Market outlook of SaaS-based IT security solutions
Technavio’s market research analyst predicts that the global SaaS-based IT security market will grow at a high CAGR of around 22% by 2020. SaaS-based IT security applications boost business efficiency, as they support high automation and scalability and offer cost optimization benefits. SaaS-based IT security solutions also reduce the overall cost of ownership due to pay-per-use policy. Organizations are increasingly adopting cloud computing to reduce their expenses in handling enterprise IT infrastructure. The cloud computing model offers security at all levels of enterprise IT architecture so that these applications can be accessed remotely. The growing implementation of cloud services among enterprises will boost the adoption of SaaS-based IT security applications during the predicted period.
According to this market research report, the latest trend that this market is witnessing is the increased demand for integrated security suites. End-users are opting for integrated and converged security suites to prevent integration issues and derive benefits from several other features associated with these suites. Owing to the increased complexity of the network infrastructure, security solutions with better integration ability have gained momentum in the market. This has propelled vendors to provide security suites with features such as network security, application security, data security, and mobile security.
Segmentation by service and analysis of the SaaS-based IT security market
Email gateway services
Identity and access management services
Cloud encryption services
Web gateway services
The email gateway services segment dominated the market and accounted for 30% of the overall market share. Growing number of potential threats such as phishing, hackers, spam, and viruses have led to the increased adoption of SaaS-based email gateway services among enterprises. With email being the most preferred medium for communication among enterprises, this segment will grow significantly over the next four years.
Geographical segmentation and analysis of the SaaS-based IT security market
The Americas will be the leading region in the SaaS-based IT security market, and is expected to occupy more than 55% by 2020. Much of the region’s growth can be attributed to growing number of cyber-attacks among organizations which has increased the implementation of SaaS-based IT security solutions. Factor such as a surge in the number of mobile devices and high usage of internet, rise in mobile malware attacks, and enterprise mobility will contribute to the growth of SaaS-based IT security solutions market in the region.
Competitive landscape and key vendors
This market is highly competitive with large players trying to increase their market share by acquiring small players. Competition in the market will intensify in the coming years with tremendous growth opportunities available for vendors. Players in the market are differentiating themselves by providing additional features such as cloud-based security analytics solutions to enhance customer experience and outperform competitors. However, the shortage of skilled workforce will be a challenge for vendors in the market.
Key vendors in the market include -
Intel Security (McAfee)
The other prominent vendors in the market are Alert Logic, Barracuda Networks, CA Technologies, CipherCloud, CloudPassage, Credant Technologies, CYREN, Forcepoint, Fortinet, LogRhythm, Panda Security, Phantom Technologies, Proofpoint, Radware, SafeNet, SecureAuth, Sophos, Symplified , Trend Micro, Trustwave, WatchGuard Technologies, and Zscaler.
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global SaaS-based IT security market?
What are the key market trends impacting the growth of the global SaaS-based IT security market?
What are the challenges to market growth?
Who are the key vendors in the global SaaS-based IT security market?
What are the market opportunities and threats faced by the vendors in the global SaaS-based IT security market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global SaaS-based IT security market?
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