Security as a service Market Size, Share, Growth Analysis, By Component(Solutions and Services), By Solution(Business Continuity and Disaster Management, Continuous Monitoring, Data Loss Prevention, Encryption), By Service(Training and Education, Consulting, and Support and Maintenance), By Application(Network Security, Endpoint Security, Application Security, Cloud Security), By Organization Size(Small and Medium-Sized Enterprises (SMEs), and Large Enterprises), By Vertical(Banking, Financial Services, and Insurance (BFSI), Government and Defense), By Region - Industry Forecast 2024-2031

Drivers

Increasing need for cloud-based security solutions among SMEs

• Cloud services enable organizations to integrate complementary infrastructure technologies, such as software-defined range, to create more robust and secure platforms Governments in many countries provide special guidelines and regulations for cloud platform security, and the cybersecurity market is growing globally, as most SMEs are in the Software-as-a-Service (SaaS) and Infrastructure-as-a-Service (IaaS) verticals are the main targets of cybercriminals to exploit weaknesses in their security system. Traditional hardware firewalls and security gateways fail to protect cloud-based applications from cyberattacks such as malware, ransomware, phishing, and DNS data extraction. SMEs are focusing on the adoption of cloud platforms, and security managers in these SMEs are raising the importance of cloud-based security as a service solution to improve efficiency and protect web and mobile applications and critical network infrastructure. the need to install a stack of security appliances and cloud services can be used to protect applications, data, users, and devices Cloud-based security is expected so that management solutions will scale, bringing growth opportunities to the market as SMEs seek data and information protection on the cloud. a plan to deal with concerns.

Restraints

Organizations’ doubts related to cloud-based security

• For security reasons, organizations are skeptical about the overall adoption of cloud-based security solutions. According to Rights Cale’s State of the cloud report. Despite the economic benefits of cloud-based security, organizations prefer to manage their data and applications on-premises. IT professionals who are comfortable interacting with on-premises security applications tend to have more anxiety when moving to cloud-based security because they fear losing ownership and control. The frequency of cyberattacks is increasing exponentially in today’s complex IT security environment. They also believe that cloud-based standards are not yet mature enough to meet IT security requirements. Although there has been progress in the adoption of cloud-based security solutions, awareness of the potential risks and threats associated with these solutions is low among organizations. The skepticism of organizations migrating to the cloud prevents the development of security as a service market.