As per the Cloud Vision 2020 report by LogicMonitor, compared to 63% in 2018, 73% of the work is expected to be carried out on the cloud around the world by the end of this year. With the IT infrastructure, including servers and racks, being hosted by someone else, companies are able to save substantially on IT expenditure. Moreover, cloud allows companies to increase or decrease their data storage capacity as per requirement and access the data and applications from anywhere, anytime, with an internet-connected device.

While cloud offers more convenience, it is also susceptible to cyberattacks, with the 2019 McAfee Cloud Adoption and Risk Report saying that on average, 9% of the cloud applications being used by organizations are at a high risk of cyberattacks. This factor is to prove instrumental in driving the advance of the security as a service market from $7.8 billion in 2019 massively to $43.4 billion by 2030, at a 17.4% CAGR during 2020 and 2030, says industry research firm P&S Intelligence.

Security as a service is essential cybersecurity solutions provided via the cloud, for cloud databases and applications, endpoints, web applications, and emails; they also include tokenization solutions and firewalls. Among these, the demand for database security solutions was the highest in the past, as companies are rapidly shifting their databases to the cloud, seeing the numerous benefits offered by them. Since working on cloud significantly increases the cyber risks, organizations are making all efforts to secure their databases with software as a service (SaaS) security solutions.

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Healthcare, banking, financial services, & insurance (BFSI), information technology (IT) & telecom, government, and retail are the categories in the security as a service market, on the basis of vertical. Among these, the BFSI sector held the largest share in 2019, as it deals with the most-confidential data of all, people’s financial information. A lot of cyberattacks are carried out for money, and what better place to hit for money than a financial institution?! Therefore, with baking operations shifting to the cloud and governments implementing stringent cybersecurity regulations, BFSI companies are rapidly adopting SaaS security solutions.

This market research report provides a comprehensive overview of the security as a service market

Historical and the present size of the security as a service market
Future potential of the market through its forecast for the period 2020– 2030
Major factors driving the market and their impact during the short, medium, and long terms
Market restraints and their impact during the short, medium, and long terms
Recent trends and evolving opportunities for the market participants
Historical and the present size of the market segments and understand their comparative future potential