According to the latest report by Market Research Future (MRFR), the market is expected to record a significant market valuation of USD 6.71 billion by 2024 at a steady CAGR of 10.4% over the review period.
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One of the significant factors contributing to market growth is the emergence of increasingly complex and strict government regulations to protect enterprise data from illegal access. in addition, the rising adoption of cloud-based security assurance solutions among enterprises is also anticipated to drive the market over the review period. The rising deployment of third-party applications, which protects the computing environment and data, integrated with the core software is another major factor which contributes to the market growth. on the other hand, the concerns relating to hybrid cloud security are projected to limit the market growth during the forecast period. Nevertheless, rising cloud-based applications across various industry verticals and the growing trend of IoT and connected mobile devices are anticipated to offer a vast scope of lucrative opportunities to the key market players of security assurance in the global market over the review period.
Significant increase in cloud-based security solutions is also driving market growth. The increasing demand from SMEs and the growing applications across verticals offer lucrative opportunities for security assurance providers in the market. However, concerns regarding hybrid cloud security can limit market growth during the forecast period.
The global market for security assurance has been segmented on the basis of application, vertical, organization size, and region/country.
On the basis of application, the global security assurance market has been segmented into business applications, mobility solutions, and system and network infrastructure. The business applications segment is likely to account for the largest market share, while the mobility solutions segment is anticipated to register the highest CAGR during the review period.
Based on the organization size, the market for security assurance has been segmented into large enterprises and small and medium enterprises (SME). The large enterprise segment is probable to have a higher market share during the review period. Large organizations broadly deploy security assurance on the cloud as well as on-premise.
On the basis of vertical, the global market for security assurance has been segmented into telecommunications and IT, government, healthcare and pharmaceuticals, manufacturing, retail and e-commerce, banking, financial services and insurance (BFSI), and others. The BFSI vertical is projected to account for the largest segment and is estimated to grow with the highest CAGR.
The Global Security Assurance Market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to be the largest market with the US being a technologically advanced country deploying these solutions with the maximum number of leading market players.
The key players in the global Security assurance market identified by MRFR are Avaya Inc.(US), Infosys Limited (India), IBM Corporation (US), Micro Focus (UK), SAS Institute Inc. (US), NETSCOUT (US), Capgemini (France), Radix Security Inc (Israel), Spirent Communications (UK), Tenable, Inc. (US), Happiest Minds (India), Telos Corporation (US), BizCarta Technologies India Pvt Ltd (India), CIPHER Security LLC. (US), and Aura Information Security (Australia).