Given the current market scenario, cybersecurity as a service (CSaaS) is a highly preferred service by enterprises to safeguard and protect company information.
The worldwide threat quotient over the internet has risen phenomenally over the recent years. This is primarily happening with the increased use of various cybersecurity services, like managed cybersecurity services among organizations that have augmented dramatically.
This trend is expected to bring immediate growth prospects in the technology market. In fact, the utilization of CSaaS services has become substantially popular across businesses due to the on-going pandemic. And this sudden rush to digitalization is driving more cyber frauds and attacks.
According to a recent survey by Risk Based, data breaches exposed roughly 4.1 billion records in 2019. Another Ponemon Institute study revealed that security breaches have swelled by nearly 11% since 2018 and around 67% since 2014. These data highlight the necessity to keep cybersecurity measures readily available.
Hence business leaders are actively working on it to avoid any untoward cases of a security breach. Such progressions are opening the way for the growth rate of cybersecurity as a service market globally. Cybersecurity as a service (CSaaS) is a highly preferred service by enterprises to safeguard and protect company information.
Moreover, instead of in-house employees, many organizations choose to outsource these services. Basically, outsourcing such assistance is affordable compared to hiring employees. Thus, this trend is most likely to bring profitable growth for cybersecurity as a service market.
Even Transparency Market Research has interpreted cybersecurity as a service market from different perspectives. After scrutinizing research on various aspects, the researchers anticipated the market to expand at a CAGR of 12.5% for the forecasted period of 2017-2025.
The global market was valued at $30.91 billion in 2016, and now it is anticipated to reach a market valuation of $87.59 billion by 2025. The stories related to threats and data breaches have also risen due to the remote work model adopted by businesses.
Since COVID-19 has struck, the FBI stated a 300% surge in reported cybercrimes. Such aspects will bring profitable growth for this particular market. Furthermore, healthcare cybersecurity needs to be strengthened as any breach can lead to patient data exposure in the wrong hands.
Several healthcare facilities have all data of their patients on the cloud for easy access. According to a survey by HIPAA Journal, almost 9.7 million records from the healthcare databases were exposed in September 2020 due to critical breaches.
Moreover, Verizon’s 2020 Data Breach Investigations uncovered that about 43% of cyber-attacks in this era are targeted at small organizations. As a result, this mounting threat of attacks urges many enterprises to adopt CSaaS to protect their crucial data.
Thus, there is an emergency for all firms to adopt CSaaS to counter attacks. These circumstances bode well for the growth of the overall CSaaS market. Basically, its adoption by small and medium enterprises can lay the foundation of solid growth.
Most large organizations already have set up such mechanisms to eliminate the cyber risk of malware or breaches in advance. Still, the growing popularity will help businesses track and tackle these cyber threats as the tools are feasible and affordable.