The research performed by MRFR tracks the aftermath of the COVID-19 pandemic. Furthermore, a precise evaluation of factors augmenting and impeding the market in the post-COVID-19 environment has been analyzed. We will provide COVID-19 impact analysis with the report.
As per the analysis by Market Research Future Reports (MRFR), the global security assurance market is projected to record a CAGR of 10.4%, with a value of 6.71 billion by the end of 2024. The increasing adoption of cloud-based security assurance solutions among organizations is estimated to be a significant factor driving the global security assurance market 2020. The organizations across the globe are dependent on software to protect their data on cloud and premise, which has augmented the demand for software security assurance. Besides, the implementation of strict government rules and regulations has played an essential role in expanding the market. Moreover, the increasing implementation of third-party applications that protects the computing environment and data, deployed with the core software, is a significant factor resulting in market expansion. Furthermore, the increasingly connected mobile equipment and the rising trend of IoT is estimated to increase market expansion. On the other hand, security issues related to hybrid cloud security is estimated to impede market growth.
The established market competitors of the worldwide security assurance market are Avaya Inc.(US), Aura Information Security (Australia), IBM Corporation (US), BizCarta Technologies India Pvt Ltd, Infosys Limited (India), CIPHER Security LLC (US), Micro Focus (UK), Telos Corporation (US), NETSCOUT (US), Tenable Inc. (US), SAS Institute Inc. (US), Radix Security Inc. (Israel), Capgemini (France), Spirent Communications (UK), and a few others.
The geographical analysis of North America, Europe, Asia-Pacific, and the rest of the world has been conducted. As per the analysis by MRFR, North America is projected to dominate the global market. The research says that North America seizes the maximum market share due to the fast adoption of cloud-based technologies and the increasing strictness of data protection. Besides, there has been a rise in measures to protect the data and increase security, which propels the market. Among all nations, Canada, Mexico, and the US are the countries that make the most significant contribution to expanding the regional market.
On the other hand, Europe is anticipated to be the second-largest market during the forecast period. The most significant factor driving the market in the region is the demand to protect the data and reduce the increasing IT security threats.
The research reveals that the APAC region is estimated to augment at the fastest pace during the forecast tenure. SMEs situated in the region are inclining towards adopting the security assurance services, which the most significant driver causing the market expansion in the region.
However, the outbreak of pandemic coronavirus has affected several regional markets. The constant lockdown observed in several regions has changed the structure of the existing market.
The worldwide security assurance market size is classified on the basis of vertical, application, organization size, and region.
On the basis of vertical, the worldwide security assurance market can be segregated into telecommunications and IT, banking, financial services and insurance (BFSI), healthcare and pharmaceuticals, retail and e-commerce, government, manufacturing, and others.
On the basis of application, the worldwide security assurance market can be segregated into business applications, mobility solutions, and systems and network infrastructure.
On the basis of organization size, the worldwide security assurance market can be segregated into small- and medium-sized enterprises (SME) and large enterprises.
On the basis of region, the worldwide security assurance market can be segregated into North America, Europe, Asia-Pacific, and the Rest of the World.