Security-as-a-Service Market During the projected period, the global security as a service market is estimated to increase at a Compound Annual Growth Rate (CAGR) of 18.9%, from USD 11.1 billion in 2020 to USD 26.4 billion in 2025. The key drivers of the security as a service market are the requirement to follow regulatory and data protection requirements, the high cost and dangers of administering on-premises security systems, and an increase in demand for cloud-based security solutions.
Various governments and regulatory agencies have mandated both public and commercial enterprises to embrace new strategies for working remotely and keeping social distance in the wake of the COVID-19 pandemic. Since then, digital business practises have become the new Business Continuity Plan (BCP) for a variety of businesses.
Companies seeking for major contracts and contracts in regulated and vital sectors will almost certainly have strong Business Continuity Planning (BCP) and cyber resiliency procedures in place. To update their work cultures, companies are using concepts like bring your own device (BYOD) and work from home (WFH).
The COVID-19 incident has changed the mindset of a company's management and board of directors when it comes to cybersecurity. Except for the IT giants, SMBs, startups, and major organisations saw cybersecurity budgets as an inescapable Capital Expenditure (CAPEX) due to regulatory and compliance requirements. A cybersecurity policy has yet to be implemented by a number of digital agencies. This dilemma has exposed businesses to scenarios in which their IP addresses are at the mercy of their workers' actions while working remotely on company laptops with no firewall security or personal laptops with/without free antivirus software.
Over the years, sophisticated cyber-attacks have wreaked havoc on businesses, resulting in significant financial losses. To fight such disruptive attacks, firms are constantly looking for improved security solutions to employ. It is also necessary to comply with existing government data protection laws when using advanced security solutions. Data protection guidelines are critical in addressing growing concerns about the privacy of an organization's data. The constantly evolving threat landscape has resulted in a slew of government rules that must be properly followed by businesses all over the world.
Cyber-attacks have wrecked havoc on organisations throughout the years, resulting in considerable financial losses. Firms are continually looking for better security solutions to use in order to combat such disruptive attacks. When implementing modern security solutions, it is also vital to adhere to existing government data protection legislation. Data protection policies are essential for addressing growing concerns about an organization's data privacy. The ever-changing threat landscape has resulted in a host of government regulations that firms all around the world must adhere to.
Organizations can use cloud service providers to manage their infrastructure expansion and resources, decrease costs, and deliver services fast and efficiently by using security as a service. Various companies offer a variety of security solution suites at discounted pricing or for free as part of bundled services. This stifles the expansion of security service providers that offer security as a service to end users.
Security products and services accomplish comparable functions and are widely distributed, allowing them to be purchased at affordable prices. The market for security as a service is being stifled by this constraint. Free security solutions, on the other hand, have a greater commercial impact than licenced security solutions since they lack premium security capabilities and do not provide full, in-depth threat protection.
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