The global IT security as a service market to grow at a CAGR of 19.1% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the IT security as a service market for 2016-2020. To calculate the market size, the analyst considers the revenue generated from the total consumption of IT security as a service globally. The report does not include revenue generated from the aftermarket service of the product.
A key trend which is boosting market growth is the growing adoption of SMAC technology among workforces. The ubiquity of mobile devices and social networking platforms in the workplace allows employees to function remotely and communicate effectively during an emergency. Increased use of SMAC technology has exposed organizations to data leakage and data breach situations due to authentication misuse. IT security as a service helps organizations to implement secure computing with multiple layers of secure authentication.
According to the report, a key growth driver is the increased need for mobile security. The penetration level of security platforms and necessary security tools among users of mobile platforms is very low due to the lack of awareness about the importance of antiviruses on mobile devices. Therefore, a large number of companies have not yet established a consistent practice of subscribing mobile device endpoint protection software and services. There will be a considerable shift from PCs to mobile security during the forecast period due to growing popularity of BYOD policies and mobile security. We expect several business opportunities to emerge on mobile platform by that time.
Further, the report states that a major factor that could hamper market is the growing concerns over data mismanagement Although cloud-based security service providers offer best security services for data, they are not transparent about the data location. To provide security to data, providers process and encrypt the client's data. At the same time, this might create an ambiguous picture about the vendor selection and concerns over data security. There are many factors associated with data security.