Report : North America 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 16.7% CAGR, the North America Security As A Service Market is speculated to be worth US$ 11,397.29 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America security as a service market was valued at US$ 4,520.68 million in 2022 and is expected to reach US$ 11,397.29 million by 2028, registering an annual growth rate of 16.7% from 2022 to 2028. Increasing adoption of cloud infrastructure and increasing government initiatives to promote cyber security are the critical factors attributed to the market expansion.
Small and medium-sized businesses are increasingly focusing on streamlining their business models by implementing cloud services to increase market efficiency. Additionally, SMEs lack strong security measures to protect their files, networks, endpoints, and apps from cyber-attackers to simplify their operations. Therefore, cloud-based data management solutions and service providers are predicted to experience the significant potential for innovation and the adoption of better security solutions as SMEs focus on cloud services, which will fuel the market for security as a service. According to a recent Interpol assessment on the rise in cybercrime during the COVID-19 epidemic, phishing, scams, and frauds accounted for nearly 59% of all reported cyberthreats. The research says that this trend will probably get worse because of the economic downturn and changes in the corporate environment brought on by the epidemic.
On the contrary, ability of vendors to access confidential data hurdles the growth of North America security as a service market.
- Based on component, the North America security as a service market is segmented into solution and service. The solution segment held 62.8% market share in 2022, amassing US$ 2,839.58 million. It is projected to garner US$ 7,006.83 million by 2028 to expand at 16.2% CAGR during 2022–2028.
- Based on organization size, the North America security as a service market is segmented into small and medium enterprises and large enterprises. The large enterprises segment held 65.5% market share in 2022, amassing US$ 2,961.55 million. It is projected to garner US$ 7,378.10 million by 2028 to expand at 16.4% CAGR during 2022–2028.
- Based on application, the North America security as a service market is segmented into network security, endpoint security, application security, cloud security, and others. The network security segment held 30.3% market share in 2022, amassing US$ 1,368.22 million. It is projected to garner US$ 3,475.47 million by 2028 to expand at 16.8% CAGR during 2022–2028.
- Based on vertical, the North America security as a service market is segmented into BFSI, government & defense, retail, healthcare, IT & telecom, energy & utilities, manufacturing, and others. The BFSI segment held 21.9% market share in 2022, amassing US$ 990.11 million. It is projected to garner US$ 2,720.24 million by 2028 to expand at 18.3% CAGR during 2022–2028.
- Based on country, the North America security as a service market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 60.3% market share in 2022. It was assessed at US$ 2,727.48 million in 2022 and is likely to hit US$ 6,952.35 million by 2028, exhibiting a CAGR of 16.9% during the forecast period.
Key players dominating the North America 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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