bank, SMEs contribute ~40% of GDP and ~60% of total employment in emerging economies. With the rising number of SMEs focused on simplifying the operations and reducing the operational costs, the security as a service market players are witnessing a significant demand for security solutions from this segment. As digitalization opens newer avenues for the SMEs segment, a higher growth rate is forecasted for this segment in the security as a service market.

The security as a service market is analyzed on the basis of component, organization size, application, and vertical. Based on component, the market is bifurcated into solutions and services. By organization size, the market is segmented into SMEs and large enterprises. By application, the market is segmented into network security, endpoint security, application security, cloud security, and others. Based on vertical, the market is segmented into BFSI, Government & defense, retail, healthcare, IT & telecom, energy & utilities, manufacturing, and others. Based on geography, the security as a service market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM).

Alert Logic, Inc., Barracuda Networks, Inc., IBM Corporation, McAfee LLC, Microsoft Corporation, Radware, Trend Micro Incorporated, Clearswift, Silversky, Zscaler, Inc. are the key Security as a Service market players.

Market players are strongly focusing on mergers and acquisitions. Here is a snapshot of the recent developments in the Security as a Service market:

  • In 2022, HelpSystems announced its plans to acquire Alert Logic to provide customers with a hybrid IT approach to address the shortage of cybersecurity skills.
  • In 2022, IBM Corporation announced its plans to acquire Randori, a provider of offensive cyber protection and attack surface management. IBM intends to combine Randori's software with the extended detection and response (XDR) features of IBM Security QRadar, according to ITPro.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Component, Organization Size, Application and Vertical

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

What is the estimated global market size for the security as a service market in 2021?

The global security as a service market was valued at US$ 12,156.8 Mn in 2021

What are the driving factors impacting the global security as a service market?

The driving factors impacting the Security as a service market are increasing adoption of cloud infrastructure and increasing government initiatives to promote cyber security

What are the future trends of the security as a service market?

The Future trends impacting the security as a service market are multi cloud infrastructure.

Which countries are registering a high growth rate during the forecast period?

US, Germany, India, South Africa, and Brazil are the countries are registering a high growth rate during the forecast period.

Which are the key players holding the major market share of security as a service market?

The key players holding the major market share of security as a service are Alert Logic, Inc., Barracuda Networks, Inc., IBM Corporation, McAfee LLC, Microsoft Corporation, Radware, Trend Micro Incorporated, Clearswift, Silversky, Zscaler, Inc.

Which is the fastest growing regional market?

APAC is the fastest-growing regional market in the global Security as a service market in 2021.

What is the incremental growth of the security as a service market during the forecast period?

The incremental growth of the security as a service market during the forecast period is US$ 21,141.2 million with a CAGR of 16.8%

Which is the leading component segment in the security as a service market?

The solution segment led the security as a service in 2021.

What will be the global market size for the security as a service market by 2028?

The global security as a service market size is projected to reach US$ 34,854.1 Mn by 2028.

The List of Companies - Security As A Service Market

  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.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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