Security Assurance Market Driven by the Increasing Government Stringency

Pune, India, April 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Security Assurance Market.

Market Overview

The Security Assurance Market is projected to grow from USD 5.79 billion in 2024 to USD 14.01 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.66% during the forecast period (2024 - 2032).

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.

Segmental Analysis

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.

Regional Analysis

The global business regional analysis was conducted in four major regions including Asia Pacific, North America, Europe and the rest of the world.

North America accounts for the largest market share due to the rapid introduction of cloud technologies as well as rising data privacy laws becoming stricter. Under the area the analysis included the U.S., Canada, and Mexico. Increasing steps to avoid increased security threats and breaches are serving as a catalyst of US business growth. Due to the need to counter IT security risks, the demand in Europe is projected to be second-largest during the analysis period. Over the forecast period Asia-Pacific is projected to be the fastest-growing region on the global security assurance sector. The increase in the adoption of security assurance services between SMEs is expected to contribute to the growth of the Asia-Pacific security insurance sector.

Competitive Overview

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.