New York, US, March 15, 2023 (GLOBE NEWSWIRE) -- Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), " Security Assurance Market By Application, By Organization Size, By Vertical Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 13.45% to attain a valuation of around USD 12.7 Billion by the end of 2030.
Eminent industry players profiled in the global security assurance market report include Avaya Inc.(US), IBM Corporation (US), Infosys Limited (India), Micro Focus (UK), NETSCOUT (US), SAS Institute Inc. (US), Capgemini (France), Spirent Communications (UK), Radix Security Inc (Israel), Tenable, Inc. (US), Telos Corporation (US), Happiest Minds (India), CIPHER Security LLC. (US), BizCarta Technologies India Pvt Ltd (India), and Aura Information Security (Australia).
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Security Assurance Market Report Scope:
|Security Assurance Market Size by 2030||USD 12.7 Billion (2030)|
|Security Assurance Market CAGR during 2022-2030||13.45%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Drivers||Increasing security attacks and breaches act as a driver for the growth of the market in the US.|
Increasing Concerns of Organizations about Malicious Threats to Boost Market Growth
The anxiety of businesses over cyber assaults, phishing scams, and other dangerous risks is fueling the expansion of the global security assurance industry.
Growing Adoption of Cloud-Based Security Assurance Solutions by Companies to Offer Robust Opportunities
A considerable portion of the worldwide security assurance market would be driven by companies' growing adoption of cloud-based security assurance solutions. Because businesses all over the world rely on software to safeguard their data in the cloud, demand for software security assurance has increased.
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Restraints and Challenges
Lack of Security and Privacy to act as Market Restraint
The lack of security and privacy and concerns about hybrid cloud security may act as market restraints over the forecast period.
The global security assurance market is bifurcated based on vertical, organization size, and application.
By application, business applications will lead the market over the forecast period.
By organization size, large enterprise will domineer the market over the forecast period.
By vertical, large enterprise will spearhead the market over the forecast period.
The COVID-19 epidemic has a significant impact on the market for security assurance because of rising smartphone usage, connected device adoption, and a booming e-commerce sector that offer attractive potential for the market's expansion. The global economic slowdown and lockout, however, have restricted the availability of skilled laborers, which negatively impacted the growth of the hardware wallet industry in 2020. During 2020, COVID has produced crises in the social, economic, & energy sectors as well as in the medical community. On many facets of society, this crisis had several direct and indirect repercussions. To monitor and contain the virus epidemic in the interim, the digital & artificial intelligence industries can be a valuable professional resource. In the aftermath of the pandemic, businesses worked to recover losses from the COVID era by reducing operating and running costs across all corporate areas. Because to a rise in smartphone usage, growing adoption of connected devices, & a burgeoning e-commerce industry, the COVID-19 epidemic had a positive effect on the expansion of the worldwide security assurance business.
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North America to Lead Security Assurance Market
Due to the fast adoption of cloud technology and the tightening of data privacy rules, North America holds the biggest market share. The analysis covered the United States, Canada, and Mexico under the region. A stimulus for American corporate growth is taking more precautions to prevent security risks and breaches. Businesses in the North American region are investing in new technologies to increase productivity. Due to increased rivalry among North American cloud-based provider firms, important players are providing more information protection by ensuring quick access and greater customer outreach, which is what is fueling the expansion of the market in this area. Also, the widespread use of mobile devices is one of the chief factors contributing to the expansion of security assurance within North America. The largest sectoral share in the area is held by the North American market. This is because so many people use mobile devices and because there are significant corporate institutions, including banks and financial organizations that depend on broad business networks. Cloud computing, the IoT, and artificial intelligence are a couple of the most recent technical innovations that North America has been extraordinarily quick to acquire. The market is booming due to the expectation of growing security threats and breaches. The main contributors to this region are the US and Canada.
The largest industry share in the area is held by the North American market. This is explained by the high percentage of people who use mobile devices and the existence of big businesses like banks & financial institutions that depend on vast enterprise networks. The adoption of cutting-edge technology, such as cloud computing, AI, and IoT, has been especially receptive in North America. In the near future, North America's dominance in the market is anticipated to be supported by the increased acceptance of security assurance solutions in large-sized companies in the area. Avoiding growing security threats and breaches is also anticipated to be a key factor in the market's expansion. The two main contributors in this region are the United States and Canada. For instance, large-scale businesses in Canada are adopting cutting-edge technologies, such as Internet of Things (IoT) gadgets such as connected networked sensors & baby monitors particularly for municipal services. These technologies are used to safeguard private data or information. Major IT firms like Microsoft, Oracle, IBM, SAP, and others are present in the US and offer security assurance solutions to the numerous industries in the area, which supports the market's expansion.
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APAC to Have Admirable Growth in Security Assurance Market
Over the course of the projection, the Asia-Pacific area will experience the fastest growth. The region has untapped potential because of developing nations like China and India. The need for the security assurance services has been brought to light by the rise in SMBs adopting IoT networks, as well as the rise in mobile devices and network connections. Due to the presence of developing countries like China and India, the region offers enormous potential.
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