Cyber Security as a Service Market Size & Share, by Security Type (Network Security, Endpoint Security, Application Security, Cloud Security); Organization (Large Enterprises, SMEs); End-user (Aerospace & Defense, BFSI, Public, Retail, Healthcare, IT & Telecom, Energy & Utilities, Manufacturing) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

 Global Cyber Security as a Service Market Definition 

Cyber security as a service is a platform that provides well rounded cyber security. It is a single interface platform that offers security of cloud, emails, network, and end point security. All these security features are strengthened by various technologies, including artificial intelligence, deep learning, human threat analysis and others. The greatest advantage of cyber security services is that it provides tight security to the organization without increasing the workforce. Moreover, it cut-off the workforce cost as it is as efficient as 10 security operation employees.

Cybersecurity as a service is an outsourced operation that is opted by organizations for managing cybersecurity. It is sourced from a third-party vendor as it gives more benefits than handling it in-house. The benefits entailed in this service includes consultation of cybersecurity, periodic anti-virus update reminders, continual penetration testing, awareness of cybersecurity amongst employees, and ensuring all the laws and regulation are been followed.

Cybersecurity-as-a-service enabled small& medium-sized enterprises to leverage the cybersecurity of large enterprise level. It gives complete coverage to the enterprises’ cloud, on-premises, and hybrid networks, environments and devices.

On the organizational level, outsourcing cyber security as a service offers various advantages, such as it reduced the workload of HR for assembling the team specifically for security. It aids in the scalability of the business by reducing the stress of cyber-attacks. Moreover, company can focus on core operations rather than worrying about their cyber security. By handling time-consuming monitoring and probing of doubtful activities, cybersecurity as a service lowers analyst burnout and frees up your team to work on important projects.

Global Cyber Security as a Service Market: Key Insights

Global Cyber Security as a Service Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global cyber security as a service market is estimated to garner a revenue of ~USD 140 Billion by the end of 2033 by growing at a CAGR of ~13% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 72 Billion in the year 2022. The growth of the market can be attributed to the increasing instant of massive cyber-attack. According to the FBI, the number of complaints regarding ransomware reported to IC3 increased by 82% between 2019 to 2021, globally.

 In addition to these, factors that are believed to fuel the market growth of cyber security as a service include the rise in malware and phishing threats among enterprises which has brought the privacy of the organization under menace. Three attackers broke into Twitter in July 2020 and took control of well-known Twitter accounts. They employed social engineering tactics to steal employee passwords and access the business' internal management systems, which were ultimately labeled as phishing attempts by Twitter (phone phishing). Furthermore, a rise in the adoption of mobile phones is anticipated to boost the market trend.

Global Cyber Security as a Service Market: Growth Drivers and Challenges

Growth Drivers

• Rising Cyber Crime on Social Media Platforms- According to the survey conducted by Cyber Crime Awareness Foundation, hacking into social media accounts and identity theft were two types of cybercrimes that alarmingly rose in the 2019–2020 period. These crimes accounted for around 28.31% of all cybercrimes in 2020 compared to 15.35 % in 2019. This indicates that from 2019-2020, personal account Hacking and theft grew by about 13%. Social media account is a common target for cybercriminals. These includes Facebook and Twitter and other platform which contains lots of confidential information. Hence protection of social media platforms has become a necessity owing to which the demand for market is expected to increase.

• Inadequate Knowledge of People Regarding Cyber Crime- According to cybercrime statistics, almost 68% of Americans have never checked to see if they have ever been affected by a data breach. Therefore, rise in cybercrimes is expected to boost the demand for cyber security as a service.

• Technology Advancement in Cyber Security Service- 6th-generation vPro Chips from Intel are the beginning of a significant development in this area for complete corporate productivity. These powerful user authentication chips are built right into the hardware. These are intended to revolutionize 'authentication security' by utilizing multiple levels and methods of authentication that work in tandem. It has up to 2.5 times the performance, 3 times the battery life and 30 times the graphic performance of a system over a five-year-old system.

• Increasing Fraudulent Money Request Attacks- Cyber security can save the asset of an individual and make their experience on digital banking platforms safer. The attacks involving bogus money requests and cybercrimes are on the rise. By 2025, it is predicted that cybercrimes would cost USD 10.5 trillion yearly globally.

• Increasing Number of Internet Users- With the rise in internet users, engagement on various social media platforms is also increasing which in turn is contributing to the demand for social media security. Cyber criminals all over the world are breaching networks and getting access to unauthorized data. The number of internet users worldwide has reached 5.03 billion, or 63.1 percent of the world's population.

Challenges

• Lack of Training and Inadequate Workforce - To handle cyber security service, one should have adequate knowledge about it. However, lack of training becomes the biggest barrier to the process as it requires one to handle the tedious task of securing one’s account and personal information. Hence, this is anticipated to hamper the growth of the market.
• Limited Security Budget Among SMEs
• Lack of Interoperability with the Information

Global Cyber Security as a Service Market Segmentation

The global cyber security as a service market is segmented and analyzed for demand and supply by security type into network security, endpoint security, application security, and cloud security. Out of these segments, cloud security segment is anticipated to garner the largest revenue by the end of 2033, backed by increasing adoption of cloud-based solution. Governments in developed countries have long shifted their focus away from legacy IT systems and toward more cloud-based data management solutions, including the use of public cloud services delivered over infrastructure shared by multiple clients.  Over 100 zettabytes of data are expected to be stored in the cloud by 2025, i.e., around 50% of worldwide data.

The global cyber security as a service market is also segmented and analyzed for demand and supply by industry verticals into aerospace & defense, BFSI, public sector, retail, healthcare, it & telecom, energy & utilities, and manufacturing. Out of all the industry verticals, the BFSI segment is to garner the largest market share in the forecasted period. The growth of the segment is credited to rise in the online banking fraud which increases the need for online payment fraud detection across BFSI sector. In the United States, online banking accounted for 93% of all fraud attempts and 96% of all banking transactions in the first quarter of 2021. Moreover, in comparison to last four months of 2020, the online financial frauds in the United States jumped by around 25% in the first four months of 2021.

Our in-depth analysis of the global cyber security as a service market includes the following segments:

Global Cyber Security as a Service Market Regional Synopsis

The Asia Pacific cyber security as a service market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the proliferation of IoT devices and growing usage of cyber security. The Asia-Pacific region has long had a strong manufacturing base, and the industry is still a strong adopter of the Internet of Things (IoT). In the next five years, it is anticipated that the value of the internet of things (IoT) applied device market in Japan will increase by approcimately 21%. Moreover, the number of smart houses in India is currently close to 13 million, and by 2025, it is anticipated that this number would increase by nearly 13%. Furthermore, in China, the size of the cyber security business surpassed around USD 29 billion in 2021 and increased by an average of 15% per year from 2016 to 2020.

Top Featured Companies Dominating the Global Cyber Security as a Service Market

• Cisco Systems, Inc.

  • Company Overview
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  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• IBM Corporation
• Microsoft
• Check Point Software Technologies Ltd.
• Oracle
• Trend Micro Incorporated.
• Cyber Ark Software Ltd.
• FireEye.
• Imperva
• ProofPoint, Inc.