The Global Information Technology (IT) Security as a Service Market size is expected to reach $37.4 billion by 2030, rising at a market growth of 12.5% CAGR during the forecast period.
The telecom segment is witnessing continuous network expansion, including deploying 5G technology. Therefore, the telecom segment captured $2,255.7 million revenue in the market in 2022. The demand for IT security services rises as telecom operators and service providers seek solutions to secure their expansive networks, protect critical infrastructure, and ensure the integrity of communication channels.
The major strategies followed by the market participants are Mergers & Acquisition as the key developmental strategy to keep pace with the changing demands of end users. For instance, In September, 2023, Cisco Systems Inc. completed the acquisition of Splunk Inc., an American software company. Through this acquisition, the companies helped to make organizations more secure and resilient. Additionally, In April, 2023, Trend Micro Inc. acquired Anlyz Cybersecure Private Limited to incorporate its functionalities into Trend Micro's unified cybersecurity platform, Vision One.
Based on the Analysis presented in the KBV Cardinal matrix; Cisco Systems Inc. and Broadcom, Inc. are the forerunners in the market. In November, 2023, Broadcom Inc. completed the acquisition of VMware, Inc., an American cloud computing and virtualization technology company. Through this acquisition, the Broadcom Software portfolio was combined with the VMware platform to provide critical infrastructure solutions to customers. Companies such as Hewlett Packard enterprise Company, Check Point Software Technologies Ltd., Fortinet, Inc. are some of the key innovators in the market.
Market Growth Factors
Customizable solutions allow organizations to define and implement security postures based on their unique requirements, industry regulations, and risk profiles. IT security as a service provider provides customizable security solutions that may be tailored to the specific needs of various industries and organizations. This ensures that security measures align with the organization's objectives and compliance requirements. Thus, because of the increasing customizable and scalable solutions, the market is anticipated to increase significantly.
Additionally, SMEs often experience dynamic growth, and their cybersecurity needs evolve accordingly. IT security as a service provider offers scalable solutions that can grow with the business. SMEs can adjust their subscription plans and security services as their operations expand, ensuring that cybersecurity measures remain effective and aligned with business growth. Hence, small, and medium-sized enterprises (SMEs) adoption have been a pivotal factor in driving the growth of the market.
Market Restraining Factors
IT security as a service provider often relies on third-party vendors for components, software, and infrastructure. Vulnerabilities in the products or services supplied by third parties can be exploited by malicious actors, compromising the overall security of IT security services. The chain is only as strong as its weakest link. Limited visibility into the entire supply chain can make it challenging for IT security as a service provider to assess and mitigate risks effectively. Thus, lack of supply chain challenges can slow down the growth of the market.
By End User Analysis
Based on end user, the market is classified into BFSI, healthcare, telecom, energy & utilities, education, and others. The healthcare segment acquired 21.3% revenue share in the market in 2022. IT security services protect patient data, including electronic health records (EHRs), medical histories, and other sensitive information, safeguarding it from unauthorized access, breaches, or misuse.
By Offering Analysis
By offering, the market is categorized into email encryption, endpoint protection, data loss prevention, event monitoring, information security, and others. The email encryption segment covered 23.1% revenue share in the market in 2022. Email encryption protects the confidentiality of sensitive information transmitted by email by transforming it into an indistinct format that can only be deciphered by authorized receivers.
By Regional Analysis
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating 34.1% revenue share. North America faces a continuous and evolving landscape of cybersecurity threats, including ransomware, phishing, and advanced persistent threats (APTs).
Recent Strategies Deployed in the Market
- Nov-2023: Broadcom Inc. completed the acquisition of VMware, Inc., an American cloud computing and virtualization technology company. Through this acquisition, the Broadcom Software portfolio was combined with the VMware platform to provide critical infrastructure solutions to customers.
- Oct-2023: Quick Heal Technologies Limited unveiled the metaProtect. The new product is a cloud-based platform for remote security and privacy management. The new product assists in safeguarding the devices of the entire family.
- Sep-2023: Cisco Systems Inc. completed the acquisition of Splunk Inc., an American software company. Through this acquisition, the companies helped to make organizations more secure and resilient.
- Aug-2023: Check Point Software Technologies Ltd. completed the acquisition of Perimeter 81 Ltd., an Israeli cloud and network security company. Through this acquisition, Check Point integrated the capabilities of Perimeter 81 into the architecture of Check Point Infinity. Additionally, the acquisition helped Check Point by offering secure access to remote users and providing SSE solutions in the market.
