Meticulous Research®, a leading global market research company, has published a new report titled “Cybersecurity-as-a-Service Market by Application (Network Security, Cloud Security, Endpoint Security, Application Security), Organization Size, Sector (BFSI, IT Telecommunications, Retail, Healthcare), and Geography - Global Forecast to 2030.”
According to the report, the global Cybersecurity-as-a-Service market is expected to grow at a robust CAGR of 17.5%, reaching $46.6 billion by 2030. This growth is driven by several key factors, including the increasing importance of cybersecurity in the banking sector, a rise in data breaches and cyberattacks, the expanding trend of BYOD (bring your own device) in enterprises, and various government initiatives promoting cybersecurity adoption.
However, concerns over the security of cloud-based solutions may hinder the market’s growth. Nevertheless, the increasing adoption of cloud security solutions among SMEs and the growing demand for cybersecurity services in the healthcare sector offer promising growth opportunities. A key challenge facing market players is the lack of awareness and misconceptions about Cybersecurity-as-a-Service solutions among potential customers.
Market Segmentation and Key Findings
The Cybersecurity-as-a-Service market is segmented by application, organization size, and sector. Key segments include:
By Application:
- Network Security
- Endpoint Security
- Cloud Security
- Application Security
- Other Security Applications
In 2023, the network security segment is expected to dominate the market, owing to the increasing number of malware attacks and growing demand for network traffic filtering and monitoring. However, the cloud security segment is projected to witness the highest growth, driven by the rising need for advanced threat detection and securing cloud-based workloads.
By Organization Size:
- Large Enterprises
- Small Medium-sized Enterprises (SMEs)
Large enterprises are expected to hold the largest market share in 2023, attributed to their strong IT infrastructure and growing adoption of advanced technologies like AI and cloud computing. Meanwhile, the SME segment is anticipated to register the fastest growth over the forecast period.
By Sector:
- BFSI
- IT Telecommunications
- Retail
- Manufacturing
- Healthcare
- Government
- Energy Utility
- Other Sectors
The BFSI sector is projected to dominate the market due to rising fraudulent activities and increasing demand for Cybersecurity-as-a-Service solutions. However, the healthcare sector is set to experience the highest CAGR during the forecast period, fueled by the adoption of telemedicine and connected medical devices.
Regional Insights
Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East Africa:
- North America is expected to account for the largest share of the market, driven by the presence of major players and increasing adoption of cybersecurity services in the BFSI and IT sectors.
- Asia-Pacific is expected to witness the fastest growth, primarily due to the rapid expansion of retail and BFSI sectors in countries like China, Japan, and India, as well as growing awareness of cloud security solutions among SMEs.
Key Market Players
The report profiles several key players in the Cybersecurity-as-a-Service market, including:
- Forcepoint LLC. (U.S.)
- Trend Micro Incorporated (Japan)
- Foresite Cybersecurity Inc. (U.S.)
- Fortinet, Inc. (U.S.)
- Zscaler, Inc. (U.S.)
- Okta, Inc. (U.S.)
- Radware Ltd. (Israel)
- Qualys, Inc. (U.S.)
- CrowdStrike Holding, Inc. (U.S.)
- IBM Corporation (U.S.)
- Sophos Ltd. (U.K.), among others.
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https://www.meticulousresearch.com/download-sample-report/cp_id=5506
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