“Global Information Technology (IT) Security as a Service Market to reach a market value of USD 37.4 Billion by 2030 growing at a CAGR of 12.5%”
The Global Information Technology (IT) Security as a Service Market size is expected to reach $37.4 billion by 2030, rising at a market growth of 12.5% CAGR during the forecast period.
The telecom segment is witnessing continuous network expansion, including deploying 5G technology. Therefore, the telecom segment captured $2,255.7 million revenue in the market in 2022. The demand for IT security services rises as telecom operators and service providers seek solutions to secure their expansive networks, protect critical infrastructure, and ensure the integrity of communication channels.
The major strategies followed by the market participants are Mergers & Acquisition as the key developmental strategy to keep pace with the changing demands of end users. For instance, In September, 2023, Cisco Systems Inc. completed the acquisition of Splunk Inc., an American software company. Through this acquisition, the companies helped to make organizations more secure and resilient. Additionally, In April, 2023, Trend Micro Inc. acquired Anlyz Cybersecure Private Limited to incorporate its functionalities into Trend Micro's unified cybersecurity platform, Vision One.
Based on the Analysis presented in the KBV Cardinal matrix; Cisco Systems Inc. and Broadcom, Inc. are the forerunners in the market. In November, 2023, Broadcom Inc. completed the acquisition of VMware, Inc., an American cloud computing and virtualization technology company. Through this acquisition, the Broadcom Software portfolio was combined with the VMware platform to provide critical infrastructure solutions to customers. Companies such as Hewlett Packard enterprise Company, Check Point Software Technologies Ltd., Fortinet, Inc. are some of the key innovators in the market.
Customizable solutions allow organizations to define and implement security postures based on their unique requirements, industry regulations, and risk profiles. IT security as a service provider provides customizable security solutions that may be tailored to the specific needs of various industries and organizations. This ensures that security measures align with the organization's objectives and compliance requirements. Thus, because of the increasing customizable and scalable solutions, the market is anticipated to increase significantly.
Additionally, SMEs often experience dynamic growth, and their cybersecurity needs evolve accordingly. IT security as a service provider offers scalable solutions that can grow with the business. SMEs can adjust their subscription plans and security services as their operations expand, ensuring that cybersecurity measures remain effective and aligned with business growth. Hence, small, and medium-sized enterprises (SMEs) adoption have been a pivotal factor in driving the growth of the market.
IT security as a service provider often relies on third-party vendors for components, software, and infrastructure. Vulnerabilities in the products or services supplied by third parties can be exploited by malicious actors, compromising the overall security of IT security services. The chain is only as strong as its weakest link. Limited visibility into the entire supply chain can make it challenging for IT security as a service provider to assess and mitigate risks effectively. Thus, lack of supply chain challenges can slow down the growth of the market.
By offering, the market is categorized into email encryption, endpoint protection, data loss prevention, event monitoring, information security, and others. The email encryption segment covered 23.1% revenue share in the market in 2022. Email encryption protects the confidentiality of sensitive information transmitted by email by transforming it into an indistinct format that can only be deciphered by authorized receivers.
Based on end user, the market is classified into BFSI, healthcare, telecom, energy & utilities, education, and others. The healthcare segment acquired 21.3% revenue share in the market in 2022. IT security services protect patient data, including electronic health records (EHRs), medical histories, and other sensitive information, safeguarding it from unauthorized access, breaches, or misuse.
Free Valuable Insights: Global Information Technology (IT) Security as a Service Market size to reach USD 37.4 Billion by 2030
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating 34.1% revenue share. North America faces a continuous and evolving landscape of cybersecurity threats, including ransomware, phishing, and advanced persistent threats (APTs).
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 14.7 Billion |
| Market size forecast in 2030 | USD 37.4 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 12.5% from 2023 to 2030 |
| Number of Pages | 262 |
| Number of Tables | 323 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Offering, End User, Region |
| Country scope |
|
| Companies Included | Quick Heal Technologies Limited, Trend Micro, Inc., Radware Ltd., Cisco Systems Inc., Broadcom, Inc., Cloudflare, Inc., Check Point Software Technologies Ltd., Hewlett Packard enterprise Company, Barracuda Networks, Inc. (KKR & Co. Inc.), Fortinet, Inc. |
By End User
By Offering
By Geography
This Market size is expected to reach $37.4 billion by 2030.
Increasing customizable and scalable solutions are driving the Market in coming years, however, Lack of supply chain challenges restraints the growth of the Market.
Quick Heal Technologies Limited, Trend Micro, Inc., Radware Ltd., Cisco Systems Inc., Broadcom, Inc., Cloudflare, Inc., Check Point Software Technologies Ltd., Hewlett Packard enterprise Company, Barracuda Networks, Inc. (KKR & Co. Inc.), Fortinet, Inc.
The expected CAGR of this Market is 12.5% from 2023 to 2030.
The BFSI segment is generating highest revenue in the Market by End User in 2022; there by, achieving a market value of $11.8 billion by 2030.
The North America region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $12.0 billion by 2030.
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 