- Aug-2023: Radware Ltd. entered into an agreement with Spark New Zealand Limited, a New Zealand telecommunications and digital services company. Under this agreement, the companies offered applications and network security services to their customers in New Zealand. Additionally, the agreement helped Spark in the distribution of the applications and the network security solutions to the customers in New Zealand.
List of Key Companies Profiled
- Quick Heal Technologies Limited
- Trend Micro, Inc.
- Radware Ltd.
- Cisco Systems Inc.
- Broadcom, Inc.
- Cloudflare, Inc.
- Check Point Software Technologies Ltd.
- Hewlett Packard enterprise Company
- Barracuda Networks, Inc. (KKR & Co. Inc.)
- Fortinet, Inc.
Global Information Technology (IT) Security as a Service Market Report Segmentation
By End User
- BFSI
- Education
- Telecom
- Healthcare
- Energy & Utilities
- Others
By Offering
- Endpoint Protection
- Email Encryption
- Information Security
- Event Monitoring
- Data Loss Prevention
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1.Market Scope & Methodology
- 1.1Market Definition
- 1.2Objectives
- 1.3Market Scope
- 1.4Segmentation
- 1.4.1Global Information Technology (IT) Security as a Service Market, by End User
- 1.4.2Global Information Technology (IT) Security as a Service Market, by Offering
- 1.4.3Global Information Technology (IT) Security as a Service Market, by Geography
- 1.5Methodology for the research
Chapter 2.Market at a Glance
Chapter 3.Market Overview
- 3.1Introduction
- 3.1.1Overview
- 3.1.1.1Market Composition and Scenario
- 3.2Key Factors Impacting the Market
- 3.2.1Market Drivers
- 3.2.2Market Restraints
- 3.2.3Market Opportunities
- 3.2.4Market Challenges
Chapter 4.Competition Analysis - Global
- 4.1KBV Cardinal Matrix
- 4.2Recent Industry Wide Strategic Developments
- 4.2.1Partnerships, Collaborations and Agreements
- 4.2.2Product Launches and Product Expansions
- 4.2.3Acquisition and Mergers
- 4.3Top Winning Strategies
- 4.3.1Key Leading Strategies: Percentage Distribution (2019-2023)
- 4.3.2Key Strategic Move: (Mergers & Acquisition: 2019, Oct - 2023, Nov) Leading Players
- 4.4Porter's Five Forces Analysis
Chapter 5.Global Information Technology (IT) Security as a Service Market by End User
- 5.1Global BFSI Market by Region
- 5.2Global Education Market by Region
- 5.3Global Telecom Market by Region
- 5.4Global Healthcare Market by Region
- 5.5Global Energy & Utilities Market by Region
- 5.6Global Others Market by Region
Chapter 6.Global Information Technology (IT) Security as a Service Market by Offering
- 6.1Global Endpoint Protection Market by Region
- 6.2Global Email Encryption Market by Region
- 6.3Global Information Security Market by Region
- 6.4Global Event Monitoring Market by Region
- 6.5Global Data Loss Prevention Market by Region
- 6.6Global Others Market by Region
Chapter 7.Global Information Technology (IT) Security as a Service Market by Region
- 7.1North America Information Technology (IT) Security as a Service Market
- 7.1.1North America Information Technology (IT) Security as a Service Market by End User
- 7.1.1.1North America BFSI Market by Country
- 7.1.1.2North America Education Market by Country
- 7.1.1.3North America Telecom Market by Country
- 7.1.1.4North America Healthcare Market by Country
- 7.1.1.5North America Energy & Utilities Market by Country
- 7.1.1.6North America Others Market by Country
- 7.1.2North America Information Technology (IT) Security as a Service Market by Offering
- 7.1.2.1North America Endpoint Protection Market by Country
- 7.1.2.2North America Email Encryption Market by Country
- 7.1.2.3North America Information Security Market by Country
- 7.1.2.4North America Event Monitoring Market by Country
- 7.1.2.5North America Data Loss Prevention Market by Country
- 7.1.2.6North America Others Market by Country
- 7.1.3North America Information Technology (IT) Security as a Service Market by Country
- 7.1.3.1US Information Technology (IT) Security as a Service Market
- 7.1.3.1.1US Information Technology (IT) Security as a Service Market by End User
- 7.1.3.1.2US Information Technology (IT) Security as a Service Market by Offering
- 7.1.3.2Canada Information Technology (IT) Security as a Service Market
- 7.1.3.2.1Canada Information Technology (IT) Security as a Service Market by End User
- 7.1.3.2.2Canada Information Technology (IT) Security as a Service Market by Offering
