TMCnet News
Information Technology (IT) Security as a Service Market to reach $49.7 Billion, globally, by 2032 at 12.8% CAGR: Allied Market ResearchSurge in incidence of data breaches and high costs associated with on-premise solutions drive the growth of the global information technology (IT) security as a service market. NEW CASTLE, Del., Feb. 8, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Information Technology (IT) Security as a Service Market by Offering (Email Encryption, Endpoint Protection, Data Loss Prevention, Event Monitoring, Information Security, and Others) and End User (BFSI, Healthcare, Telecom, Energy & Utilities, Education, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032" According to the report, the global information technology (IT) security as a service market generated $15.3 billion in 2022, and is estimated to reach $49.7 billion by 2032, witnessing a CAGR of 12.8% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.  Drivers, Restraints, and Opportunities The information technology (IT) security as a service market is expected to witness notable growth owing to rise in incidence of data breaches, high costs associated with on-premise solutions, and increased adoption among the SMEs. Moreover, surge in trend of BYOD in enterprises is expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, vulnerability of cloud-based applications to cybercrimes limits the growth of the information technology (IT) security as a service market. Request Sample Pages: https://www.alliedmarketresearch.com/request-sample/4380 Report coverage & details:
COVID-19 scenario
Buy this Complete Report (324 Pages PDF with Insights, Charts, Tables, and Figures) at: The endpoint protection segment to rule the market By offering, the endpoint protection segment held the major share in 2022, garnering more than one-fourth of the global information technology (IT) security as a service market revenue, owing to increase in adoption of cloud-based security services, driven by the need for scalable and flexible solutions to address the diverse and sophisticated threats faced by organizations. However, the data loss prevention segment would also showcase the fastest CAGR of 17.6% during the forecast period, owing to the convergence of DLP with other security components, creating integrated solutions that provide comprehensive protection against a spectrum of cyber threats. As privacy regulations and compliance standards become more stringent, DLP solutions are evolving to offer robust compliance management features, assisting organizations in meeting regulatory requirements, and avoiding potential legal repercussions. The BFSI segment to dominate by 2032 By end user, the BFSI segment accounted for nearly one-third of the global information technology (IT) security as a service market share in 2022, and is expected to rule the market by 2032, owing to the adoption of advanced analytics and threat intelligence in IT security. The BFSI sector is leveraging data analytics and artificial intelligence to proactively identify and respond to cyber threats. However, the energy and utilities segment would also display the fastest CAGR of 17.3% throughout the forecast period, owing to the increased focus on securing critical infrastructure against cyber threats. As the industry becomes more interconnected and digitized, the risk of cyber-attacks on energy and utility systems grows, necessitating robust cybersecurity measures. North America garnered the major share in 2022 By region, North America garnered the highest share in 2022, holding nearly one-third of the global information technology (IT) security as a service market revenue in 2022 owing to the increase in adoption of cloud-based security services, driven by the need for scalable and flexible solutions to address the diverse and sophisticated threats faced by organizations. The move toward Zero Trust Architecture, emphasizing continuous verification and strict access controls, is gaining traction as a proactive approach to enhance data protection. The Asia-Pacific region would also portray the fastest CAGR of 16.4% during the forecast period, owing to the heightened adoption of cloud-based security services, driven by the region's robust digital transformation initiatives and the need for scalable, cost-effective solutions. As organizations embrace remote work and mobile technologies, there is a growing emphasis on securing endpoints and ensuring robust identity and access management. Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/4380 Leading Market Players
The report analyzes these key players in the global information technology (IT) security as a service market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player. AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model): AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports. Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access About Us: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. Contact: Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
|
View original content: