Email encryption is expected to play a key role in the Security as a Service (SECaaS) market and is expected to grow at the highest rate from 2015 to 2020.
SECaaS is a cloud-based security management approach wherein the security services are delivered through the cloud. This model benefits the organizations in a number of ways such as reduced costs, ease of IT security management, scalable security services range and continuous support. SECaaS enables organization to access and implement robust security practices. Over the next five years, the SECaaS market is expected to grow considerably due to the rise in the adoption of cloud-based security solutions across organizations. The global SECaaS market size is estimated to grow from USD 3.12 billion in 2015 to USD 8.52 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 22.2%. The endpoint protection solution is expected to dominate the SECaaS market, contributing the largest market share during the forecast period. The market is also projected to witness a growth in the Security Information and Event Management (SIEM) and Intrusion Detection and Prevention Systems (IDS/IPS) segment during the forecast period. Email Encryption is expected to play a key role in the SECaaS landscape and is expected to grow at the highest growth rate in the next five years.
The training and education services segment is expected to dominate the SECaaS market in market size. However, the consulting services segment will grow with the highest growth rate during the forecast period. The growing use of consulting services to effectively deploy infrastructure in the cloud is driving consulting services to grow at a higher rate as compared to training and education services.
The North American market is expected to have the largest market share and will dominate the SECaaS market due to the presence of a large number of SECaaS vendors. APAC offers potential growth opportunities and is estimated to grow at the highest rate during the forecast period. The countries in APAC are investing heavily in SECaaS solutions to enhance their security infrastructure. The solutions include data loss prevention, intrusion prevention system, and others.