Security Assurance Market Worth USD 12.7 Billion by 2030, at a 13.45% CAGR – Report by Market Research Future (MRFR)
The Security Assurance Market: A Growing Opportunity for Businesses
New York, USA, June 19, 2023 (GLOBE NEWSWIRE) — According to the research report published by Market Research Future (MRFR), “Global Security Assurance Market Research Report by Application, Organization Size, Vertical, Region – Forecast till 2030, the market is expected to register a CAGR of 13.45% during the forecast period to reach USD 12.7 billion by 2030.
The word “security assurance” refers to the process of protecting an organization’s data, networks, and systems through its planning, evaluation, design, implementation, and monitoring of security controls. Information assets can be better safeguarded against theft, loss, or damage with the use of security assurance activities.
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Competitive Dynamics (Key Players):
- 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
- Aura Information Security (Australia)
Scope of the Report – Security Assurance Market:
|Market Size by 2030||USD 12.7 Billion|
|CAGR during 2022-2030||13.45%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Drivers||Increasing security attacks and breaches act as a driver for the growth of the market in the US.|
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The Internet of Things and the “bring your device” movement are two new paradigms that have drastically altered the way smart applications are used in the government, healthcare, retail, and IT & telecoms industries. Advances in foundational technology and widespread adoption of next-generation network-powered solutions drive the development of security assurance applications. The prevalence of BYOD further raises the stakes for internal cyber theft, driving up interest in and demand for solutions to secure virtualized IT infrastructure. Data center applications dependent on the Internet of Things are made possible by the proliferation of interconnected devices, which in turn has led to the creation of massive informational blocks. An additional factor that is expected to contribute to the growth of the security assurance market is the increasing adoption of machine learning-based applications in the BFSI sector.
However, within the predicted time frame, market expansion is anticipated to be hampered by worries related to hybrid cloud security.
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The rising number of smartphone users, the rising use of connected devices, and the booming e-commerce sector all present promising potential for the expansion of the security assurance market, which the COVID-19 outbreak has severely impacted. However, the global economic downturn and shutdown stalled because to a shortage of skilled worker availability. Thus, influencing the development of the hardware wallet market until 2020.
In 2020, COVID has already produced global catastrophes in the social, economic, and energy sectors, as well as the medical community. The ripples from this crisis reached far and wide, touching every facet of life. Meanwhile, the digital and artificial intelligence sector can be deployed as a skilled help in managing and containing the virus’s spread. To make up for the money they lost during the COVID era, businesses, in the aftermath of the epidemic, worked hard to cut expenses in all areas of operation.
Differentiating the Market:
- By Application – One of the reasons the market is growing is the proliferation of mobile phones and tablets around the globe. As the number of people who need and utilize mobile devices and Internet access rises, so does the probability that their networks will be attacked. This has sped up the development of the mobility solutions market.
- By Organization Size – Major corporations hold the highest market share because of their greater ability to generate profits and reserve funds for future expansion and modernization efforts. However, the segment of medium-sized businesses is expected to grow at the quickest rate with a sizable CAGR throughout the projected period, followed by the segment of small enterprises.
- By Vertical – The BFSI sector has historically ruled the security assurance industry, and this trend is anticipated to continue. The ever-increasing threat of cyberattacks, which is gradually eroding customer confidence, is one of the primary forces powering the expansion of the security assurance business in this industry.
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Due to the rapid adoption of cloud technology and the increasing stringency of data protection legislation, North America holds the largest market share globally. Businesses in North America are making investments in cutting-edge innovation to boost productivity. As competition heats up among cloud-based provider businesses in North America, leading providers are beefing up security measures to better safeguard their customers’ data by, for example, making their services easier to access and more widely available. Increased mobile device usage is also a key factor contributing to the development of security assurance in North America.
During the forecast period, the Asia-Pacific region is expected to show the highest growth rate in the worldwide security assurance market. The security assurance market in Asia-Pacific is projected to expand thanks to rising demand for these services from small and medium-sized enterprises. Rising economies in India and China, as well as cloud-native nations like Japan, point to robust expansion in the Asia-Pacific region over the forecast horizon.
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