Cyber Security as a Service Market Insight
Cyber security as a service (CSaaS) is a combination of procedures and processes developed to protect networks, systems, and data from breaches, attacks, and unauthorized access. Cyber security as a service for organizations is an operating expense (Opex) instead of capital expense (Capx) and it manages network security, confidential information protection and enables organizations to respond to cyber incidents that might or is occurring immediately. CSaaS market has increased at an significant pace from the past few years and is expected to continues witness an enormous adoption in small- and medium-sized enterprises (SMEs). This is attributed to rise in demand for cost-effective and reliable cyber security solutions by SMEs.
Impact of COVID-19 on Cyber Security as a Service Market:
- Many cyber intelligence center have observed a spike in phishing attacks, Malspam, and ransomware attacks as cyber attackers are using COVID-19 as bait to impersonate brands thereby misleading employees and customers. This will likely increase the number of infected personal computers and phones.
- Functioning of many security teams has impaired due to the COVID-19 pandemic thereby making detection of malicious activities difficult and responding to these activities even more complicated. Updating patches on systems may also be a challenge if security teams are not operational.
- Organizations should ensure VPN services are safe and reliable as their promises to be a lot more scrutiny against these services. Furthermore, employees should be advised against using personal computers for official purposes.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Increase in the adoption of cloud and virtualization technologies, rise in demand for integrated data protection solutions among SMEs, and increasing concerns pertaining to loss of critical data are the major factors driving the growth of cyber security as a service market during the forecast period. However, lack of skilled workforce can hamper the growth of market to a certain extent. Contrarily, rise in demand for integrated data protection solutions and EaaS among SMEs is an opportunistic factor for the global market.
Increase in adoption of cloud and virtualization technologies
Cyberattacks in nature are very prevalent and affect every individual, business, and government bodies similarly. Organizations have detect a cyberattack in advance whatever the adversaries are attempting to achieve. Artificial Intelligence which has proven to be enormously useful when it comes to detecting cyber threats based on analyzing data and recognizing a threat before it exploits a susceptibility in your information systems.
Developers are using AI to improve biometric authentication and get rid of its limitations to make it a reliable system. The best example is Apple’s face recognition technology, used on its iPhone X devices. The technology ‘Face ID,’ works by processing the user’s facial features through built-in infra-red sensors and neural engines. The AI software creates a sophisticated model of the user’s face by identifying key patterns and correlation. Apple claims that, with this technology, there's only one-in-a-million chance of misleading the AI and opening your device with another face.
Lack of skilled workforce in enterprises
The world of cybersecurity is continuously changing. There are new threats, new risks and new vulnerabilities evolving every day. These data breaches cost maximum companies $1.25 million to over $8 million on average and this shortage has extreme consequences for any company struggling via it. Then there is the monetary inducement for cyberattacks. Healthcare records had been reported to sell for nearly $150 per record. That is why it is so essential to hire skilled cybersecurity experts. However, unfortunately, maximum firms are finding it challenging to satisfy that requirement. There are not enough people to fill the existing cybersecurity roles. According to cybersecurity ventures, there’ll be 3.5 million unfilled cybersecurity jobs by 2021.
Key benefits of the report:
- This study presents the analytical depiction of the global cyber security as a service industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global cyber security as a service market share.
- The current market is quantitatively analyzed to highlight the global cyber security as a service market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global cyber security as a service market analysis based on competitive intensity and how the competition will take shape in coming years.
Cyber Security as a Service Market Report Highlights
By Security Type
By Service Type
By Enterprise Size
By End User
Key Market Players
Forcepoint LLC, AT&T, Inc., FireEye Inc., Blackstratus, Inc., BAE Systems, Capgemini, Transputec Ltd., Armor Defense, Inc., McAfee Inc., IBM Corporation