SMEs to Drive Cyber Security-as-a-Service Growth, Transparency Market Research Says
The global cyber security-as-a-service market is expected to reach $87.59 billion in revenue by 2025 – up from $30 billion in 2016, according to a new report from Transparency Market Research. That level of market expansion translates into an impressive compound annual growth rate (CAGR) of 12.5 percent from 2017 to 2025.
The vendor landscape of the global cyber security-as-a -service market is becoming increasingly crowded and competitive, the TMR analysts say. 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.
Global cyber security-as-a -service is mainly driven by the increased adoption of cyber security as a service across small- and medium-sized enterprises. Using high level of expertise and special tools, cyber security service providers can support small and medium enterprises in threat detection and mitigation.
As a majority of the cyber-attacks are targeted at small and medium companies due to limited awareness and investment for the cyber security solutions, enterprises are becoming increasingly mindful regarding the need to adopt effective security solutions. Additionally, security breaches are becoming more sophisticated and intruders are well funded to develop advanced evasion techniques to enter the small and medium enterprise network unnoticed.
Further, with the increasing adoption of cloud deployment across industries, concerns about cloud security are also increasing and organizations are spending on security solutions and services for the end-to-end security of their cloud data.
Moreover, the rising number of devices connected to The Internet and a vast surge in adoption of trends such as bring your own device (BYOD) are anticipated to drive the cyber security as a service market. The number of smart devices that are connected to the Internet is high and this number is expected to grow exponentially in the years to come, driving the increased need for effective cyber security measures in place.
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. Of the key cyber security services provided by the market, the segment of auditing and logging is expected to surge during the forecast period.
Auditing and logging applications are used in the organizations to audit unauthorized access performed on internal systems or network and are witnessing an increased uptake across small- and medium-sized enterprises that are increasingly relied upon data saved on cloud networks.
Geographically, the market in North America presently dominates the global cyber security as a service market accounting for the dominant share of revenue and is expected to dominate over the forecast period as well.
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