The Global Security Assurance Market is Expected to Register a CAGR of 10.4% During the Forecast Period to Reach USD 6.71 billion by 2024.
Enterprises require security assurance for determining the authenticity of features, practices, processes, procedures, and architecture of the information system. The major factors boosting market growth are the need for compliance with regulations and standards such as PCI DSS, UK DPA, HIPAA, and ISO 27001. 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.
According to Market Research Future, the global security assurance market has been segmented based on application, organization size, vertical, and region/country.
By application, the global security assurance market has been divided into mobility solutions, business applications, and system and network infrastructure. The business applications segment is expected to have the largest market share, while the mobility solutions segment is projected to register the highest CAGR during the forecast period.
Based on organization size, the market has been segmented into large enterprises and small and medium enterprises (SME). The large enterprise segment is expected to have a higher market size during the review period. Large organizations extensively deploy security assurance on premise as well as on the cloud.
By vertical, the global security assurance market has been divided into banking, financial services and insurance (BFSI), telecommunications and IT, healthcare and pharmaceuticals, government, retail and e-commerce, manufacturing, and others. The BFSI vertical is expected to be the largest segment and is expected to grow with the highest CAGR.
By region, the global security assurance market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
The COVID-19 analysis of 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 are 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). The key strategies adopted by most of the players are partnerships, agreements, collaborations, and the launch of solutions.