According to market research report “Security as a Service Market by Component (Solutions and Services), Application Area (Network Security, Endpoint Security, Application Security, Cloud Security), Organization Size, Vertical, and Region – Global Forecast to 2023″, The security as a service market size is expected to grow from USD 7.6 billion in 2018 to USD 16.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 16.9% during the forecast period.
The mandate to follow regulatory and data protection laws, high cost and risks in managing on-premises security solutions, and increase in demand for cloud-based security solutions are the main drivers of the market. The market is segmented by component (solutions and services), application area, organization size, vertical, and region. The market by solution includes business continuity and disaster recovery, continuous monitoring, Data Loss Prevention (DLP), encryption, Identity and Access Management (IAM), intrusion management, Security Information and Event Management (SIEM), vulnerability scanning, and others.
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Security and vulnerability management is the procedure in which vulnerabilities in IT are identified and the risks of these vulnerabilities are assessed. It is a proactive approach to secure sensitive data by eliminating the weaknesses of the network security, which include contingent cyber threats, such as dormant malware attack and other advanced invasion techniques. The process includes the checking and identification of risks, along with mitigation and patching of the unwanted software program. Businesses rely on the solution to quickly assess and prioritize the vulnerabilities, along with scanning the network asset information, security configuration, and threat intelligence. With the increasing instances of cyber-attacks, Internet of Things (IoT) and connected device vulnerabilities, and growing pressure from cybersecurity regulations, the SIEM segment is expected to garner the highest revenue during the forecast period.
