SaaS Security Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[217+ Pages Report] According to Facts and Factors, the global SaaS Security Market size was worth USD 8,294.10 million in 2021 and is estimated to grow to USD 21166.85 million by 2028, with a compound annual growth rate (CAGR) of approximately 16.90% over the forecast period. The report analyzes the SaaS security industry's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the SaaS security industry market.

Market Overview

SaaS security firms manage a significant portion of cloud application security. They are in charge of safeguarding the operating system, platform, network, and physical infrastructure. SaaS has established itself as the standard for many business applications, including management software, payroll processing software, invoicing, management information systems (MIS), talent acquisition, DBMS software, enterprise resource planning (ERP), human resource management (HRM), management software, gamification, messaging software, customer relationship management (CRM), CAD software, development software, virtualization, accounting, collaboration, and content management. SaaS security provides cloud-driven content protection for email, web, identity & access management, and encryption. It also refers to collecting policies, procedures, and controls to safeguard the information, associated cloud computing infrastructure, and connected applications.

Computer security, network security, and data or information security are also components of SaaS security. The widespread use of emerging trends like BYOD and advanced technologies like big data and IoT is the main driver fuelling the growth of the global SaaS security industry market. The adoption of SaaS security solutions has also increased due to the rise of cloud computing, social media, connected devices, and internet accessibility.

COVID-19 Impact:

During the analysis period, the effect of COVID-19 is anticipated to lead to noticeably high growth in this market. This is due to the usage of SaaS security services has significantly increased. The company's operating model is predicted to be disrupted by the software-as-a-service (SaaS) security paradigm. The use of containers is projected to expand due to the COVID-19 influence on corporate operations, which will guarantee to raise the demand for reliable security solutions.

Key Insights

• As per the analysis shared by our research analyst, the global SaaS Security Market value is expected to grow at a CAGR of 16.90% over the forecast period.
• In terms of revenue, the global SaaS Security Market size was valued at around USD 8,294.10 million in 2021 and is projected to reach USD 21166.85 million by 2028.
• The widespread use of emerging trends like BYOD and advanced technologies like big data and IoT is the main driver fuelling the growth of the global SaaS security industry market.
• By services, the SIEM services category dominated the market in 2021.
• By organization size, the large enterprise category dominated the market in 2021.
• North America dominated the global SaaS Security Market in 2021.

Growth Drivers

• Escalating demand for cloud computing drives the market growth

Due to its adaptability, automated software updates, capability for disaster recovery, capital funding, cost-effectiveness, security, and eco-friendliness, cloud computing solutions are expected to become more and more popular throughout the projected period. Furthermore, it is projected that the increased data or information thefts that took place internationally will impact the market expansion. Business expansion will also be fueled by increased usage of BYOD and internet of things technology to increase productivity and employee satisfaction.

Restraints

• The ability of vendors to access confidential data may hinder the market growth

Several key obstacles are preventing the market's expansion, including organizations' reluctance to employ SaaS security solutions, consumers' hesitation to share sensitive information with suppliers, and the availability of free security services. Data security concerns and erratic network connections restrict market expansion. Throughout the projection period, the market's growth could be constrained by factors such as the government's strict enforcement of rules, the risk of information leakage, and consumers' low regard for SaaS security service providers.

Segmentation Analysis

The global SaaS Security Market has been segmented into services, organization size, and industry verticals.

Based on services, the market is segregated into email gateway services, IAM services, cloud encryption services, web gateway services, SIEM services and others. In 2021, the SIEM services segment dominated the global SaaS security industry market. Demand for security information and event management (SIEM) services is expected to rise in the upcoming years. The demand for SIEM systems is probably driven by visibility and risk assessment. In the current threat environment, SIEM can be used for various purposes, such as enforcing compliance laws, securing IoT devices, and guarding against insider threats.

Based on the organization size, the market is segregated into small and medium enterprises (SMEs) and large enterprises. In 2021, the large enterprise category dominated the global SaaS security industry market. Large enterprises are required to scale their infrastructure to fulfill the needs and brand-new demands put forward by the remote workforce. Businesses also need to maintain the infrastructure that supports their services and goods. Due to a decline in capital expenditures linked to a decline in demand for goods and services and budget rigidity during the financial crisis, small and medium enterprises (SMEs) are anticipated to reduce their cloud spending.

Based on industry verticals, the market is segregated into healthcare, construction, energy & utilities, education, legal, retail, transportation, hospitality, agriculture, government and others. In 2021, the government category dominated the global SaaS security industry market. Government organizations produce enormous amounts of data, and this sector is moving toward cloud-based storage solutions. The likelihood of data theft and cyber-attacks has increased due to the expansion of digital identities across all industries and the growing BYOD trend in workplaces. Government organizations are adopting SaaS security solutions because they handle a lot of consumer data, including their constituents' personal, financial, locational, and identification information.

Report Scope

Regional Landscape

• North America dominated the SaaS Security Market in 2021

In 2021, North America dominated the global SaaS Security Market because of the region's increased investment in research and development and the adoption of solutions. It is projected that the SaaS Security Market will expand due to the growing number of participants across all geographies. Additionally, it is projected that during the study, the market will benefit from increasing expenditures made by renowned vendors in their product capabilities and business expansion. Many market participants uncover attractive opportunities in industrialized countries like the US and Canada, where the large populations are linked with new advancements in various industries.

Competitive Landscape

• IBM Corporation 
• Symantec Corporation 
• Alert Logic 
• CA Technologies 
• Cisco Systems Inc. 
• McAfee Inc. 
• Barracuda Networks Inc. 
• CipherClouds 
• CYREN 
• Fortinet. 

Global SaaS Market is segmented as follows:

By Services        

• Email Gateway Services
• IAM Services
• Cloud Encryption Services
• Web Gateway Services
• SIEM Services
• Others

By Organization Size     

• Small and Medium Enterprises (SMEs)
• Large Enterprise

By Industry Verticals     

• Healthcare
• Construction
• Energy & Utilities
• Education
• Legal
• Retail
• Transportation
• Hospitality
• Agriculture
• Government
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America