The Security as a Service Market is projected to grow at a CAGR of 15.83% to reach US$18.554 billion by 2027.
Security as a service (SaaS) is a business model in which a service provider integrates their security services into a corporate infrastructure on a subscription basis at a lower cost than most people or organizations can provide on their own when the total cost of ownership is considered. SaaS is inspired by the “software as a service” approach as applied to information security type services and does not require on-premises hardware, avoiding significant capital outlays. Antivirus, intrusion detection, authentication, anti-malware/spyware, penetration testing, and security event management are examples of security solutions. To deliver cloud-based security services to various enterprises, SaaS solution providers connect their cloud security services with corporate networks. The most recent security tools and upgrades, faster provisioning and increased agility, and resource liberation are just a few of the benefits of security-as-a-service. Given the rapid increase in data collection and digitization, new types of cybercrime and attacks have emerged. Continuous developments and upgrades in SaaS offerings can assist lessen the potential of cyber-attacks by providing network security, cloud security, email security, and online security. Therefore, these elements are expected to drive market growth for security as a service.
In the UK, SaaS is a major business, and the market for software that is delivered as a service is growing quickly.
The United Kingdom is a responsible, democratic cyber power that tries to maintain its competitive edge in the fast-evolving cyber realm by employing the entire range of levers available to identify, disrupt, and deter its adversaries. SaaS is one of the greatest ICT markets in the UK, with the vast majority of businesses recognizing the value of investing in newer ICT segments to boost productivity and growth. According to the Cyber Security Breaches Survey 2022, 39% of UK organizations recognized a cyber assault in 2022, the same as in prior years of the survey. Therefore, while all large firms in the UK have already deployed suitable technology tools, small and medium-sized businesses have begun to focus their attention on the right digital tools to enhance their processes. The rising tide of software as a service has produced an industry of products and services that demand subscription-like repeating payments, and the mindset of UK customers has also moved from one-time customers to active, recurring customers that embrace a periodic buying pattern. Furthermore, the vast majority of UK organizations rely on mobile workforce connection, creating an excellent environment for SaaS providers to continue developing solutions for use on tablets and smartphones to keep up with this expanding demand.
Increasing the need for cloud-based security solutions in SMEs to drive market growth
Businesses that use the cloud can combine additional infrastructure technologies, such as software-defined perimeters, to create powerful and secure platforms. Moving to cloud-based platforms such as Software as a Service (SaaS) and Infrastructure as a Service (IaaS) enables SMEs to constantly modernize their applications and infrastructures (laaS). The majority of SMEs in all industries become excellent targets for fraudsters attempting to exploit security flaws. Traditional appliance-based firewalls and security gateways cannot defend cloud-based apps against cyber threats such as malware, ransomware, phishing, and DNS data exfiltration. SME security managers are driving demand for cloud-based security as a service solution to improve performance and safeguard web and mobile apps, as well as critical network infrastructure. Cloud-based security as a service solution can use cloud services to secure apps, data, users, and devices without requiring a substantial quantity of security gear to be installed on-premises. As SMEs prepare to handle cloud-based data and information security concerns, the market for cloud-based security as a service solution is expected to grow. For instance, Wolken Care, a Cloud-native, self-service SaaS Customer Service Platform, will be introduced by Wolken Software in December 2021. The spectacular expansion of on-demand, scalable cloud models have boosted cloud adoption among most organizations, allowing them to accelerate their digital business transformation initiatives to achieve cost-effectiveness and business continuity. Wolken’s new solution targets the self-service sector, specifically startups and SMBs.
Users are increasingly choosing SaaS solutions to increase email security at a faster rate.
Email security is a top priority for both businesses and consumers. Employees prefer using personal devices to view business emails outside the corporation due to changes in working culture. Security-as-a-service solutions assist enterprises by filtering emails containing viruses on networks before they reach devices or the organization’s internal network, as well as decreasing network traffic and boosting email information efficiency. Furthermore, SaaS streamlines email security tools by consolidating them into a single cloud service. As digital transformation speeds up, managed service providers (MSPs) must innovate faster to provide effective and optimal services to their customers. With cloud-native technology, organizations now have the freedom to introduce innovations into their applications. This development necessitated MSPs to expand into the cloud service provider space, converting their traditional infrastructure and application management services to SaaS solutions. In the same direction Augmentt, the SaaS security and management platform developed for MSPs, announced the start of a Free Community Software Program in July 2022 to assist MSPs and IT professionals worldwide in better managing and securing their SaaS and cloud applications. The Augmentt Email & Notification Console and the Augmentt Security Auditing Tool for Salesforce are among the new tools. Messages are frequently forgotten by busy technicians and overburdened inboxes. MSPs and IT professionals can use the Augmentt Email Alert & Notification Console to centrally monitor for key security warnings such as failed backups, billing notifications, role, and licensing changes, and more, and send essential emails to their preferred notification channel. MSPs can also use the free tool to create an unlimited number of dedicated email addresses within the Augmentt platform, as well as add unique addresses for tracking critical system and application alerts and design an unlimited number of email rules to ensure that actionable email alerts or notifications are never missed.
Over the past 20 years or more, businesses have noticed a trend steadily moving away from on-premise deployment toward SaaS. Industry-specific patterns differ, but COVID-19 speeds up the transition from on-premise to the cloud. The top two reasons for the current move are that the cloud is designed for remote access and that it requires a significantly smaller initial expenditure than a conventional on-premise solution. The cloud makes the shift from the office to the home office easier for employees who frequently work remotely. The cloud also offers a more alluring first buy-in for the numerous businesses that were financially hit by the epidemic but still want to boost productivity and efficiency and expand the business.