Security Services Edge Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

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The global market value of Security Service Edge Market was valued at USD 8.8 billion in 2022, and a CAGR of 25.3% is expected during the forecast period. Increasing demand to adopt the ZTNA framework is a significant driver. The increasing threat of data security in an organization and cyber-attacks are driving growth in the market significantly. Rising adoption of remote work cultures and increased reliance on cloud services necessitate more robust cloud-based security solutions.

Increasing demand for cost-saving solutions in the market is driving growth in the market significantly. SSE solutions provide scalable and flexible security options that adapt to changing business needs and environments. Growing awareness of the benefits of security service edge and its role in enhancing security posture is driving growth in the market. Increasing demand to protect the data in various types of organizations has become the biggest challenge in the market these days.


Growth Drivers

Increasing cybercrime all over the world is driving growth in the market significantly. Data confidentiality and data integrity are desired all over the world. Post-Covid-19, the remote work culture increased drastically, and that enhanced the need for SSE significantly in the market. Increasing cases of data breaches are driving the demand for security service edge. Increased reliance on cloud services is driving growth in the market. Stricter data protection regulations and compliance requirements drive demand for security solutions that ensure adherence.

Organizations seek integrated solutions that combine various security functions, such as threat detection and response, into a unified platform. SSE solutions provide cost-effective solutions by consolidating security functions and reducing the need for multiple-point solutions. Increasing demand for scalable and flexible security options is driving growth in the market significantly. Increasing emphasis on cryptography as a solution for cyber threats in various activities is driving growth in the market significantly.

Segmentation

By Offering

·         Solutions

·         Services

Based on Vertical

·         BFSI

·         Government

·         Retail and E-Commerce

·         IT and ITeS

·         Healthcare

·         Education

·         Manufacturing

·         Others

Based on Services

·         Managed Security Services

·         Implementation and Integration Services

·         Support and Maintenance Services

·         Other Services

Based on Solutions

·         Zero Trust Network Access

·         Cloud Access Network Security Broker

·         Secure Web Gateway

·         Firewall-as-a-Services

·         Other Solutions

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Security Service Edge Market by Offering Segmentation

On the basis of the offering, the security service edge market is segmented into solutions and services. Services are the leading segment in the market and are expected to dominate during the forecast period. Services include activities like security personnel, monitoring, and consulting that cater to immediate and ongoing needs.

These services provide flexibility and direct support to businesses and individuals, often making them the more prominent segment compared to the solutions. Solutions, however, is rated as one of the most important segments inside an enterprise or organization. Increasing demand for cybersecurity all around the world is driving growth in the market.


Security Service Edge Market by Verticals Segmentation

On the basis of the verticals, the security service edge market is segmented into BFSI, education, healthcare, manufacturing, IT, and ITeS, and retail and e-commerce. IT is the leading segment in the market and is expected to dominate the market during the forecast period. The IT sector is a major consumer of SSE solutions due to the increasing complexity and scale of the IT environment, which requires robust security measures. BFSI is another leading segment in the market because of high regulatory requirements and the need to protect sensitive financial and personal data within an organization.

Retail and e-commerce is another leading segment in the market due to the sector handling a large volume of financial transactions and sensitive customer data, making them prime targets for cyberattacks. Retail and e-commerce businesses are often targeted by fraudsters looking to exploit vulnerabilities in payment systems. These industries emphasize protecting customer data and maintaining trust, as breaches do lead to significant reputational damage and financial loss. Retail and e-commerce increasingly rely on digital platforms, so the need for comprehensive security solutions to protect online transactions, customer information, and operational systems grows.

Government is also an important segment in the market, as in order to prevent the data loss and to ensure that there should be a check on cybercrimes happening all around the world, strict cyber rules are made by the government. Cyber-Cells are established all around the world to minimize the impact of cybercrime.

 Regional Outlook

On the basis of the regions, the security service edge market is segmented into 5 parts: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America is the leading segment in the service security threat market because of significant cyber security threats, prompting organizations to invest heavily in advanced security solutions like SSE. Region is hub for technological innovation and early adoption of new technologies.

North American companies have sophisticated IT infrastructures and are more likely to integrate SSE solutions providers, and technology companies are based in North America, contributing to market growth. High awareness and expertise in cyber security among businesses and IT professionals in North America drive the adoption of SSE solutions. Many leading SSE solution providers and technology companies are based in North America, contributing to market growth significantly. Organizations in North America allocate significant amounts of money for IT security, supporting the adoption of advanced SSE technologies.

Asia Pacific is the second-leading segment in the world due to increasing awareness among IT professionals and normal citizens about data security. The region is experiencing rapid growth in digital transformations, increasing the need for robust security solutions. Significant investment from both the public and private sectors in cyber security is contributing to market growth significantly. The region’s strong economic growth supports increased IT spending, including on security services. Many countries in the region are enhancing their cybersecurity policies and regulations, which boosts the need for security services.


Key Players

·         Palo Alto Networks

·         Trend Micro

·         Broadcom

·         Fortinet

·         Open Systems

·         Menlo Security

·         Forcepoint

·         Lookout

·         iBoss

·         Aruba Networks

·         Skyhigh Security

·         Cisco

·         Netskope

·         ZScaler

·         Other Players

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