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Infonetics Research, in its latest report, forecasts worldwide Software-as-a-Service (SaaS (News - Alert)) revenue to grow dramatically over the next few years, with a compound annual growth rate (CAGR) of 23 percent from 2010 to 2015.

The report, titled, “Managed Security Services and SaaS with Service Provider Scorecards” also finds the revenue for managed security services market grew 12 percent in 2010 and will grow 62 percent over the next 5 years, driven by cloud-based services and SaaS.

“Our 2010 forecast was 4 percent high, but there was no decrease in fundamental demand for managed security, just a sluggish global economy,” according to Jeff Wilson, principal analyst for security at Infonetics Research (News - Alert).

Together SaaS and cloud-based security services will make up close to half of the overall managed security services market opportunity by 2015, the report finds. Overall managed security services market, including CPE, SaaS, and cloud services, will reach just under $17 billion by 2015, the report said.

Currently managed security services are popular in North America and EMEA; however, the research agency finds opportunity around the globe because cloud-based services are location independent.

According to Infonetics Research, Pacific and Central and Latin America (CALA) are expected to account for a growing portion of the managed security services market in coming years. 

The report analyzes and forecasts the market for SaaS, CPE-, and cloud-based security services managed by service providers for small, medium, and large businesses. The services covered in this report include managed firewalls, content security, intrusion detection and prevention solutions (IDS/IPS), and other security services.

In a related report titled, "SaaS Valuation: What Price is Right?" Research and Markets finds  that SaaS has become the dominant model for new software ventures, and publicly traded SaaS companies are highly valued relative to peers.