Security Assurance Market Analysis

Security Assurance 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). Additionally, the market size for Security Assurance was valued at USD 5.11 billion in 2023.

Increasing risks to network safety and increased backing for the BYOD movement are the key market drivers enhancing market growth.

Security Assurance Market Trends

Market CAGR for security assurance is driven by the growth of cloud-based technology the growth of cloud-based technology. With the help of software-defined perimeters and other ancillary infrastructure technologies, businesses may build highly secure platforms in the cloud. The growth of the international cyber security industry is also being fueled by the issuance of specific guidelines and laws for cloud platform security by governments in numerous nations. Moving to cloud-based platforms like Software-as-a-Service (SaaS) and Infrastructure-as-a-Service (IaaS) is a common strategy for SMEs updating their applications and infrastructures. Demand for security assurance is expected to rise due to the issues mentioned above in the future.

Additionally, rising worries about cyberattacks, phishing, and malware among enterprises fuel expansion in the global security assurance market. The security assurance business is expanding thanks to the Internet of Things and bring-your-own-device policies. However, the security assurance business is slowing down because of concerns about privacy and security. As a result of its usefulness in keeping businesses' security at an acceptable level, it has seen widespread adoption among businesses using cloud services. Also, the need for security assurance is significant to safeguard operations from external and internal risks due to the persistent creation of technologies and software in the financial and banking industry. Moreover, the percentage of SMEs that regularly use security assurance to protect their operations will grow in the years ahead. Therefore, the increasing prevalence of security assurance is fueling the expansion of the international market.

For instance, IBM declares that it has bought Polar Security, a leader in technology that helps businesses find, continuously monitor, and secure cloud and software-as-a-service (SaaS) application data. It helps solve the growing shadow data problem. As a result, the demand for security assurance is predicted to grow throughout the forecasted time due to the rising demand for cloud-based technology. Thus, the driving factor is the security assurance market revenue.

Security Assurance Market Segment Insights

Security Assurance Application Insights

The global security assurance market segmentation, based on application, includes mobility solutions, business applications, systems infrastructure and network infrastructure. In 2022, the mobility solutions segment led the security assurance market in revenue because of a rise in the number of mobile devices used 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.

Security Assurance Organization Size Insights

The global security assurance market segmentation, based on the organization size, includes SMEs and large enterprises. The SMEs category is expected to grow fastest at a CAGR of 13.45% because more people understand the need to protect their data.

Figure 2: Global Security Assurance Market by Organization Size, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Security Assurance Vertical Insights

The global security assurance market segmentation, based on the vertical, includes BFSI, Telecommunications and IT, Healthcare and Pharmaceuticals, Government, Retail & E-Commerce, and Manufacturing. The BFSI category is expected to grow because there is a growing need for proactive end-to-end security solutions in the BFSI sector to protect against threats and unauthorized access as the sector upgrades its processes and transaction technologies.

Security Assurance Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American security assurance market will dominate because the country has a growing cloud security infrastructure. In addition, increasing mobile device usage and network connections and the growing number of SMBs that use IoT networks have made it clear that security assurance services are needed.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: GLOBAL SECURITY ASSURANCE MARKET SHARE BY REGION 2022 (USD Billion)

Europe’s security assurance market accounts for the second-largest market due to mobility, and security assurance in business and other network infrastructures should be stressed. Further, the security assurance market held the largest market share, and the UK security assurance market was the fastest-growing market in the European region.

The Asia-Pacific security assurance market is expected to grow at the fastest CAGR from 2023 to 2032 due to the increasing research and development efforts for the security assurance sector and the rising number of small and medium-sized enterprises (SMEs) in the region is expected to increase the need for affordable security assurance solutions. Moreover, China’s security assurance market held the largest market share, and the Indian security assurance market was the fastest-rising market in the Asia-Pacific region.

Security Assurance Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the security assurance market grow even more. There are some strategies for action that market participants are implementing to increase their presence around the world's global footprint, with important market developments including new product launches, contractual agreements and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the security assurance industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturer use in the global security assurance industry to benefit clients and increase the market sector. In recent years, the security assurance industry has offered some of the most significant technological advancements. Major players in the security assurance market, including 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), and others are attempting to grow market demand by investing in research and development operations.

