At 17.3% CAGR, the Europe Security As A Service Market is projected to be worth US$ 9,435.01 million by 2028, says Business Market Insights       According to Business Market Insights’ research, the Europe security as a service market was valued at US$ 3,614.26 million in 2022 and is expected to reach US$ 9,435.01 million by 2028, registering an annual growth rate of 17.3% from 2022 to 2028.  Increasing government initiatives to promote cyber security and increasing adoption of cloud infrastructure are the critical factors attributed to the market expansion.                

A major part of several countries' national cybersecurity strategies is creating a "cyber-secure nation" for enterprises and individuals. The growth of secret organizational data, the increase in cybercrime activity, and the development of mobile device trends are the main factors driving the security as a service industry. The use of cloud technologies has grown significantly over time, which has increased the demand for more dependable and affordable security solutions. Significant market prospects are created by the rise of e-business, growing awareness of data protection, the trend of bringing your own device (BYOD), and acceptance of managed security measures. The need for sound governance has increased because of the Indian government's initiatives on cybersecurity, which have caused the governance structure to change quickly. The program would urge CISOs and front-line IT personnel from all government agencies to educate themselves on cybercrime and develop their self-defense skills. It is anticipated that such government policies to reduce potential cyber dangers and attacks will open up new business prospects during the projected period.

On the contrary, ability of vendors to access confidential data hurdles the growth of Europe security as a service market.    

• Based on component, the Europe security as a service market is segmented into solution and service. The solution segment held 61.1% market share in 2022, amassing US$ 2,209.79 million. It is projected to garner US$ 5,677.99 million by 2028 to expand at 17.0% CAGR during 2022–2028.  
• Based on organization size, the Europe security as a service market is segmented into small and medium enterprises and large enterprises. The large enterprises segment held 70.0% market share in 2022, amassing US$ 2,530.42 million. It is projected to garner US$ 6,481.63 million by 2028 to expand at 17.0% CAGR during 2022–2028.
• Based on application, the Europe security as a service market is segmented into network security, endpoint security, application security, cloud security, and others. The network security segment held 27.5% market share in 2022, amassing US$ 995.50 million. It is projected to garner US$ 2,514.13 million by 2028 to expand at 16.7% CAGR during 2022–2028.
• Based on vertical, the Europe security as a service market is segmented into BFSI, government & defense, retail, healthcare, IT & telecom, energy & utilities, manufacturing, and others. The BFSI segment held 22.9% market share in 2022, amassing US$ 829.14 million. It is projected to garner US$ 2,351.75 million by 2028 to expand at 19.0% CAGR during 2022–2028.
• Based on country, the Europe security as a service market is segmented into UK, Germany, France, Italy, Russia, and Rest of Europe. Our regional analysis states that Rest of Europe captured 28.0% market share in 2022. It was assessed at US$ 1,012.59 million in 2022 and is likely to hit US$ 2,457.82 million by 2028, exhibiting a CAGR of 15.9% during the forecast period.    

Key players dominating the Europe security as a service market are Alert Logic, Inc.; Barracuda Networks, Inc.; Clearswift; IBM Corporation; McAfee, LLC; Microsoft Corporation; Radware; Silversky; 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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