Ukraine Russia War to affect the Global Security Assurance Market
- reportsfuture24
- Apr 11, 2022
- 3 min read
Market Highlights
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 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.
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Segmentation:
The worldwide security assurance market 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.
Regional Analysis
The geographic analysis of the security assurance market comprises 5 regions, namely, North America, APAC, Europe, MEA, and Latin America. North America is expected to account for the largest market size in the market during the forecast period, followed by Europe. North America has been extremely responsive towards adopting the latest technological advancements, such as artificial intelligence, cloud computing, and the IoT. Prevention of increasing security attacks and breaches act as a driving force for the growth of the market. The US and Canada are the major contributing countries in this region.
APAC is expected to grow at the highest CAGR during the forecast year. The need to mitigate IT security threats and the rise in the adoption of security assurance services among SMEs are the factors driving the security assurance market growth in this region. MEA and Latin America are expected to witness steady growth during the forecast period.
Stringent government regulations and compliance, and the growth in the deployment of third-party applications integrated with the core software are the major factors expected to drive the security assurance market. However, the lack of technical expertise to develop an agile and secure environment is expected to hinder the growth of the market, but for a limited period.
Key Players
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.
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Security Assurance Market Research Report by Application (Mobility Solutions, Business Applications, System and Network Infrastructure), Organization Size (Large Enterprise, Small and Medium-Sized Enterprise), Vertical (Telecommunications and IT, BFSI, Healthcare and Pharmaceuticals, Government, Retail and e-Commerce, Manufacturing, others), Region (North America, Europe, Asia-Pacific, Rest of the World) – Forecast till 2024
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