The Security as a Service (SECaaS) Market is estimated to grow from USD 3.12 Billion in 2015 to USD 8.52 Billion by 2020, according to a new market research report from MarketsandMarkets.
The report, Security as a Service Market by Solution (Email Encryption, SIEM, IAM, Endpoint Protection, IDS/IPS, Data Loss Prevention and Others), by Service, by Application, by Organization Size, by Vertical, by Region – Global Forecast to 2020, estimates that the SECaaS market will grow at a Compound Annual Growth Rate (CAGR) of 22.2% over the next four years.
For their report, MarketsandMarkets segmented the SECaaS market based on solutions, services, application areas, organization size, and regions. As indicated by the reports excessively lengthy title, solutions, and services covered in the report include SIEM, IAM, Endpoint protection, IDS/PA, DLP, and more.
Of the regions covered in the report (North America, Europe, Asia-Pacific (APAC), Middle East &Africa (MEA), and Latin America), North America is, unsurprisingly, expected to have the largest market share and would dominate the SECaaS Market from 2015 to 2020, due to the presence of a large number of SECaaS vendors in the United States.
However, the APAC region offers tremendous growth opportunities for the SECaaS Market, according to the report. MarketsandMarkets notes that “countries in APAC are investing heavily to increase the development of data loss prevention, intrusion detection systems, and endpoint security solutions.”
As for industry-specific SECaaS adoption, MarketsandMarkets claims that the healthcare vertical has the largest market size in the market, citing an increase in hacks and attacks aimed at the industry such as recent attacks on AHMC Healthcare office near Los Angles as the primary driver for SECaaS adoption. Similarly, the retail vertical, which also manages large volumes of valuable consumer data is also expected to witness traction in the forecasted period.
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