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The security services market size is estimated to grow at a CAGR of 5.93% between 2023 and 2028. The market size is forecast to increase by USD 51.96 billion. The growth of the market depends on several factors such as an increase in data thefts globally, regulatory requirements encouraging the use of security solutions and an increasing IT security budget.
The report includes a comprehensive outlook on the security services market offering forecasts for the industry segmented by Component, which comprises SAAS security services, managed security security, security consulting services, and threat intelligence security services. Additionally, it categorizes Application into BFSI, healthcare, IT and telecom, and others, and covers Geography regions, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Security Services Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
Organizations looking to leverage the benefits of both private and public clouds are increasingly adopting the hybrid cloud model, wherein they can benefit from the security delivered by the private cloud and the cost benefits delivered by the public cloud. A hybrid cloud offers advantages in terms of cost and flexibility and allows organizations to have more control over critical data and applications. Most organizations prefer to use multiple cloud services to handle their various business operations, resulting in increased instances of security threats. Maintaining corporate data in the hands of cloud service providers raises serious concerns about data theft.
However, enterprises are required to comply with the regulations and the standards for best practices to secure data. In case of non-compliance, these enterprises may have to pay penalties, which can affect their brand image. These stringent regulatory norms are, therefore, one of the major drivers that will drive the growth of the global security services market during the forecast period.
As the cloud computing market moves toward maturity, traditional security providers and cloud security could become an integral part of cloud services in the future. This will compel cloud service providers (CSPs) to provide cloud security along with cloud services. In addition, it is expected that CSPs will partner with IT security solutions providers to provide more valuable security services that will promote their offerings in the market. The increasing frequency of cloud-specific attacks will generate demand for enhanced security. Thus, cloud security is expected to become a major buying criterion for customers of cloud services. This will, in turn, lead to an increase in the number of partnerships among CSPs and security solutions providers.
However, due to a lack of knowledge about cloud security solutions, especially in developing regions, most companies are increasingly relying on their partners. This is seen as one of the major trends that are expected to drive the growth of the global security services market during the forecast period.
Earlier versions of inexpensive or free IT security solutions contained only antivirus. However, current versions offer advanced features such as ant rootkit scan, backup, firewall, and email scanning. Consumers are opting for these solutions instead of paid solutions with the availability of more features and functionalities in inexpensive security solutions.
Moreover, well-known companies such as AVG Technologies, Avira Holding, and Avast Software provide these features, which poses a threat to companies providing security services in the market. Thus, the availability of inexpensive IT security solutions can become a major challenge for the global security services market during the forecast period.
The market share growth by the SaaS security services segment will be significant during the forecast period. Software as a service (SaaS) offers cost optimization benefits, high automation and scalability, and reduces infrastructural and maintenance costs. Increasing the use of SaaS applications among enterprises is one of the primary factors that will boost the demand for SaaS security services.
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The SaaS security services segment was the largest and was valued at USD 48.79 billion in 2018. The enterprises are investing heavily in SaaS solutions to solicit rapid return on investment (ROI). These applications help free organizational resources, owing to which the enterprises are focusing more on their core services. The declining cost of services is one of the key trends contributing to the growth in the demand for SaaS security services. SaaS security vendors are focusing on enhancing their SaaS security portfolio by integrating AI technology. With the integration of artificial intelligence (AI), adaptive access capabilities and risk monitoring capabilities will increase and help SaaS applications with automated threat detection. The risk behaviour will be compared by AI with the baseline whenever a user accesses a SaaS application. Such factors will drive the growth of the SaaS security services segment in the global security services market during the forecast period.
Based on application, the market has been segmented into BFSI, healthcare, IT and telecom, and others. The BFSI?segment will account for the largest share of this segment.? The banking, financial services, and insurance industries are referred to as the BFSI segment. The BFSI category is one of the main end-users in the global security services industry. Security services are heavily utilized by this segment to protect its operations, assets, and client data. However, key market players offering security services specifically tailored for the BFSI sector include IBM Corporation, Cisco Systems Inc., Dell EMC, Symantec Corporation, and Fortinet Inc. These companies provide a range of solutions, such as network security, endpoint security, identity and access management, and security analytics to address the unique security requirements of the BFSI, which will drive the growth of the BFSI segment in the security services market during the forecast period.
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North America is estimated to contribute 39% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The availability of adequate IT and business infrastructure, IT security compliance and governance regulations, and the high adoption of security solutions and services are some major factors driving the growth of the security services market in North America. The demand for security solutions is further enhanced due to growing cyberattacks by malicious practitioners on enterprises to gain access to confidential data. An increase in the number of cyberattacks negatively affects the economy of countries. Thus, it will encourage the governments of North American countries to adopt security solutions. In addition, cloud security solutions are preferred by industry verticals in the region, especially services and industrial sectors, to enhance the quality of delivery systems.
Additionally, the rise in cyberattacks is attributed to technology such as machine learning (ML), which enables attackers to produce many malicious code variants daily. Such new cyberattacks are constantly appearing, endangering the assets of businesses, damaging their reputations, and resulting in financial losses. As a result, businesses have adopted security solutions software to safeguard themselves against security breaches and cyberattacks, which will result in the growth of the regional market during the forecasted period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Accenture Plc - The company offers security services solutions such as cyber fusion centres for operational technology security and industrial control systems.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including Accenture Plc, ARCON, Barracuda Networks Inc., BluSapphire Inc., Broadcom Inc., BT Group Plc, Cisco Systems Inc., Dell Technologies Inc., Deloitte Touche Tohmatsu Ltd., Fortinet Inc., Gen Digital Inc., Ilantus Inc., International Business Machines Corp., Kyndryl Inc., McAfee LLC, Open Text Corp., Palo Alto Networks Inc., Proofpoint Inc., SilverSky Inc., and Zscaler Inc.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The security services market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Security Services Market Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.93% |
Market Growth 2024-2028 |
USD 51.96 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.02 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 39% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accenture Plc, ARCON, Barracuda Networks Inc., BluSapphire Inc., Broadcom Inc., BT Group Plc, Cisco Systems Inc., Dell Technologies Inc., Deloitte Touche Tohmatsu Ltd., Fortinet Inc., Gen Digital Inc., Ilantus Inc., International Business Machines Corp., Kyndryl Inc., McAfee LLC, Open Text Corp., Palo Alto Networks Inc., Proofpoint Inc., SilverSky Inc., and Zscaler Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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