According to the latest report by Market Research Future (MRFR), the market is expected to record a significant market valuation of USD 6.71 billion by 2024 at a steady CAGR of 10.4% over the review period.
Drivers and Restraints
Companies across the globe rely on software to secure their cloud storage infrastructure and data as well as on the premise that has increased the information protection requirement. The companies use information protection to determine their application suppliers / partners' protection assurance activities. One of the major factors leading to market growth is the introduction of ever more complex and strict government legislation to protect data from unauthorized access by corporations. Additionally, the growing adoption by enterprises of cloud-based security assurance solutions is also expected to drive the market. Another factor contributing to the size of the market is the increasing deployment of third party applications that protect the computing environment and data, integrated with the core software. Nonetheless, hybrid cloud protection issues are expected to hinder market growth over the forecast period. Growing cloud-based applications across vertical lines and the increasing trend of IoT and connected mobile devices are expected to create profitable opportunities for key security assurance providers in the global market.
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The global market for security assurance was segmented based on application, size of company, vertical, and area.
The global security assurance market was divided by application into mobile solutions, business applications, and device and network infrastructure. The segment of business applications is expected to have the largest market share while the segment of mobile solutions is expected to experience the highest CAGR over the forecast period.
Based on organization size, the global security assurance market has been divided into small- and medium-sized enterprise (SME) and large enterprise. The large enterprise segment is slated to have a higher market size during the review period. Large organizations extensively deploy security assurance on premise as well as on the cloud.
On the basis of vertical, the global security assurance market has been divided into banking, financial services and insurance (BFSI), telecommunications and IT, healthcare and pharmaceuticals, government, manufacturing, retail and e-commerce, and others. The BFSI vertical is poised to be the most signficat segment and is expected to grow with the highest CAGR.
The geographic analysis of the global market for security assurance has been conducted by MRFR for Europe, Asia-Pacific, North America, and the rest of the world.
The North American region accounts for the highest market share of the global security assurance market and is expected t retain its market valuation over the review period. This is owing to the increasing stringency of data protection regulations as well as the rapid adoption of cloud technology, in developed countries such as the US and Canada. Rising measures to prevent rising security attacks and breaches, pose as an essential driver for the growth of the market in the US, which is the major contributor towards the market share in North America region.
The market in Europe is expected to be the second-largest during the review period due to the need to mitigate IT security threats. The political unrest in certain arts of Europe along with the augment of terrorist attacks in this region has increased the demand for security assurance over the review period.
Asia-Pacific is anticipated to be the fastest-growing market in the global security assurance market during the forecast period. The increase in the adoption of security assurance services among SMEs is estimated to contribute towards the growth of the Asia-Pacific security assurance market over the assessment period.
The major market players operating in the global security assurance market as identified by MRFR are Avaya Inc.(US), IBM Corporation (US), Infosys Limited (India), Micro Focus (UK), NETSCOUT (US), SAS Institute Inc. (US), Capgemini (France), Spirent Communications (UK), Radix Security Inc (Israel), Tenable, Inc. (US), Telos Corporation (US), Happiest Minds (India), CIPHER Security LLC. (US), BizCarta Technologies India Pvt Ltd (India), and Aura Information Security (Australia). Security assurance vendors are increasingly focused on providing creative products and services and thus make significant investments in their R&D activities. App releases, service expansion, mergers, acquisitions, and alliances are the main approaches vendors follow in the security assurance industry to satisfy clients' diverse demands and grow into new regions.
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Security Assurance Market Research Report by Application (Mobility Solutions, Business Applications, System and Network Infrastructure), Organization Size (Large Enterprise, Small and Medium-Sized Enterprise), Vertical (Telecommunications and IT, BFSI, Healthcare and Pharmaceuticals, Government, Retail and e-Commerce, Manufacturing, others), Region (North America, Europe, Asia-Pacific, Rest of the World) - Forecast till 2024
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