Security as a Service Market Size Worth $34.85Bn by 2028 at 16.8% CAGR, Driven by Cloud Infrastructure & Cyber Security, Deep Dive Analysis of 18+ Countries across 5 Key Regions, 50+ Companies Scrutinized

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In terms of region, APAC accounted for the third-largest share in the security as a service market. APAC includes various developed and developing economies, such as Australia, China, India, Japan, and South Korea. With the growing usage of cloud infrastructure in both developed and emerging economies, the use of cybersecurity services is anticipated to increase over the forecast period. This is expected to promote the security as a service market growth substantially.

Additionally, data vulnerability has increased due to the expansion of the wireless network for mobile devices, making cybersecurity a crucial component of every organization. Numerous developing nations in the region, including India, Sri Lanka, Pakistan, and Bangladesh, are dealing with a rising number of cybersecurity-related problems. India has seen a sharp rise in the number of cybercrime reports, and it currently ranks fifth globally in terms of DNS hijacks. Additionally, according to Gemalto, 37% of all worldwide data breaches involve stolen or compromised Indian records.

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According to the most recent report from the CISCO Cybersecurity Series, Asia Pacific nations often host a more significant percentage of their infrastructures in the cloud rather than on-premise. 52% of organizations in Asia Pacific countries felt the ease of use of cloud deployment, and 50% of the organization in the region felt cloud deployment of cybersecurity solutions offers better data security. All these factors contribute to the revenue generated in the security as a service market in APAC.

Security as a Service Market Analysis: Technology Overview

Based on the component, the security as a service market is segmented into solution and service. Security-as-a-Service (SaaS) is a business model similar to Software-as-a-Service (SaaS) in that it allows vendors to provide cloud-based solutions to clients on a subscription basis. In this situation, however, the solutions would be focused on cybersecurity to protect the customer's networks and information systems from intrusion attempts. Customers, who are typically business entities, are effectively contracting their security operations to the SECaaS service provider, who is responsible for ensuring that the customer's operations, network, and information security satisfy industry requirements. Security as a service (SECaaS) is a business model in which a service provider integrates their security services into a corporate infrastructure on a subscription basis at a lower cost than most people or organizations can supply on their own. SECaaS is based on the "software as a service" approach as applied to information security services, and it does not require on-premises hardware, which saves money. Such benefits are leading to a higher growth rate of the SaaS segment in the security as a service market.