A surge in the incidence of data breaches and high costs associated with on-premise solutions drive the growth of the global IT security as a service market.

PORTLAND, PORTLAND, OR, UNITED STATES, February 26, 2024 /EINPresswire.com/ — According to the report, the global information technology (IT) security as a service market generated $15.3 billion in 2022, and is estimated to reach $49.7 billion by 2032, witnessing a CAGR of 12.8% from 2023 to 2032. The report analyzes changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

The information technology (IT) security as a service market is expected to witness notable growth owing to a rise in the incidence of data breaches, high costs associated with on-premise solutions, and increased adoption among SMEs. Moreover, the surge in the trend of BYOD in enterprises is expected to provide a lucrative opportunity for the growth of the market during the forecast period. On the contrary, the vulnerability of cloud-based applications to cybercrimes limits the growth of information technology (IT) security as a service market.

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Information Technology (IT) Security as a Service refers to the delivery of cybersecurity solutions and protective measures through a service-oriented model. Instead of organizations managing their security infrastructure and protocols internally, they can opt for third-party service providers to handle various aspects of their cybersecurity needs. These services include a wide range of offerings such as threat detection and response, firewall management, vulnerability assessments, identity and access management, data encryption, and ongoing security monitoring.

IT security as a service leverages cloud-based technologies, allowing for scalable and flexible solutions that can adapt to the dynamic nature of cyber threats. This approach enables businesses to enhance their security posture without the need for extensive in-house resources, making it particularly attractive for smaller enterprises or those looking to supplement their existing cybersecurity capabilities. The service model often involves subscription-based payment structures, providing cost efficiency and allowing organizations to access the latest security technologies and expertise without large upfront investments.

COVID-19 scenario:

• The COVID-19 pandemic had a significant impact on information technology (IT) security as a service, reshaping priorities and accelerating certain trends within the industry. The widespread shift to remote work and increased reliance on digital platforms have heightened the importance of robust cybersecurity measures.

• With employees accessing sensitive information from various locations and devices, there has been an increased demand for cloud-based security solutions that offer flexibility, scalability, and centralized management.

• Organizations have accelerated their adoption of IT security as a service to ensure the protection of data and systems in this distributed work environment.

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By offering, the endpoint protection segment held the major share in 2022, garnering more than one-fourth of the global information technology (IT) security as a service market revenue, owing to increase in adoption of cloud-based security services, driven by the need for scalable and flexible solutions to address the diverse and sophisticated threats faced by organizations. However, the data loss prevention segment would also showcase the fastest CAGR of 17.6% during the forecast period, owing to the convergence of DLP with other security components, creating integrated solutions that provide comprehensive protection against a spectrum of cyber threats. As privacy regulations and compliance standards become more stringent, DLP solutions are evolving to offer robust compliance management features, assisting organizations in meeting regulatory requirements and avoiding potential legal repercussions.

By end user, the BFSI segment accounted for nearly one-third of the global information technology (IT) security as a service market share in 2022, and is expected to rule the market by 2032, owing to the adoption of advanced analytics and threat intelligence in IT security. The BFSI sector is leveraging data analytics and artificial intelligence to identify and respond to cyber threats proactively. However, the energy and utilities segment would also display the fastest CAGR of 17.3% throughout the forecast period, owing to the increased focus on securing critical infrastructure against cyber threats. As the industry becomes more interconnected and digitized, the risk of cyber-attacks on energy and utility systems grows, necessitating robust cybersecurity measures.

Region-wise, North America dominated the IT security as a service market share in 2022, owing to the increasing adoption of cloud-based security services, driven by the need for scalable and flexible solutions to address the diverse and sophisticated threats faced by organizations. The move toward Zero Trust Architecture, emphasizing continuous verification and strict access controls, is gaining traction as a proactive approach to enhance data protection. However, Asia-Pacific is expected to witness the fastest growth in the upcoming year, owing to the heightened adoption of cloud-based security services, driven by the region’s robust digital transformation initiatives and the need for scalable, cost-effective solutions. As organizations embrace remote work and mobile technologies, there is a growing emphasis on securing endpoints and ensuring robust identity and access management.

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Leading Market Players:

• Check Point Software Technologies Ltd.
• Cisco Systems, Inc.
• Barracuda Networks, Inc.
• Broadcom
• Radware
• Trend Micro Incorporated
• Cloudflare, Inc.
• Fortinet, Inc.
• Quick Heal Technologies Ltd
• Hewlett Packard Enterprise Development LP

The report analyzes these key players in the global information technology (IT) security as a service market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.

Key Advantages for Stakeholders:

• This report offers a detailed quantitative analysis of market segments, current trends, estimations, and dynamics within the IT security as a service market from 2022 to 2032, providing insights into the prevailing forecast for this sector.

• Comprehensive market research is presented, including key drivers, limitations, and opportunities in the industry.

• Utilizing Porter’s five forces analysis, the report illustrates the bargaining power of buyers and suppliers, empowering stakeholders to make informed, profit-focused decisions and enhance their supplier-buyer relationships.

• A thorough examination of the IT security as a service industry segmentation aids in identifying current market opportunities.

• Revenue contributions of major countries in each region are charted, offering a clear view of their impact on the global market.

• The positioning of market players allows for benchmarking and a deeper understanding of their current market stance.

• Detailed analysis covers both regional and global trends within the information technology (IT) security as a service market, including key players, market segments, application areas, and growth strategies.

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