Security as a Service Market Worth $US8.52b by 2020

Summary

This blog post, "Security as a Service Market Worth $US8.52b by 2020", is a blueAPACHE article from 2016 covering security. Security is becoming more and more challenging. It is a constant cat and mouse game, with hackers looking to exploit systems for profit, advantage or control – and security organisations trying to outsmart them. It is written for readers evaluating emPOWER Security, emPOWER Cloud. The underlying security practice it describes, reducing attack surface and improving detection and response, is not tied to a specific product version and remains relevant to any organisation managing cyber risk today.

Key facts

Article

Security is becoming more and more challenging. It is a constant cat and mouse game, with hackers looking to exploit systems for profit, advantage or control – and security organisations trying to outsmart them. Today, all organisations outsource at least part of their security management whether that be through anti-virus software or firewalls. Others outsource the management of these functions, and add social engineering training, encryption or intrusion detection. As security becomes a popular topic for boards (and penalties for breaches of data increase), we will see more organisations seeking to mitigate risk engaging third parties to manage more of their security. The costs of securing and managing the specialist resources in house required is hard to justify, and ensuring you can maintain continuity of resources even more challenging. Security as a Service (SECaaS) has been growing over recent years, and if the data published this week by MarketsandMarkets is anything to go by, the growth has only just started. They project that the SECaaS Market will grow from $US3.12b in 2015 to $US8.52b by 2020, at a Compound Annual Growth Rate (CAGR) of 22.2%. The rapid growth in the IT infrastructure of a business has given rise to new and sophisticated threats like zero-day malwares, trojans, and advanced persistent threats which can put an organisation’s critical data at risk. This has encouraged organisations to deploy cloud-based security solutions to safeguard their networks, cloud, and endpoints against potential cyber-attacks. Furthermore, organisations are looking forward to shift from traditional security to advanced security to protect the critical assets from potential threats. Cloud-based security offers advanced security measures securing an organisation’s network, hardware, software, applications as well as endpoint devices. The report highlights the healthcare sector as having**** the largest market size in the SECaaS Market, as there has been an increase in hacking cases in the healthcare industry such as recent attacks on AHMC Healthcare office near Los Angles which resulted in the data loss of nearly half a million patient records. The attacks aimed at the healthcare vertical are focused toward accessing patient personal information. Similarly the retail vertical is also expected to witness traction in the forecasted period. North America is expected to have the largest market share and would dominate the SECaaS Market from 2015 to 2020, due to the presence of a large number of SECaaS vendors. The APAC region offers potential growth opportunities for the SECaaS Market to grow, as countries in APAC are investing heavily to increase the development of data loss prevention, intrusion detection systems, and endpoint security solutions. To learn more about the report, visit MarketsandMarkets. To learn more about SECaaS or better understand your security profile, contact the blueAPACHE account team.

Related

• emPOWER Security
• emPOWER Security (pillar hub)
• emPOWER Cloud
• emPOWER Cloud (pillar hub)
• Lovisa (case study)

Frequently asked questions

What growth does the MarketsandMarkets report cited in this post forecast for the SECaaS market?

The post cites MarketsandMarkets data projecting the Security as a Service (SECaaS) market will grow from US$3.12 billion in 2015 to US$8.52 billion by 2020, at a Compound Annual Growth Rate of 22.2%.

Which sector does the report say has the largest SECaaS market size, and why?

The post says the report highlights the healthcare sector as having the largest market size in the SECaaS market, pointing to an increase in hacking cases in the healthcare industry as the driver.

What specific healthcare breach example does the post cite?

The post cites a recent attack on AHMC Healthcare's office near Los Angeles, which it says resulted in the data loss of nearly half a million patient records.

Which region does the report expect to dominate the SECaaS market from 2015 to 2020, and why?

The post says North America is expected to have the largest market share and dominate the SECaaS market over that period, due to the presence of a large number of SECaaS vendors there.

What growth opportunity does the post identify for the SECaaS market in the APAC region?

The post says the APAC region offers potential growth opportunities for the SECaaS market because countries in APAC are investing heavily in developing data loss prevention, intrusion detection systems, and endpoint security solutions.

What new and sophisticated threats does the post say are driving organisations toward cloud-based security?

The post names zero-day malwares, trojans, and advanced persistent threats as the sophisticated new threats encouraging organisations to deploy cloud-based security solutions to protect their networks, cloud and endpoints.

Besides healthcare, which other industry vertical does the report expect to see traction in the forecast period?

The post says the retail vertical is also expected to witness traction in the SECaaS market over the forecast period.

What does the post say cloud-based security specifically protects within an organisation?

The post says cloud-based security offers advanced security measures covering an organisation's network, hardware, software, applications, as well as endpoint devices.

Source

• origin post (2016)

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