Security as a Service Market

McAfee (US) and Trend Micro (Japan) are leading players in Security as a Service Market

Security as a service solutions help customers protect their critical assets, such as network, endpoint, cloud, database, application, and web, with greater visibility and control. Security as a service is a cloud-based model, wherein a third party vendor manages and maintains the enterprise data and applications over the internet. It is a security management approach that enables the provisioning of managed security services from cloud. The security services are integrated with enterprise infrastructure safeguarding enterprises’ essential assets from external and internal threats. Security as a service is an outsourcing service that benefits an organization in a number of ways, such as reduced costs, ease of IT security, scalable security services, and continuous support. It enables organizations to access and implement robust security practices. The global security as a service market is expected to grow from USD 7.6 billion in 2018 to USD 16.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 16.9% from 2018 to 2023.

The key growth driver of the security as a service market are mandates to follow regulatory and data protection laws, increase in demand for cloud-based security solutions, and high cost and risks in managing on-premises security solutions. Additionally, increase in adoption of cloud-based services among Small and Medium-sized Enterprises (SMEs) and rapid growth in Bring Your Own Device (BYOD) and Carry Your Own Device (CYOD) trends are expected to provide a huge growth opportunity for the security as a service market over the next 5 years. The biggest challenge for the security as a service market is the rise in IT infrastructure complexities and availability of free security services and security solution suites. Cyber threats are growing rapidly with adversaries becoming more professional and adept at breaking the barriers established via traditional security measures. Hence, organizations must take preventive measures to deploy security as a service to combat with sophisticated cyber threats that may arise in future. Moreover, security as a service providers are developing advanced solutions to identify and mitigate cyber threats in real time, thus minimizing the overhead in managing enterprise assets and risks of advanced threats.

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McAfee (US), Trend Micro (Japan), Zscaler  (US), International Business Machines Corporation (US), Microsoft (US), Clearswift (UK), Alert Logic (US) Cygilant (US), Barracuda Networks (US), Panda Security (Spain), Stratejm (Canada), Radware (China), Mindsight (US), Sentinel Technologies (US), and Happiest Minds (India) are some of the key vendors offering security as a service market across the globe. Players in this business sector have embraced different strategies to extend their worldwide presence and expand their market share. Partnerships and collaborations, and new product launches were the key strategies adopted by industry players to accomplish development in the market. Apart from these agreements, mergers and acquisitions and business expansions are some of the other significant strategies embraced by the market players in the security as a service market.

McAfee is prominently recognized for providing security solutions and services to a wide range of customers across verticals. McAfee’s innovative offerings make it one of the most trusted and deployed solution providers in the market. Its key strategy in the security as a service market is to develop business-specific, cybersecurity solutions and services according to the current scenario of evolving vulnerabilities. It plans to develop new business models and integrate multi-application solutions as a part of its future strategy. Furthermore, the company plans to expand its presence and strengthen its market position by adopting effective partnership strategies. For instance, in September 2018, McAfee, along with Allot Communications, partnered with Telefonica to launch a new solution for the SMEs sector that aimed at providing comprehensive cybersecurity solutions for protecting both fixed and mobile networks of corporate and personal devices. Furthermore, in April 2018, the company partnered with Netmagic to offer malware protection services to its Indian customers.

Trend Micro is among the leading providers of cloud-based security solutions across the globe. Research and Development (R&D) investments are helping the company innovate cutting-edge solutions and strengthen its portfolio. Being a well-established company, Trend Micro is equipped with a strong network of globally spread channel partners who are helping the company provide its offerings to a wide customer base. The company has adopted organic, as well as inorganic growth strategies to remain competitive in the security as a service market. For instance, in 2017, Trend Micro signed a 5-year partnership with Randstad to provide cloud infrastructure security solutions. In addition, in 2017, the company launched Trend Micro TippingPoint NX Series NGIPS. These strategies are helping the company strengthen its portfolio and deliver robust cybersecurity offerings to its global customers.

Related Reports:

Security as a Service Market by Component (Solutions and Services), Application Area (Network Security, Endpoint Security, Application Security, Cloud Security), Organization Size, Vertical, and Region - Global Forecast to 2023

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Report Code
TC 4071
RI Published ON
2/5/2019
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