- 7.1.3.3Mexico Information Technology (IT) Security as a Service Market
- 7.1.3.3.1Mexico Information Technology (IT) Security as a Service Market by End User
- 7.1.3.3.2Mexico Information Technology (IT) Security as a Service Market by Offering
- 7.1.3.4Rest of North America Information Technology (IT) Security as a Service Market
- 7.1.3.4.1Rest of North America Information Technology (IT) Security as a Service Market by End User
- 7.1.3.4.2Rest of North America Information Technology (IT) Security as a Service Market by Offering
- 7.2Europe Information Technology (IT) Security as a Service Market
- 7.2.1Europe Information Technology (IT) Security as a Service Market by End User
- 7.2.1.1Europe BFSI Market by Country
- 7.2.1.2Europe Education Market by Country
- 7.2.1.3Europe Telecom Market by Country
- 7.2.1.4Europe Healthcare Market by Country
- 7.2.1.5Europe Energy & Utilities Market by Country
- 7.2.1.6Europe Others Market by Country
- 7.2.2Europe Information Technology (IT) Security as a Service Market by Offering
- 7.2.2.1Europe Endpoint Protection Market by Country
- 7.2.2.2Europe Email Encryption Market by Country
- 7.2.2.3Europe Information Security Market by Country
- 7.2.2.4Europe Event Monitoring Market by Country
- 7.2.2.5Europe Data Loss Prevention Market by Country
- 7.2.2.6Europe Others Market by Country
- 7.2.3Europe Information Technology (IT) Security as a Service Market by Country
- 7.2.3.1Germany Information Technology (IT) Security as a Service Market
- 7.2.3.1.1Germany Information Technology (IT) Security as a Service Market by End User
- 7.2.3.1.2Germany Information Technology (IT) Security as a Service Market by Offering
- 7.2.3.2UK Information Technology (IT) Security as a Service Market
- 7.2.3.2.1UK Information Technology (IT) Security as a Service Market by End User
- 7.2.3.2.2UK Information Technology (IT) Security as a Service Market by Offering
- 7.2.3.3France Information Technology (IT) Security as a Service Market
- 7.2.3.3.1France Information Technology (IT) Security as a Service Market by End User
- 7.2.3.3.2France Information Technology (IT) Security as a Service Market by Offering
- 7.2.3.4Russia Information Technology (IT) Security as a Service Market
- 7.2.3.4.1Russia Information Technology (IT) Security as a Service Market by End User
- 7.2.3.4.2Russia Information Technology (IT) Security as a Service Market by Offering
- 7.2.3.5Spain Information Technology (IT) Security as a Service Market
- 7.2.3.5.1Spain Information Technology (IT) Security as a Service Market by End User
- 7.2.3.5.2Spain Information Technology (IT) Security as a Service Market by Offering
- 7.2.3.6Italy Information Technology (IT) Security as a Service Market
- 7.2.3.6.1Italy Information Technology (IT) Security as a Service Market by End User
- 7.2.3.6.2Italy Information Technology (IT) Security as a Service Market by Offering
- 7.2.3.7Rest of Europe Information Technology (IT) Security as a Service Market
- 7.2.3.7.1Rest of Europe Information Technology (IT) Security as a Service Market by End User
- 7.2.3.7.2Rest of Europe Information Technology (IT) Security as a Service Market by Offering
- 7.3Asia Pacific Information Technology (IT) Security as a Service Market
- 7.3.1Asia Pacific Information Technology (IT) Security as a Service Market by End User
- 7.3.1.1Asia Pacific BFSI Market by Country
- 7.3.1.2Asia Pacific Education Market by Country
- 7.3.1.3Asia Pacific Telecom Market by Country
- 7.3.1.4Asia Pacific Healthcare Market by Country
- 7.3.1.5Asia Pacific Energy & Utilities Market by Country
- 7.3.1.6Asia Pacific Others Market by Country
- 7.3.2Asia Pacific Information Technology (IT) Security as a Service Market by Offering
- 7.3.2.1Asia Pacific Endpoint Protection Market by Country
- 7.3.2.2Asia Pacific Email Encryption Market by Country
- 7.3.2.3Asia Pacific Information Security Market by Country
- 7.3.2.4Asia Pacific Event Monitoring Market by Country
- 7.3.2.5Asia Pacific Data Loss Prevention Market by Country
- 7.3.2.6Asia Pacific Others Market by Country
- 7.3.3Asia Pacific Information Technology (IT) Security as a Service Market by Country
- 7.3.3.1China Information Technology (IT) Security as a Service Market
- 7.3.3.1.1China Information Technology (IT) Security as a Service Market by End User
- 7.3.3.1.2China Information Technology (IT) Security as a Service Market by Offering
- 7.3.3.2Japan Information Technology (IT) Security as a Service Market
