The global cybersecurity as a service (CSaaS) market is expected to register a CAGR of 12.6% in the forecast period (2020-2025). Cyber Security is an integral part of the security strategies adopted by various organizations majorly due to the growing cyber-attacks stemming from an increased number of sensors, a burgeoning IoT market, and cloud integration and so on. Moreover, businesses these days neither have the time nor the skills to deal with the complexities of security and security point products, especially in an expanding IoT market. Hence, the businesses are widely outsourcing their cyber security task, and therefore, the CSaaS market is growing exponentially.
- The rapid growth in the CSaaS market is being fueled by the technology trends, including the number of initiatives taken by organizations to improve productivity and efficiency, like “bring your own device” (BYOD) and the internet of things (IoT). Also, the rapid adoption of cloud-based applications, or extending the security needs beyond the traditional data centre are also stimulating the market growth.
- Also, stringent data protection mandates, such as the European Union’s General Data Protection Regulation and the National Institute of Security Technology (NIST) Cyber Security Framework is driving the need for increased adoption of these services.
- Furthermore, the major driving factor of the market is high demand for auditing & logging security services and booming content industry, and the rising sophistication of cyber-attacks compel increased adoption of cyber security measures. The major restraining factor of global cyber security as a service is lack availability of infrastructure.
Scope of the Report
Cyber security refers to preventive techniques utilized to protect and safeguard an organization's information system from cyber warfare espionage and terrorism. Nowadays businesses outsource their cyber security which is known as cyber security as a service (CSaaS). In CSaaS a team of independent experts is constantly monitoring for unusual behavior on the organization’s systems, warning of threats and keeping the systems patched and backed up.
Key Market Trends
Small and Medium Sized Businesses to Hold the Highest Market Share
- Small and medium-sized enterprises (SME) are more attractive targets because they tend to be less secure and less aware. Also, because automation allows modern cyber criminals to mass produce attacks for little investment, the cyber-attacks are increasing in the SMBs.
- Small and medium-sized enterprises (SMEs) are most affected by the cyber-attacks because the cost of a data breach and the cost involved in recovering from those threats are high. According to IBM, the average cost of a data breach involving the theft of assets totaled USD 879,582 for these enterprises. They spent around USD 955,429 to restore normal business in the wake of successful attacks.
- The reason these services are so crucial for small businesses is that many providers offer a one-stop shop for all things IT. There is a high need for security in the SME market as it is estimated that around 60% of all targeted attacks struck these enterprises and 60% of such enterprises fail within six months of being hacked.
North-America to Dominate the Market
- North America is the market leader in global cyber security as a service market across the world in terms of market share owing to the high level of digitization and the rising number of connected devices.
- Also, the region leads globally as innovative technology adopters and has a significant presence of cyber security vendors who are contributing to the growth of the market. The increasing need among organizations to reduce the misuse of the internet, enhance employees’ productivity and address attacks on their IT infrastructures is expected to drive the growth of the CSaaS market in North America.
- There are also many companies in the region contributing to the constant growth of the market in the region. For instance, in 2019, Accenture launched Accenture Federal Services Cyber Center, a facility that offers cyber security capabilities on an as-a-service basis to help government agencies detect and respond to the increasing volume of cyber threats that target government networks.
The competitive landscape of the global cyber security as a service market is highly competitive. Rapid adoption of cyber security as a service across the world has led helped many companies to innovate and develop cyber security solutions and services. Owing to the increased demand, a large number of start-ups have emerged in the cyber security market in order to establish significant presence in the market.
- March 2019: Optiv Security, the world’s leading security solutions integrator, recently announced its new Risk Transformation Service, an end-to-end solution that includes strategy execution. It is designed to enable clients around the world to better evaluate current risk against acceptable risk, and helps clients develop strategies that drive cohesive cyber security programs, execute on those strategies to mitigate enterprise risk, and achieve measurable outcomes.
- February 2019: Armor, a leading cloud security solutions provider, announced that SaRA Health, a cutting-edge healthcare technology startup company, has chosen Armor’s managed security-as-a-service (SECaaS) platform, Armor Anywhere, to protect its patients’ data stored in the AWS cloud.
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