Telos Corporation provides the most security-aware companies in the world with tools to ensure the safety of their employees, data, and infrastructure around the clock. Solutions for IT risk management and information security are available from Telos, as are cloud security solutions for the protection of cloud-based assets and the facilitation of continuous compliance with industry and government security standards, and enterprise security solutions for the administration of identities, the protection of mobile communications, the management of internal communications, and the protection of computer networks. The company's clientele consists of businesses, industries subject to government oversight, and governments. In March 2023, Telos is delighted to announce a partnership with IBM Security as part of IBM's Active Governance Services (AGS), which helps businesses overcome obstacles related to cybersecurity compliance and regulatory concerns through the operationalization and automation of formerly manual processes.

NETSCOUT SYSTEMS protects the connected world from cyberattacks and performance and availability problems with its unique visibility platform and solutions driven by its pioneering deep packet inspection at scale technology. NETSCOUT works with the world's biggest businesses, service providers, and government agencies. In June 2023, NETSCOUT SYSTEMS, INC. created the Visibility without Borders platform to help key companies keep goods and services moving by combining performance, security, and availability into one common data framework. By autonomously finding areas of complexity, fragility, and risk, the platform unlocks insights at a scale never before seen. It gives the intelligence needed to increase visibility, improve agility, and keep data and applications safe.

Key Companies in the Security Assurance Market include

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  Avaya Inc.(US)

  
  


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  IBM Corporation (US)

  
  


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  Infosys Limited (India)

  
  


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  Micro Focus (UK)

  
  


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  NETSCOUT (US)

  
  


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  SAS Institute Inc. (US)

  
  


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  Capgemini (France)

  
  


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  Spirent Communications (UK)

  
  


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  Radix Security Inc. (Israel)

  
  


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  Tenable Inc. (US)

  
  


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  Telos Corporation (US)

  
  


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  Happiest Minds (India)

  
  


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  CIPHER Security LLC (US)

  
  


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  BizCarta Technologies India Pvt Ltd

  
  


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  Aura Information Security (Australia)

  
  

Security Assurance Industry Developments

Spirent Communications announced the release of complete testing for O-RAN and RIC, including end-to-end ODU. The market would thus see more adoption of O-RAN with this move. Besides, Spirents' comprehensive test strategy and 5G ecosystem expertise will guarantee the functionality, compatibility, and readiness of O-RAN.

In May 2022, Spirent Communications plc launched a brand-new security automation package as part of its 5G Core Automation Platform for Spirent Landslide. This product offers control plane testing in line with 3GPP Security Assurance Specification standards backed by an extensive set of expertly designed test cases and security attack emulation.

In May 2022, Microsoft unveiled a business standalone version known as Microsoft Defender. This business product would bring enterprise-grade endpoint security to SMBs, including endpoint detection & response capabilities that protect against ransomware and other advanced cyber threats.

Feb-2023: Accenture acquired Morphus, a company offering risk management, cyber defense, and cyber threat intelligence services. Through this acquisition, Accenture has expanded its Cybersecurity reach in Latin America, taking advantage of deep Cybersecurity research work specialized in Morphus on threat intelligence and cyber defense services.

In October 2022, IBM decided to buy a cloud security posture management provider called Spanugo. Thus, after the acquisition, IBM will integrate Spanugo’s software into its public cloud environment so as to meet compliance requirements and security demands from customers operating their businesses in regulated areas such as healthcare or banking sectors.

Jun-2022: Microsoft acquired Miburo, which is a company that specializes in researching cyber threats. As such, companies could boost their intelligence on foreign cyber threats based on research regarding the latest developments in this area following this takeover. In addition, Miburo is meant to help Microsoft strengthen its ability to detect and analyze new Internet attacks.

Mar-2022: Accenture teamed up with Vodafone Germany – an organization working in the sphere of mobile telecommunications. As part of this strategic partnership, both companies offer managed security services to small and medium businesses in Germany.

Dec-2021: Accenture partnered with Generali – a global provider of insurance and asset management, and Vodafone Business – a mobile telecommunications organization. Through this collaboration, Accenture would pool together the right blend of skills, technologies, and industry focus to address specific sectors for clients who are under Cyber risks and threats. Additionally, in this collaboration, Accenture will show its capability to develop global solutions that address local requirements.

Security Assurance Market Segmentation

Security Assurance Application Outlook

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  Mobility solutions

  
  


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  Business applications

  
  


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  System Infrastructure

  
  


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  Network Infrastructure

  
  

Security Assurance Organization Size Outlook

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  SMEs

  
  


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  Large Enterprise

  
  

Security Assurance Vertical Outlook

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  BFSI

  
  


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  Telecommunications and IT

  
  


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  Healthcare and pharmaceuticals

  
  


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  Government

  
  


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  Retail and e-commerce

  
  


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  Manufacturing

  
  

Security Assurance Regional Outlook