In the current times when digitalization of operations and internal networks has become the prime agenda of enterprises across all industries globally, cyber security has become an important part of every industry due to complex network environments, advanced technology adoption, and growing IT infrastructure. It has been observed in the past few years that the number of cyber-attacks has substantially increased, which, in turn, is compelling enterprises to be equipped with effective cyber security solutions and services to ensure the security of digital resources and a smooth workflow.
Cyber security as a service is a combination of practices and processes employed to protect systems, networks and data from breaches, attacks and unauthorized access. Cyber security as a service for organizations is an operating expense (Opex) rather than capital expense (Capx) and it manages network security, confidential data protection and enables organizations to respond to incidents taking place immediately. The market has expanded at a promising pace in the past few years and continues to witness massive push as even small- and medium-sized enterprises are demanding cost-effective and reliable cyber security solutions. With millions of small- and medium-sized companies already existing globally and more coming up rapidly, the demand for effective cyber security modules such as cyber security as a service is also expected to rise at an unprecedented pace in the near future.
According to the report, the global cyber security as a service market will exhibit a promising 12.5% CAGR over the period between 2017 and 2025.
Network Security Services and Solutions to Witness Maximum Demand
Cyber security as a service market is segmented on the basis of service type, security type, platform, enterprise size and end-use industry. Based on service type, the market is categorized into threat intelligence and behavior analysis service, auditing and logging service, and monitoring and altering service. Of these, the segment of auditing and logging services is anticipated to witness growth at the most promising pace over the report’s forecast period.
Based on security type, the global cyber security as a service market is segmented into enterprise, endpoint, cloud, network, and application security. Among these, the segment of network security is anticipated to observe decent growth in terms of revenue during the forecast period. This is primarily due to the rising demand for network security across the industries to maintain the flow of operations over the network and the use of network security solutions by small and medium enterprises.
The Asia Pacific and Europe to Show Healthy Growth Opportunities as Number of Start-up Companies Rises
Geographically, the market in North America presently accounts for the leading share in the revenue of the global market and is also likely to hold the dominant position over the report’s forecast period. The high level of digitization and the rising number of connected devices in counties such as the U.S. and Canada are expected to remain the key factors working in favor of cyber security as a service market in North America over the forecast period.
Europe and Asia Pacific markets are also likely to remain highly lucrative owing to the rising numbers of start-ups and government initiatives and regulations concerning cyber security. Increased uptake of cloud services in these regions and the rising threat of cyber-attacks are also likely to compel enterprises in these regions to be equipped with cost-effective and reliable cyber security measures in the near future.
The rising penetration of cyber security as a service has encouraged many regional and global players to make inroads into the market. Some of the leading players in global cyber security as a service market are Armor Defense Inc., AT&T, BAE Systems, BlackStratus, Capgemini, Choice CyberSecurity, Transputec Ltd, Cloudlock (Cisco), FireEye, Inc., LookingGlass Cyber Solutions, Inc., Optiv Security Inc., and Tata Consultancy Services Limited