October 27th, 2021
Global Security as a Service Market
The GMI Research presumes that the Security as a Service Market will bolster over the forecast period. This is because of the surging occurrence of banking data violations concerning customer data.
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Security as a Service Market Dynamics
The increasing implementation of advanced technologies, such as, Big Data, artificial intelligence (AI), cloud computing, and IoT, across business and decreasing cyber-attacks on connected devices will stimulate the growth of the global security as a service market. The security as a service offers remarkable advantages, such as business perpetuity, ongoing monitoring, email safety, intrusion prevention, security information, web safety and endangered scanning. Thus, these features will further stimulate the market growth. Moreover, in accordance with the Identity Theft Resource Center (ITRC), during the first six months of 2020, U.S. reported nearly 540 data breaches and 164 million people were impacted which included those who experienced more than one breach notice. This is projected to contribute to the security as a service market size.
Further, the rapid surge in the e-business services and increasing consciousness about data safety will drive the market growth. In addition, several industries such as healthcare, defense, banking, retail and energy are increasing endorsing SECaaS solution because of its less upfront cost, extensibility, greater accessibility and simpler management will proliferate the market growth.
However, the inflated cost of SECaaS solutions and the inadequate competent IT professionals are projected to restrain the market. Moreover, as per the security as a service market research, the absence of trust issues on third-party applications to dispense critical data and rising agitation towards cyberattack may further restrain the market growth.
Organization Segment Drivers
The small and medium enterprises are projected to experience a remarkable growth during the forecast period. This is majorly because of the increasing acquisition of IoT, BYOD tendency, and augmenting demand for security solutions to protect the acute data of enterprise. Moreover, in accordance with the World Bank Group, small and medium enterprises exhibit about 90% of businesses throughout the world and are approximated to offer 600 million jobs by 2030.
About GMI Research
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Company Name: GMI RESEARCH
Contact Person: Sarah Nash
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Address: Dublin, Ireland
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