Security-as-a-Service (SaaS) Market Set to Witness Y-o-Y Growth by 2024

Global Security-as-a-Service (SaaS) market revenues totalled US$ 3.3 billion in 2016, and are anticipated to grow at a staggering CAGR of 17.1% through 2026. Key factors propelling the adoption of SaaS services include proliferation of Internet of Things (IoT) and cloud computing. The key end use sectors for SaaS include telecom and IT, BFSI, and healthcare remain the largest end-users of SaaS, with telecom and IT particularly witnessing robust adoption. By 2026, the revenue share of telecom & IT is expected to reach 30%, whereas BFSI sector will account for 20.3% of total revenues.

Concerns about potential security threats to confidential and important information is influencing telecom & IT companies to invest in SaaS. Consequently, providing end-to-end security solutions remains a lucrative mode of operation of SaaS companies. Prominent SaaS companies, including Intel Security, Cisco Systems, Inc., and Oracle Corporation are focusing on offering customised solutions to their clients. While IT & telecom will continue to remain the most lucrative end-user, gains will be steady in the healthcare and BFSI sector.

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Global SaaS market revenues remain equally concentrated between large players and local vendors. It is projected that by 2026, large companies and multinational corporations will account for over 50% share, with the rest remaining fragmented among small and medium enterprises.A key trend in the global SaaS market is that service providers are focusing on becoming integrators of holistic solution providers rather than just offering one particular type of service.

Reluctance to adopt cloud based solutions is steadily waning, and as more companies come on board, the SaaS market is anticipated to gain further traction.It is projected that the SaaS delivery market will grow at a higher rate as compared to traditional software. File sharing continues to be the leading end-use for SaaS globally, with virtual desktop infrastructure (VDI) being the otherleading segment.For global players, growth of the security services of IoT and cost advantages remain key opportunities to leverage during the forecast period.

Although the outlook on SaaS remains positive, longstanding challenges, such as difficulty in storing unstructured data and risk of organized attacks remain key challenges. Further, easy accessibility to data makes confidential information vulnerable to cyber-attack and hacks.Some of the leading market players profiled in this report include Intel Security, Oracle Corporation, Cisco Systems, Inc., Gemalto NV, Qualys Inc., Alert Logic Inc., Trend Micro Inc., Proofpoint Inc., Zscaler, Inc., and Okta, Inc.

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North America and Western Europe remain the two largest markets for SaaS, with the former accounting for over 35% revenue share of the market in 2016. The North America SaaS market was valued at US$ 1.04 billion in 2015, and is anticipated to grow at a staggering 20% CAGR through 2026. Western Europe, the second largest market globally, will also be the fastest growing market after North America.

It is worthwhile to mention that SaaS market in North America will be completely dominated by the U.S., with Canada accounting for only 22% share of the market. This is expected to further decline to nearly 19% by the end of the forecast period. 

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