Page 244 - Cyber Defense eMagazine June 2024

team is to hire an experienced security staff who are dedicated to performing cyber security duties. While
CSaaS is an option where the company outsources the security facility. A survey found that almost 72.1%
of businesses find CSaaS solutions critical for their customer strategy. Let us now understand cyber
security as a service market growth aspect.

CSaaS Market Analysis:

The Cyber Security as a Service Market size is projected to cross almost USD 140 Billion by the end of
the year 2033, growing at a CAGR of 13% during the forecast period. Also, in 2022, the CSaaS market
garnered almost USD 72 billion. Some of the growth-propelling factors for the CSaaS market are:

- The surge in incidences of data breaches and cyberattacks
- The rise in cybercrime on social media platforms
- Technological advancements in cyber security services
- Surge in fraudulent money request attacks
- Rise in the number of Internet users
Some of the challenges in the market growth are lack of training and inadequate workforce, limited
security budget among SMEs, and lack of interoperability with the information.

The market in North America currently accounts for the maximum share of the revenue of the worldwide
market. The growth of the market can be attributed to the high level of digitalization and the surge in the
number of connected devices in the countries is projected to remain growth-propelling factors. Other than
this, Asia-Pacific markets are also expected to continue to thrive due to the increasing number of
government initiatives. Also, the rising number of reliable and cost-effective measures is acting as a
catalyst in the growth of the market. Some of the leading companies in the domain of CSaaS market are
Cisco Systems, Inc., IBM Corporation, Microsoft, Check Point Software Technologies Ltd, Oracle, Trend
Micro Incorporated, Cyber-Ark Software Ltd, FireEye, Imperva, and ProofPoint Inc.

In a nutshell

The cyber security as a service market holds lucrative opportunities for growth in the future. However, for
the budding as well as new market players, it is crucial to understand various market intricacies. These
factors are imperative for market players to make prudent business decisions. An exhaustive market
research report consists of various parameters such as future growth aspects, market constraints, growth
driving factors, regional analysis etc. These factors also help the market players to carve make
themselves a niche.

Source: https://www.researchnester.com/reports/cyber-security-as-a-service-market/4538

Cyber Defense eMagazine – June 2024 Edition 244
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