SaaS Security Market To Report Impressive Growth, Revenue To Surge To US$ 11,200 Million By 2024
With the presence of a large pool of participants, the global SaaS security market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). IBM, CA Technologies, Symantec Corporation, and Gemalto NV are some of the key vendors of SaaS security across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the SaaS security market study.
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Citing an instance, in September 2018, Qualys Incorporation – a leading service provider of cloud-based security and compliance solutions – declared a novel integration with Microsoft Azure Stack.
As estimated in this report, the global SaaS security market revenue stood at US$ 1,600 million in 2016. Witnessing a tremendous rise during the period from 2015 to 2021, the revenue in this SaaS security market is expected to reach US$ 11,200 million by the end of the forecast period. The main SaaS security types available in this SaaS security market are email protection, network protection, data loss prevention, web protection, and identity and access protection. Among them, the demand for identity and access protection is relatively higher and the trend is anticipated to remain so over the next few years, notes the SaaS security market research report.
Deployment Of Cloud Computing Techniques In Various Sectors To Soar Growth
“Growing implementation of cloud computing technologies across myriad sectors such as BFSI, government, healthcare, telecommunications, and defense are predicted to promote SaaS security market trends,” says the author of this study. Apart from this, massive spending on developing cloud computing solutions will contribute substantially towards SaaS security market price over the coming years. In addition, new technologies such as IoT, Big Data, and AI have mitigated security concerns of the firms, thereby further elevating the SaaS security market surge.
Furthermore, rise in the data theft and cyber attacks are the major factors that are expected to contribute assiduously towards SaaS security market revenue stream in the coming years.
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Growing Necessity For Maintaining Data Security To Augment Regional Growth
Regionally, North America has been leading the worldwide SaaS security market and is anticipated to continue on the dominant position in the years to come, states the SaaS security market study. A large chunk of firms in the region adopting cloud solutions as a result of their beneficial features such as flexibility, automatic software update, disaster recovery, free capital expenditure, and data access from across the globe are the key factors behind the dominance of the North America SaaS security market. The market players such as Google, Microsoft, and Amazon being headquartered in the U.S. are making tremendous efforts in keeping their data and the customers’ information safe and secured through implementation of the SaaS security solutions in their firms. This has contributed remarkably towards the growth of SaaS security market in North America.
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