Security Assurance Market Key Players Analysis and Growth Forecast by 2031

The security assurance market is expected to register a CAGR of 10.6% during 2023–2031. The growing acceptance of IoT and BYOD is likely to remain a key trend in the market.

Security Assurance Market Analysis

• The surge in the use of cloud-based services is propelling the security assurance market forward. The ongoing advancement of technologies and software in the BFSI sector underscores the critical need for security assurance to fend off threats and maintain robust security measures within enterprises.
• Conversely, the increasing uptake of security assurance in Small and Medium Enterprises (SMEs) is anticipated to offer substantial opportunities to the security assurance market.

Security Assurance Market Overview

• Security Assurance helps to minimize risk from cyber threats and data loss. Security assurance provides customized product security as per customers' preferences. It ensures that information is secure and helps in the decision-making process. Moreover, it also helps to secure real-time confidential data.
• Moreover, the rise in apprehensions regarding cyberattacks and the increasing threat of phishing and malware within businesses are driving the expansion of the worldwide security assurance market. Additionally, the influence of IoT and BYOD is contributing to the positive development of the security assurance market.

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Security Assurance Market: Strategic Insights

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Security Assurance Market Drivers and Opportunities

Rising Adoption of Cloud-Based Services in Organizations

• The increasing integration of cloud-based services in organizations results in a greater volume of real-time sensitive data. This creates a significant imperative for safeguarding this data, thereby propelling the growth of the security assurance market.
• The shift towards remote work culture within organizations directly influences the security of confidential information, thereby necessitating the adoption of security assurance measures. Cloud-based services require regular updating to address the escalating threat of cyber-attacks, making security assurance instrumental in safeguarding organizations from such risks.

Growing Adoption of Security Assurance in Small and Medium Enterprises (SMEs)

• The increasing embrace of security assurance within enterprises is aimed at safeguarding their business operations, such as sales, employee training, and financial standing. Additionally, real-time data used for decision-making is shielded from cyber threats through the execution of security assurance.
• The confidentiality and authentication of both small and medium-sized enterprises are further bolstered with the assistance of security assurance. Furthermore, the protection of enterprises' intellectual property rights (IPR) is also ensured through security assurance measures.

Security Assurance Market Report Segmentation Analysis

Key segments that contributed to the derivation of the security assurance market analysis are organization size, application, and industry vertical.

• Based on organization size, the market is bifurcated into SMEs and large enterprises. The large enterprises segment held a significant market share in 2023.
• Based on application, the market is segmented into system and network infrastructure, business applications, and mobility solutions. The system and network infrastructure segment held a significant market share in 2023.
• In terms of industry vertical, the market is segmented into BFSI, manufacturing, public sector, healthcare, retail, and others. The BFSI segment held a substantial share of the market in 2023.

Security Assurance Market Share Analysis by Geography

The geographic scope of the security assurance market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

In the dynamic landscape of North America, businesses are proactively investing in emerging technologies to enhance their operational efficiency. With the intensifying competition among cloud-based service providers in the region, industry leaders are prioritizing the fortification of data security by ensuring rapid accessibility and expanding their service outreach to clients. This concerted effort is propelling the growth of the security assurance market in North America, fostering a climate of heightened protection for critical information. Moreover, the increased utilization of mobile devices stands as a foundational element contributing to the burgeoning expansion of security assurance in the region, reflecting the evolving digital ecosystem's influence on business strategies and technological advancements.

Security Assurance Market Regional Insights

The regional trends and factors influencing the Security Assurance Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Security Assurance Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Security Assurance Market Report Scope

Security Assurance Market Players Density: Understanding Its Impact on Business Dynamics

The Security Assurance Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Security Assurance Market are:

1. AT&T, Inc.
2. Accenture
3. Avaya Inc.
4. IBM Corporation
5. Infosys
6. Micro Focus

Disclaimer: The companies listed above are not ranked in any particular order.

Security Assurance Market News and Recent Developments

The security assurance market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the security assurance market are listed below:

• DNV, a global leader in management system certification, is pleased to announce that it has acquired Auvaro, a privately owned assurance company primarily providing information security assurance statements and management system audits.

(Source: DNV, Company Website, October 2023)

Security Assurance Market Report Coverage and Deliverables

The “Security Assurance Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Security assurance market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Security assurance market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Security assurance market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the security assurance market
• Detailed company profiles