- 7.3.3.2.1Japan Information Technology (IT) Security as a Service Market by End User
- 7.3.3.2.2Japan Information Technology (IT) Security as a Service Market by Offering
- 7.3.3.3India Information Technology (IT) Security as a Service Market
- 7.3.3.3.1India Information Technology (IT) Security as a Service Market by End User
- 7.3.3.3.2India Information Technology (IT) Security as a Service Market by Offering
- 7.3.3.4South Korea Information Technology (IT) Security as a Service Market
- 7.3.3.4.1South Korea Information Technology (IT) Security as a Service Market by End User
- 7.3.3.4.2South Korea Information Technology (IT) Security as a Service Market by Offering
- 7.3.3.5Singapore Information Technology (IT) Security as a Service Market
- 7.3.3.5.1Singapore Information Technology (IT) Security as a Service Market by End User
- 7.3.3.5.2Singapore Information Technology (IT) Security as a Service Market by Offering
- 7.3.3.6Malaysia Information Technology (IT) Security as a Service Market
- 7.3.3.6.1Malaysia Information Technology (IT) Security as a Service Market by End User
- 7.3.3.6.2Malaysia Information Technology (IT) Security as a Service Market by Offering
- 7.3.3.7Rest of Asia Pacific Information Technology (IT) Security as a Service Market
- 7.3.3.7.1Rest of Asia Pacific Information Technology (IT) Security as a Service Market by End User
- 7.3.3.7.2Rest of Asia Pacific Information Technology (IT) Security as a Service Market by Offering
- 7.4LAMEA Information Technology (IT) Security as a Service Market
- 7.4.1LAMEA Information Technology (IT) Security as a Service Market by End User
- 7.4.1.1LAMEA BFSI Market by Country
- 7.4.1.2LAMEA Education Market by Country
- 7.4.1.3LAMEA Telecom Market by Country
- 7.4.1.4LAMEA Healthcare Market by Country
- 7.4.1.5LAMEA Energy & Utilities Market by Country
- 7.4.1.6LAMEA Others Market by Country
- 7.4.2LAMEA Information Technology (IT) Security as a Service Market by Offering
- 7.4.2.1LAMEA Endpoint Protection Market by Country
- 7.4.2.2LAMEA Email Encryption Market by Country
- 7.4.2.3LAMEA Information Security Market by Country
- 7.4.2.4LAMEA Event Monitoring Market by Country
- 7.4.2.5LAMEA Data Loss Prevention Market by Country
- 7.4.2.6LAMEA Others Market by Country
- 7.4.3LAMEA Information Technology (IT) Security as a Service Market by Country
- 7.4.3.1Brazil Information Technology (IT) Security as a Service Market
- 7.4.3.1.1Brazil Information Technology (IT) Security as a Service Market by End User
- 7.4.3.1.2Brazil Information Technology (IT) Security as a Service Market by Offering
- 7.4.3.2Argentina Information Technology (IT) Security as a Service Market
- 7.4.3.2.1Argentina Information Technology (IT) Security as a Service Market by End User
- 7.4.3.2.2Argentina Information Technology (IT) Security as a Service Market by Offering
- 7.4.3.3UAE Information Technology (IT) Security as a Service Market
- 7.4.3.3.1UAE Information Technology (IT) Security as a Service Market by End User
- 7.4.3.3.2UAE Information Technology (IT) Security as a Service Market by Offering
- 7.4.3.4Saudi Arabia Information Technology (IT) Security as a Service Market
- 7.4.3.4.1Saudi Arabia Information Technology (IT) Security as a Service Market by End User
- 7.4.3.4.2Saudi Arabia Information Technology (IT) Security as a Service Market by Offering
- 7.4.3.5South Africa Information Technology (IT) Security as a Service Market
- 7.4.3.5.1South Africa Information Technology (IT) Security as a Service Market by End User
- 7.4.3.5.2South Africa Information Technology (IT) Security as a Service Market by Offering
- 7.4.3.6Nigeria Information Technology (IT) Security as a Service Market
- 7.4.3.6.1Nigeria Information Technology (IT) Security as a Service Market by End User
- 7.4.3.6.2Nigeria Information Technology (IT) Security as a Service Market by Offering
- 7.4.3.7Rest of LAMEA Information Technology (IT) Security as a Service Market
- 7.4.3.7.1Rest of LAMEA Information Technology (IT) Security as a Service Market by End User
- 7.4.3.7.2Rest of LAMEA Information Technology (IT) Security as a Service Market by Offering
Chapter 8.Company Profiles
- 8.1Quick Heal Technologies Limited
- 8.1.1Company Overview
- 8.1.2Financial Analysis
- 8.1.3Regional Analysis
- 8.1.4Recent strategies and developments:
- 8.1.4.1Partnerships, Collaborations, and Agreements:
- 8.1.4.2Product Launches and Product Expansions:
- 8.1.5SWOT Analysis
- 8.2Trend Micro, Inc.
