Cybersecurity as a Service Market: A Domain of Innumerable Opportunities

Cybersecurity as a Service Market

By Aashi Mishra, Content Writer, Research Nester

The increased internet usage, all across the globe, is giving rise to cybercrime cases. Cybercrime is any unlawful activity that involves a network, computer, or networked device. The aim of attempting a cybercrime is to breach security and steal sensitive or valuable information. The attacks come in numerous forms such as phishing, hacking, identity theft, and software. Some of the statistics related to the cyber attacks are given as follows:

• By the year 2025, the cost of cybercrime will reach almost 10.4 trillion.
• In 2023, the maximum cost of a data breach occurred worth almost USD 5.10 million in the United States.
• In the year 2023, there was an 8.1% rise in weekly cyberattacks.
• Small businesses account for almost 43.1% of cyber attacks annually.
• Almost 33.5% of small businesses in the United States are at risk of cyberattack

This information is alarming and tech geeks are coming up with numerous solutions. One of the popular solutions is CSaaS, that is, CyberSecurity as a Service. In this blog, we will understand various aspects associated with the CyberSecurity as a Service market and its future growth aspects.

It has been estimated that the addressable market in cybersecurity might reach almost USD 1.5 trillion to almost USD 2.1 trillion. The priorities of shielding businesses have become of prime importance for the market players. Let us understand how cyber security is becoming an important aspect for various businesses.

• Cyber security in healthcare

Recently, news surfaced on the internet that a Southern California-based medical group became the victim of a cyber attack in 2022. The average cost of a healthcare breach in the United States is almost USD 10.9 million. Healthcare organizations are susceptible to various cyber attacks for reasons such as,

• The advent of digitalization in healthcare is causing more attacks
• Rise in the healthcare ecosystem based on the interconnected medical devices
• Growth in security talent shortage
• Presence of a large user base

In today’s digital age, numerous healthcare organizations are incorporating Cyber Security as a Service Market which helps in eradicating cyber attacks.

• Cyber Security in IT and Telecom

The telecommunication industry is considered to be a crucial infrastructure that needs to be fabricated to withstand numerous types of cyber attacks. For numerous years, telecommunication companies have been a prime target for cybercriminals. Cyber security in telecom helps protect from data breaches and malicious attacks.

• Cyber Security in Defence

In February 2024, news of 2 Iranian military ships being attacked by United States cyberattackers surfaced on the internet. It shows the rising importance of cybersecurity in the domain. Various governments are embracing cybersecurity to protect important data from malicious attacks.

Similarly, domains such as retail, BFSI, defense, automotive, education, etc., are adopting cybersecurity as their priority safety measures.

Although traditional cybersecurity differs from cybersecurity as a service. As per the budget, size, and regulatory compliance requirements, several approaches are required. Organizations are finding it tedious to rely completely on themselves. The conventional method of fabricating an internal security team is to hire an experienced security staff who are dedicated to performing cyber security duties. While CSaaS is an option where the company outsources the security facility. A survey found that almost 72.1% of businesses find CSaaS solutions critical for their customer strategy. Let us now understand cyber security as a service market growth aspect.

CSaaS Market Analysis:

The Cyber Security as a Service Market size is projected to cross almost USD 140 Billion by the end of the year 2033, growing at a CAGR of 13% during the forecast period. Also, in 2022, the CSaaS market garnered almost USD 72 billion. Some of the growth-propelling factors for the CSaaS market are:

• The surge in incidences of data breaches and cyberattacks
• The rise in cybercrime on social media platforms
• Technological advancements in cyber security services
• Surge in fraudulent money request attacks
• Rise in the number of Internet users

Some of the challenges in the market growth are lack of training and inadequate workforce, limited security budget among SMEs, and lack of interoperability with the information.

The market in North America currently accounts for the maximum share of the revenue of the worldwide market. The growth of the market can be attributed to the high level of digitalization and the surge in the number of connected devices in the countries is projected to remain growth-propelling factors. Other than this, Asia-Pacific markets are also expected to continue to thrive due to the increasing number of government initiatives. Also, the rising number of reliable and cost-effective measures is acting as a catalyst in the growth of the market. Some of the leading companies in the domain of CSaaS market are Cisco Systems, Inc., IBM Corporation, Microsoft, Check Point Software Technologies Ltd, Oracle, Trend Micro Incorporated, Cyber-Ark Software Ltd, FireEye, Imperva, and ProofPoint Inc.

In a nutshell

The cyber security as a service market holds lucrative opportunities for growth in the future. However, for the budding as well as new market players, it is crucial to understand various market intricacies. These factors are imperative for market players to make prudent business decisions. An exhaustive market research report consists of various parameters such as future growth aspects, market constraints, growth driving factors, regional analysis etc. These factors also help the market players to carve make themselves a niche.

Source: https://www.researchnester.com/reports/cyber-security-as-a-service-market/4538

About the Author

Aashi Mishra an experienced research writer, strategist, and marketer with a demonstrated history of research in a myriad of industries. I love to distill complex industrial terminologies of market space into simpler terms.

Aashi Mishra can be reached at https://www.researchnester.com/