SaaS Security Market Size, Share, Growth, And Industry Analysis, By Type (Email Protection, Network Protection, Data Loss Prevention, Web Protection, Identity and Access Protection and Other), By Application (BFSI, Healthcare, Government, Defense, Communication and Technology and Others), Regional Forecast From 2024 to 2031

Updated On: 29 April 2024

SaaS Security Market Report Overview

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The global SaaS security market size expanded rapidly in 2021, as per our research, the market is expected to generate substantial revenue by 2031, exhibiting a high CAGR during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the SaaS security market experiencing higher than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Software as a Service is what SaaS stands for in essence. Simply put, it's a collection of programs or tools that you can use to carry out your duties. The clients can access these applications because they are hosted online. They can be found anywhere. Together with Infrastructure as a Service (IaaS) and Product as a Service (PaaS), SaaS continues to be one of the most significant and popular concepts in cloud computing. It makes it possible for businesses to operate smoothly by relieving them of the need to deploy numerous expensive hardware and software. The ability to prevent data leakage by keeping an eye on all network activity and blocking any unauthorized access attempts made by hackers through a variety of channels, including email attachments and USB drives, among others, is expected to drive significant growth in the data loss prevention market.

The increasing usage of cloud-based services and software as a service (SaaS) solution across a variety of industries, including BFSI, healthcare, government, defense, communication, and technology, among others, can be credited with the rise of this market. Due to its capacity to identify spam emails and stop phishing attempts, which are frequently used to steal sensitive information from businesses or individuals, the email protection segment is anticipated to dominate the worldwide SaaS security market during the forecast period. Due to its capacity to secure networks against cyberattacks that may result in data loss or theft of critical information from an organization's network infrastructure or devices connected to it, the network protection market is also anticipated to experience substantial growth.

COVID-19 Impact: Increasing Cyber Attacks During the Pandemic to Boost Market Growth

Regulations in the public and private sectors have changed as a result of the COVID-19 lockdown, enabling new business practices to be implemented while maintaining social distance. Since then, the new Netiquette has become the business continuity plan (BCP). The widespread usage of BYOD devices and WFH trends has encouraged an increase in the number of businesses using cloud solutions and SaaS security measures to protect themselves from cyberattacks. The Zoom app is a well-known example since it makes it possible to use cloud computing to conduct high-quality video conferencing for a sizable audience, and it had an absurd number of downloads during the 2020 Lock down. Let's leave the technical details to the tech sassy people while Yoga Aunties and Dancing Masters are going crazy over the app.

Latest Trends

"Widespread Adoption of Cutting-Edge Technologies to Propel Market Growth"

The widespread adoption of cutting-edge technologies like big data and the internet of things (IoT) as well as trends like bring your own device (BYOD) is the main driver fueling the growth of the worldwide SaaS safety sector market. Also, the usage of the SaaS safety solution has grown as a result of the development of cloud computing, social media, connected devices, and internet accessibility. SaaS security market expansion is predicted to be aided by growing cloud computing use across a range of end-user industries, including BFSI, government, healthcare, communications, and others.

SaaS Security Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into email protection, network protection, data loss prevention, web protection, identity and access protection and other.

In terms of product, email protection is the largest segment.

• By Application Analysis

Based on application, the market can be divided into BFSI, healthcare, government, defense, communication and technology and others.

In terms of application, healthcare is the largest segment.

Driving Factors

"Easy Access to The Software to Promote Market Growth"

In essence, SaaS refers to software as a service. It's a group of applications or tools that you can utilize to perform your job, to put it simply. Because these programs are hosted online, users can access them. They exist everywhere. SaaS continues to be one of the most important and well-liked concepts in cloud computing, along with Infrastructure as a Service (IaaS) and Product as a Service (PaaS). By sparing them from having to deploy a lot of expensive hardware and software, it enables organizations to run smoothly. To compete with the advancing competition, both established businesses and burgeoning startups are adjusting to the business model of software as a service. Being a sassy vendor is essential to being at the top of your game, whether you work for a large corporation or a tiny startup.

"Likelihood Of Data Theft and Cyber-Attacks to Provide Opportunity to The Market"

The BFSI sector generates enormous amounts of data every day, and it is moving towards cloud-based storage solutions. The likelihood of data theft and cyber-attacks has increased as a result of the expansion of digital identities across all industries and the growing BYOD trend in workplaces. The banking and financial sector handles a lot of consumer data, including personal, financial, locational, and identification data. As a result, BFSI firms are implementing SaaS safety solutions to protect their clients' sensitive data. Government agencies will also be utilizing SaaS security solutions more frequently.

Restraining Factors

"High Level of Complexity to Impede Market Expansion"

The virtualized infrastructure's high level of complexity can impede the growth of the SaaS security market. The market will, nevertheless, increase favorably due to the growing acceptance of SaaS safety solutions by small and medium-sized businesses. According to estimates, SMEs in the US will use cloud services.

SaaS Security Market Regional Insights

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"North America to Dominate the Market Due to Automatic Software Updates"

The SaaS security industry is expected to develop at the greatest CAGR in North America, which currently holds the largest SaaS security market share. Internet of things (IoT) use is growing, and the practice of carrying your own gadget into the workplace is becoming more popular. Due to benefits like flexibility, automatic software updates, disaster recovery, zero capital outlay, and data access from anywhere, the majority of enterprises in North America have embraced cloud services, which has also increased the requirement for data protection. Due to the fact that the majority of American businesses, like Google, Microsoft, and Amazon, are working to keep their data and customers' information safe and secure, there has been an increase in the use of SaaS security solutions.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Google (U.S.)
• Cisco Systems (U.S.)
• McAfee (U.S.)
• Symantec (U.S.)
• Microsoft (U.S.)
• Amazon (U.S.)
• IBM (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.