Report : Asia-Pacific Security As A Service Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Solution and Service), Organization Size (Large Enterprises and SMEs), Application (Network Security, Endpoint Security, Application Security, Cloud Security, and Others), and Vertical (BFSI, Government & Defense, Retail, Healthcare, IT & Telecom, Energy & Utilities, Manufacturing, and Others)
At 18.0% CAGR, the APAC Security As A Service Market is speculated to be worth US$ 8,818.09 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC security as a service market was valued at US$ 3,259.09 million in 2022 and is expected to reach US$ 8,818.09 million by 2028, registering an annual growth rate of 17.3% from 2022 to 2028. Increasing adoption of BYOD modelling and multi cloud infrastructure are the critical factors attributed to the market expansion.
The IT infrastructure has grown more complicated and heterogeneous over the past five years due to new platforms, BYOD regulations, CYOD trends, business apps, and other technologies. The BYOD and CYOD trends are becoming more and more common in business settings due to the quick improvements in mobile computing. Through mobile devices, employees may access organizational data from anywhere, at any time, thanks to these developments, which boost employee productivity, protect organizational data from potential hazards and maintain its confidentiality and integrity. Users' access to company data is evolving as the BYOD policy gains traction in SMEs and large corporations. Organizations are deploying their workers as BYOD-related technology advances. Organizations are signing up for security services to shield devices like smartphones, tablets, desktop computers, and laptops from cyber dangers due to the BYOD model's adoption. Businesses must secure devices inside offices, and those with remote access to the corporate network as BYOD adoption expands. The market for security as a service is anticipated to rise due to the large increase in expenditure on security services.
On the contrary, ability of vendors to access confidential data hurdles the growth of APAC security as a service market.
- Based on component, the APAC security as a service market is segmented into solution and service. The solution segment held 61.3% market share in 2022, amassing US$ 1,998.46 million. It is projected to garner US$ 5,308.22 million by 2028 to expand at 17.7% CAGR during 2022–2028.
- Based on organization size, the APAC security as a service market is segmented into small and medium enterprises and large enterprises. The large enterprises segment held 73.8% market share in 2022, amassing US$ 2,403.85 million. It is projected to garner US$ 6,481.63 million by 2028 to expand at 17.8% CAGR during 2022–2028.
- Based on application, the APAC security as a service market is segmented into network security, endpoint security, application security, cloud security, and others. The network security segment held 29.9% market share in 2022, amassing US$ 975.46 million. It is projected to garner US$ 2,680.65 million by 2028 to expand at 18.4% CAGR during 2022–2028.
- Based on vertical, the APAC security as a service market is segmented into BFSI, government & defense, retail, healthcare, IT & telecom, energy & utilities, manufacturing, and others. The BFSI segment held 22.3% market share in 2022, amassing US$ 726.27 million. It is projected to garner US$ 2,123.18 million by 2028 to expand at 19.6% CAGR during 2022–2028.
- Based on country, the APAC security as a service market is segmented into China, Japan, India, Australia, South Korea, and, and Rest of APAC. Our regional analysis states that China captured 28.0% market share in 2022. It was assessed at US$ 900.60 million in 2022 and is likely to hit US$ 2,354.43 million by 2028, exhibiting a CAGR of 17.4% during the forecast period.
Key players dominating the APAC security as a service market are Barracuda Networks, Inc.; IBM Corporation; McAfee, LLC; Microsoft Corporation; Radware; Trend Micro Incorporated; and Zscaler, Inc. among others.
- In 2022, HelpSystems will acquire Alert Logic in order to provide customers with a hybrid IT approach to address the shortage of cybersecurity skills.
- In 2022, Randori, a provider of offensive cyber protection and attack surface management, will be acquired by IBM. IBM intends to combine Randori's software with the extended detection and response (XDR) features of IBM Security QRadar, according to ITPro.
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