sb-as logo
Story image

Security-as-a-Service market to have CAGR of 17.1% through to 2026

11 Apr 2017

The term ‘As-a-Service’ has stormed onto the scene in recent years, and new research has revealed it’s not going anywhere anytime soon.

The Persistence Market Research (PMR) report made some incredible findings around the Security-as-a-Service (SaaS) sector in particular.

SaaS has become a realistic option for enterprises that are looking to integrate their business infrastructure with the latest security systems. What’s more, trends such as cloud computing and Internet of Things (IoT) will continue to encourage businesses to adopt SaaS business models for gaining lucrative cost benefits.

The global market for SaaS raked in US$3.3 billion in 2016, and is expected to maintain a strong 17.1 percent compound annual growth rate (CAGR) to 2026.

While the application of SaaS will remain high in the Telecom & IT sector, its implementation in industries like retail & consumer goods, healthcare, and BFSI is expected to grow over the next couple of years.

There are a number of factors driving this growth, including growing concerns over data loss in the healthcare industry, which is pushing several associated businesses such as drug development and insurance reimbursement to deploy cutting edge security to safeguard lives of the patients. 

Increased involvement of cloud computing in the finance sector, is necessitating extreme security of electronic transactions, which is further favoring amalgamation of Security-as-a-Service business model.

By 2026, BFSI and healthcare industries are forecast to account for 17.7 percent and 20.3 percent value share of the market respectively, while the IT & Telecom sector is set to take the lion’s share with 30 percent share in terms of revenue.

The need for intricate security systems within large enterprises will continue to drive the demand for the SaaS over the forecast period, as the report expects large enterprises including multinational corporations and conglomerates to account for more than half of the value share of the market.

Some of the key participants in the SaaS market profiled in the PMR report include Oracle Corporation, Gemalto NV, Alert Logic Inc., Proofpoint Inc., Okta, Inc, Intel Security, Cisco Systems, Inc., Qualys Inc., Trend Micro Inc., and Zscaler, Inc.

The cost benefits of deploying SaaS is expected to prompt companies to improve security measures of their businesses, indicating a bright future for the market.

Story image
Pandemic sees organisations of all sizes and industries invest in CTI
There is opportunity for organisations to better manage their cyber-threat intelligence for greater security and threat intelligence effectiveness by adopting the right tools and processes.More
Story image
Five things ANZ businesses should know about storing customers’ data
Businesses need to correlate events intelligently across multiple threat surfaces, application layers, and time spans to connect event A, to event B, to event C — even if they are months apart.More
Story image
Video: 10 Minute IT Jams - Radware VP on the challenges of cloud security
In this interview, Techday speaks to Radware vice president of technologies Yaniv Hoffman, who discusses the primary challenges facing IT organisations in terms of their cloud security apparatus.More
Story image
Dell Technologies unveils new data protection innovations for hybrid cloud workloads
The Dell EMC PowerProtect Backup Service, powered by Druva, is designed to deliver SaaS app protection without increasing IT complexity.More
Story image
iland and Cohesity form alliance, target data protection market
"Together with Cohesity, we will deliver elegant and cutting-edge solutions that will take our joint customers’ digital transformation projects to the next level."More
Story image
Major firms disclose breaches in the wake of SolarWinds attack
Microsoft, Shell, GoDaddy, MobiKwik — these are just some of the high-profile company's on the receiving end of sophisticated attacks, writes Bitglass senior director of marketing Jonathan Andresen.More