According to the new research report, titled "Security as a Service Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 34,854.10 million by 2028, registering a CAGR of 16.8% from 2022 to 2028.
Europe has prioritized infrastructure investment and cybersecurity funding as a top priority. As the demand for robust security in the Banking, Financial Services, Insurance (BFSI), and Defense sectors increases, the Security as a Service market is expected to expand significantly in the near future. Eurostat data suggests that the growing adoption of cloud-based services, Advanced Persistent Threats (APTs), and mobile internet usage by young people presents a significant opportunity for cybersecurity vendors in the European Security as a Service market. With the internet becoming more accessible, affordable, and quicker, the cybersecurity of connected devices, PCs, and wearables is declining due to data breaches, malware, and phishing attacks.
The growth of the Security as a Service market in Europe is further boosted by the increasing adoption of the Internet of Things (IoT) and connected devices. Major European nations such as Germany, the UK, France, and Italy have a significant adoption rate of IoT and connected devices. Additionally, wearable technology is gaining recognition among European consumers due to its benefits. In recent years, Europe has experienced an increase in the severity of cyberattacks, particularly in the UK, where the number of attacks surged in 2020, making cybersecurity more critical for many sectors of the economy. These factors contribute to the growth of the Security as a Service market. IBM, Palo Alto Networks, Check Point Software Technology Ltd., Cisco Systems Inc., and Broadcom are the leading companies in the Security as a Service market in Europe. They are implementing various techniques to increase their market share in the region.
Throughout Europe, the impact of the COVID-19 pandemic varied between countries, with some experiencing a surge in cases and implementing strict lockdown measures or social isolation protocols. The countries most affected by such restrictions and limitations were Germany, Italy, the UK, Russia, France, and Turkey. The health crisis also resulted in a significant increase in cyberattacks against critical infrastructure sectors, particularly the health sector, which was heavily targeted in some EU Member States during the early stages of the crisis. For instance, the Czech Republic experienced a series of significant attacks in the spring of 2020. In response to The 2020 EU Cybersecurity Strategy for the Digital Decade, two legislative suggestions were proposed that relied on existing laws: examining the NIS Directive and the resilience of critical entities. No new laws were introduced, and the emphasis on risk management and cyber resilience from the 2013 Strategy was maintained. As a result, the market in the region was positively impacted by the outbreak.
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 Security as a service 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.
The top 5 players in the global Security as a Service market are KLA Corporation, ASML Holding N.V., Applied Materials, Inc., Onto Innovation, Inc., and Hitachi High-Technologies Corporation in 2021. The positioning of these "Five Key Players" is derived by giving weightage to the following key performance parameters: overall revenue, segment revenue, geographical reach, customer base, new product launches, market initiatives, investment in technology up-gradation, R&D investments, mergers & acquisitions, and other market-related activities. JEOL Ltd., Nova Ltd., Nikon Metrology N.V., Thermofisher Scientific Inc., and Lasertec Corporation are notable market players profiled in the global Security as a Service market.
Key Findings of Market Study
The global security as a service market ecosystem comprises of system integrators, security as a service vendors, and end-users. System integrators offer Infrastructure as a Service (IaaS), Software as a Service (SaaS), and Platform as a Service (PaaS) to their customers. Meanwhile, security as a service vendors provide software modules that incorporate various business functions related to security management. For instance, Infosys Limited offers a retail fraud management solution called POS Fraud Management, which performs predictive analytics, rules/risk repository, case/workflow management, video analytics, and reporting and analytics to detect potentially fraudulent activities. End-users of the security as a service market include various industry verticals such as healthcare, BSFI, Media and Entertainment, and ICT.
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