IT security-as-a-service: Key market research findings
- APAC to be the fastest-growing geographical region
- Growing adoption of SMAC technology among workforces
- Leading players include Blue Coat, Cisco, IBM, Intel Security, and Symantec
Technavio’s market research analysts predict the global IT security as a service market to grow at a CAGR of around 19% between 2016 and 2020. With the worldwide adoption of private cloud data centers and advanced technologies such as virtualization, the risks related to security and compliance have increased considerably. The growing concerns over cyber-attacks and unauthorized access to networks and resources have augmented the usage of IT security as a service. APAC will be the fastest-growing region in this market and is likely to register a CAGR of close to 23% by 2020. Much of the region’s growth comes from the heavy investments by several countries in intrusion detection, data loss prevention, and endpoint security solutions.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Increased use of social, mobility, analytics, and cloud (SMAC) technology has exposed organizations to data leakage and data breach situations due to authentication misuse. IT security as a service helps organizations to implement secure computing with multiple layers of secure authentication. IT security as a service includes security solutions such as security event monitoring and content security. Moreover, rising investments in web and email security will contribute to the growth of the overall market in the coming years,” says Amit Sharma, Lead Analyst, ICT, Technavio Research
The email encryption segment led the IT security as a service market in 2015 and accounted for around 22% of the total market revenue. The email encryption service comprises authentication request and organizational data safety shared over emails. Owing to the mandatory requirement of email encryption within every organization, the segment is expected to generate high revenues in the market during the forecast period.
The market is highly fragmented with the presence of many small regional providers and large multinational vendors. The global players are acquiring regional or local vendors to expand their product portfolio and boost their market share. Competition in the market is expected to intensify further with an increase in product and service extensions, technological innovations, and M&A. The vendors are differentiating their product offerings on the basis of their service features, support, and customer base.
A more detailed analysis is available in the Technavio report, Global IT Security-as-a-Service 2016-2020.
We can customize reports by other regions and specific segments upon request.
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