- 8.2.1Company Overview
- 8.2.2Financial Analysis
- 8.2.3Segmental Analysis
- 8.2.4Research & Development Expenses
- 8.2.5Recent strategies and developments:
- 8.2.5.1Partnerships, Collaborations, and Agreements:
- 8.2.5.2Acquisition and Mergers:
- 8.2.6SWOT Analysis
- 8.3Radware Ltd.
- 8.3.1Company Overview
- 8.3.2Financial Analysis
- 8.3.3Regional Analysis
- 8.3.4Research & Development Expenses
- 8.3.5Recent strategies and developments:
- 8.3.5.1Partnerships, Collaborations, and Agreements:
- 8.3.6SWOT Analysis
- 8.4Cisco Systems, Inc.
- 8.4.1Company Overview
- 8.4.2Financial Analysis
- 8.4.3Regional Analysis
- 8.4.4Research & Development Expense
- 8.4.5Recent strategies and developments:
- 8.4.5.1Partnerships, Collaborations, and Agreements:
- 8.4.5.2Product Launches and Product Expansions:
- 8.4.5.3Acquisition and Mergers:
- 8.4.6SWOT Analysis
- 8.5Broadcom, Inc.
- 8.5.1Company Overview
- 8.5.2Financial Analysis
- 8.5.3Segmental and Regional Analysis
- 8.5.4Research & Development Expense
- 8.5.5Recent strategies and developments:
- 8.5.5.1Partnerships, Collaborations, and Agreements:
- 8.5.5.2Acquisition and Mergers:
- 8.5.6SWOT Analysis
- 8.6Cloudflare, Inc.
- 8.6.1Company Overview
- 8.6.2Financial Analysis
- 8.6.3Regional Analysis
- 8.6.4Research & Development Expense
- 8.6.5Recent strategies and developments:
- 8.6.5.1Acquisition and Mergers:
- 8.6.6SWOT Analysis
- 8.7Check Point Software Technologies Ltd.
- 8.7.1Company Overview
- 8.7.2Financial Analysis
- 8.7.3Regional Analysis
- 8.7.4Research & Development Expenses
- 8.7.5Recent strategies and developments:
- 8.7.5.1Partnerships, Collaborations, and Agreements:
- 8.7.5.2Acquisition and Mergers:
- 8.7.6SWOT Analysis
- 8.8Hewlett Packard Enterprise Company
- 8.8.1Company Overview
- 8.8.2Financial Analysis
- 8.8.3Segmental and Regional Analysis
- 8.8.4Research & Development Expense
- 8.8.5Recent strategies and developments:
- 8.8.5.1Acquisition and Mergers:
- 8.8.6SWOT Analysis
- 8.9Barracuda Networks, Inc. (KKR & Co. Inc.)
- 8.9.1Company Overview
- 8.9.2Financial Analysis
- 8.9.3SWOT Analysis
- 8.10.Fortinet, Inc.
- 8.10.1Company Overview
- 8.10.2Financial Analysis
- 8.10.3Regional Analysis
- 8.10.4Research & Development Expenses
- 8.10.5Recent strategies and developments:
- 8.10.5.1Product Launches and Product Expansions:
- 8.10.6SWOT Analysis
Chapter 9.Winning Imperatives of Information Technology (IT) Security as a Service Market