SaaS-based IT security: Key market research findings
- Increasing adoption of BYOD policy augments market growth
- The Americas dominate the market geographically
- Key vendors – Cisco, IBM, Intel Security (McAfee), and Symantec
Technavio’s market research analysts predict the global SaaS-based IT security market to grow at a CAGR of over 22% between 2016 and 2020. The demand for SaaS-based IT security originates from the rise in the adoption of bring-your-own-device (BYOD) policy. The BYOD concept allows employees to bring their personal devices such as laptops, tablets, and smartphones to their workplace and use them by connecting to the company’s network. However, BYOD programs pose security risks for organizations as there are chances of data loss and unauthorized access to company’s network. During 2015, the Americas dominated the global SaaS-based IT security market by occupying over 56% of the overall market space. The growing number of cyber-attacks, a surge in the number of mobile devices, the rise in the amount of mobile malware attacks, high use of the Internet on cell phones, and enterprise mobility are some of the factors that will drive growth in the SaaS-based IT security market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the Saas-based IT security segments based on the service.
“Recently, the popularity of managed security service providers (MSSP) in the market seems to be on a rise. Managed security services are network security services such as managed firewall, virtual private network, intrusion detection, managed antivirus, and other compliance services that are outsourced to a third-party service provider. Such services help clients to focus on core competencies by eliminating the need to worry about maintenance, optimization, and support services,” says Amit Sharma, Lead Analyst, ICT, Technavio Research.
By 2020, the identity and access management (IAM) services segment is expected to account for more than 32% of the overall market share to become the dominant shareholder in the global SaaS-based IT security market. IAM services refer to a framework of policies and technologies which ensure that the right person has access to the right resources at the right time. IAM drives business efficiency in terms of reduced helpdesk calls and time spent in accessing data and facilitates federated single sign on. The growing use of cloud applications by enterprises to manage assigned user access for both SaaS and in-house applications is the major driving force behind the growth of the SaaS-based IT security market for IAM services during the forecast period.
The key vendors in the market include Cisco, IBM, Intel Security (McAfee), and Symantec. This market is highly competitive with large players trying to increase their market shares by acquiring smaller players. Competition in the market will intensify in the coming years with tremendous growth opportunities available for vendors. Players in the market are differentiating themselves by providing additional features such as cloud-based security analytics solutions to enhance customer experience and outperform competitors. However, the shortage of skilled workforce will be a challenge for vendors in the market.
A more detailed analysis is available in the Technavio report, Global SaaS-based IT security market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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