What are Key Factors Driving the Growth of Security as a Service Market?

1. How is Surging Adoption of Cloud Solutions Driving Security as a Service Market? According to a study conducted by P&S Intelligence, the global ​security as a service market is predicted to attain a revenue of $43.4 billion by 2030, rising from $7.8 billion in 2019, advancing at a 17.4% CAGR during the forecast period (2020–2030). The market is witnessing growth because of the rising adoption of cloud solutions, stringent government regulations mandating data security, and surging popularity of the bring-your-own-device (BYOD) culture in offices. In terms of security type, the market is divided into web & email security, endpoint security, database security, and application security. Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/security-as-a-service-market/re port-sample Out of these, the database security division dominated the market in 2019 and is expected to contribute the largest revenue share to the market during the forecast period as well. Cloud databases are gaining popularity among companies due to their greater flexibility, enhanced performance, and lower maintenance costs. However, the vulnerability of cloud solutions to cyber-attacks is compelling users to ensure that their cloud database is secure. On the basis of enterprise, the market is bifurcated into small & medium enterprises (SME) and large enterprises. Large enterprises held the major share of the SaaS market during the historical period (2014–2019), which can be ascribed to the fact that such organizations deal with large

2. volumes of data and many of them are adopting cloud solutions, thereby creating the need for efficient cyber security. Based on deployment model, the market is categorized into hybrid, public, and private cloud, among which, hybrid cloud is expected to grow at the fastest pace during the forecast period. This is because hybrid cloud provides higher flexibility of ownership, data control, storage, maintenance, and access. On the basis of applications, the SaaS market is divided into encryption, data loss prevention, intrusion detection, identity & access management, unified threat management, and risk & compliance management. Out of all these, the identity & access management application is projected to witness the highest CAGR during the forecast period. In order to protect their cloud-based data, companies are swiftly adopting SaaS security solutions for granting employees access privileges, only after considering their designation. This is resulting in the rising adoption of identity & access management. Make Enquiry Before Purchase @ https://www.psmarketresearch.com/send-enquiry?enquiry-url=security-as-a-service-market The surging popularity of cloud computing is a major driving factor of the SaaS market. Cloud doesn’t require any physical IT infrastructure or professionals, thereby resulting in considerable cost savings. Moreover, users can decide which services they want and can access their data from anywhere via a secure connection. Owing to this, businesses are increasing shifting to cloud solutions. However, for all its advantages, cloud also makes data slightly vulnerable to cyber-attacks, which is making the adoption of security solutions a necessity. The increasing integration of multi-factor authentication is predicted to open up wide opportunities for players operating in the SaaS market. As BYOD is becoming fairly common in companies, along with increasing government regulations, businesses are increasingly demanding multi-factor authentication. Such as solution can be integrated along with SaaS security solutions by utilizing several token generation software, including Google Authenticator and Yubikey. By making use of such solutions, the need for individual multi-factor authenticator applications is decreased, thereby aiding in the management of IT spending. Hence, the demand for SaaS solutions is growing due to the increasing use of cloud solutions and increasing integration of multi-factor authentication.