Security as a Service Market Growth, Demand & Opportunities

Posted by Devanshu Shrivastava on December 8th, 2021

The surging adoption of cloud computing technology has amplified the need for security as a service (SaaS) solution as this technology is highly vulnerable to data breaches. Businesses across the world are extensively adopting cloud solutions, as they do not need any physical information technology (IT) infrastructure and professionals, to reduce their financial burden.

Additionally, cloud computing enables users to select the services of their choice and access their data from any location, over a secure connection. Moreover, the increasing adoption of SaaS solutions for identity and access management will fuel the security as a service market at a CAGR of 17.4% during 2020–2030. The market was valued at .8 billion in 2019 and it is expected to reach revenue of .4 billion by 2030.

As the integration of cloud-based security solutions in business operations allows users to access data from any location, enterprises are increasingly adopting identity and access management software for their infrastructure as a service (IaaS) and platform as a service (PaaS) solution to monitor the person accessing the data and the location from where it is being accessed.

According to P&S Intelligence, North America led the security as a service market in the last few years, due to the rapid technological advancements, high adoption rate of cloud technology, and presence of a developed IT infrastructure in the region. Moreover, the rising incidence of cyber-attacks and increasing implementation of stringent laws regarding customer data protection in the BFSI and healthcare sectors by the governments of Canada and the U.S. are fueling the adoption of SaaS solutions in the region.

Whereas, the Asia-Pacific (APAC) region is expected to adopt the SaaS solutions at the fastest pace in the foreseeable future. This can be attributed to the escalating number of small and medium enterprises (SMEs), the soaring popularity of BYOD culture, and rising investments being made in the information technology (IT) sector in the region. Besides, the rapid economic growth of APAC nations will also augment the need for such solutions in the coming years. 

Thus, the soaring popularity of BYOD policy and growing demand for cloud computing technology will accelerate the adoption of SaaS solutions in the foreseeable future.