The security as a service market generated a revenue of $7.8 billion in 2019 and it is predicted to reach a value of $43.4 billion by 2030. Furthermore, the market will advance at a CAGR of 17.4% from 2020 to 2030, as per the estimates of the market research company, P&S Intelligence. The market is being driven by the growing implementation of the bring-your-own-device (BYOD) policy at workplaces, surging use of cloud solutions, and the increasing enactment of stringent government regulations that mandate the adoption of data security solutions by businesses.

Besides the aforementioned factors, the increasing usage of multi-factor authentication is also creating lucrative growth opportunities for the players operating in the security as a service market. Many businesses are increasingly adopting multi-factor authentication, owing to the soaring implementation of the BYOD policy and the implementation of strict government regulations regarding data security. Multi-factor authentication can be easily integrated into security as a service solutions by employing the use of various token generation software, such as Yubikey and Google Authenticator.

Geographically, North America dominated the security as a service market between 2014 and 2019 (historical period). This was because of the rapid technological advancements and innovations, presence of a well-developed IT infrastructure, extensive usage of cloud, high incidence of cyberattacks, and enactment of strict policies by the governments of Canada and the U.S., especially for the banking, financial services, and insurance (BFSI) and healthcare sectors, regarding the protection of consumer data.

On the other hand, in the coming years, the Asia-Pacific (APAC) region is predicted to be the fastest growing region in the security as a software market. This is attributed to the rapid economic progress, soaring number of small and medium enterprises, surging popularity of the BYOD policy, and huge investments being made in the IT sector in the region. Across the world, security as a software solutions are being increasingly adopted for identity and access management. This is rapidly becoming a major trend in the market.

Hence, it is safe to say that the demand for security as a service solutions will surge sharply in the coming years, mainly because of the rising prevalence of cyberattacks, increasing enactment of stringent data protection regulations by the governments of several countries, and the growing popularity of the BYOD policy all over the world.