Story image

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

11 Apr 17

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.

Gartner names newcomer Exabeam a leader in SIEM
The vendor landscape for SIEM is evolving, with recent entrants bringing technologies optimised for analytics use cases.
52mil users affected by Google+’s second data breach
Google+ APIs will be shut down within the next 90 days, and the consumer platform will be disabled in April 2019 instead of August 2019 as originally planned.
Genesys PureCloud generates triple-digit revenue growth year on year
In Australia and New Zealand, the company boosted PureCloud revenue by nearly 100%.
Symantec releases neural network-integrated USB scanning station
Symantec Industrial Control System Protection Neural helps defend against USB-borne cyber attacks on operational technology.
IDC: Standalone VR headset shipments grow 428.6% in 3Q18
The VR headset market returned to growth in 3Q18 after four consecutive quarters of decline and now makes up 97% of the combined market.
Open source will be the next big thing for the channel
Channel firms should be on the lookout for opportunities across open source and more diverse software offerings like software-defined containers and storage.
Gartner names LogRhythm leader in SIEM solutions
Security teams increasingly need end-to-end SIEM solutions with native options for host- and network-level monitoring.
NBN Co rolls out 'optimised' wholesale business bundles for ISPs
“We recognise some businesses are on nbn powered plans that have not been optimised for their needs," says Paul Tyler.