The threat quotient over the internet has increased phenomenally over the years. According to a survey by Risk Based, data breaches exposed nearly 4.1 bn records only in the first 6 months of 2019.
A study by Ponemon Institute stated that security breaches have expanded by 11 percent since 2018 and 67 percent since 2014. These statistics highlight the necessity to keep cybersecurity measures in place for avoiding any untoward cases of breaching. Such advancements lead to an increase in the growth rate of cybersecurity as a service market.
Cybersecurity as a service or CSaaS is a service that safeguards and protects a company’s information system from terrorism and warfare espionage. Instead of in-house employees, many companies choose to outsource these services.
Outsourcing these services is affordable than hiring employees for the same. Thus, the benefits associated with the adoption of these systems will bring profitable growth for the cybersecurity as a service market.
CSaaS market predictions
Transparency Market Research has analyzed the cybersecurity as a service market from every perspective. Its experts, after performing a scrutinized research on various aspects expect the cybersecurity as a service market to expand at a CAGR of 12.5 percent during the forecast period of 2017-2025.
The global market for cybersecurity as a service was valued at $30.91 billion in 2016 and is expected to reach a valuation of $87.59 billion by 2025, the end year of the forecast period.
The use of other cybersecurity services such as managed cybersecurity services in organizations has increased greatly, which will bring tremendous growth prospects. Furthermore, the utilization of CSaaS services has increased substantially due to the ongoing COVID-19 pandemic.
The reports of threats and breaches have increased due to the remote work mechanism adopted by numerous companies. Since the COVID-19 pandemic struck, the FBI reported a 300 percent increase in reported cybercrimes. These aspects will bring profitable growth for the cybersecurity as a service market.
Rising adoption of CSaaS in the healthcare sector to accelerate the pace of growth
Healthcare cybersecurity needs to be strengthened as a breach may lead to the exposure of patient data in wrong hands. Many healthcare facilities have all the data of the patients on the cloud for easy access.
As per a survey by HIPAA Journal, approximately 9.7 mn records in the healthcare databases were exposed in September 2020 alone due to breaches. Thus, to counter these attacks, adoption of CSaaS is necessary. These factors bode well for the growth of the cybersecurity as a service market.
CSaaS adoption by small and medium enterprises to lay the foundation of strong growth
Large organizations usually set up the mechanisms to eliminate the threat of malware or breaches in advance but small and medium enterprises, sometimes do not have the proper mechanism to tackle these threats. These solutions are feasible and affordable for these enterprise types.
Verizon’s 2020 Data Breach Investigations found out that 43 percent of cyberattacks are targeted at small businesses. The rising threat of cyberattacks is urging many small and medium businesses to adopt CSaaS for protecting their valuable data.