Security Assurance Market Statistics, 2031
The global security assurance market size was valued at $5.7 billion in 2021, and is projected to reach $14.8 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031.
Increase in concerns about cyberattacks and threat of phishing and malware growing among businesses is boosting the growth of the global security assurance market. In addition, IoT and BYOD is positively impacts growth of the security assurance market. However, lack of privacy and security is hampering the security assurance market growth. On the contrary, growth in the use of mobile platforms and applications is expected to offer remunerative opportunities for expansion during the security assurance market forecast.
An advanced method for implementing and managing IT security risks and threats is security assurance. It is the collection of technologies that make sure software is created with a level of security that can withstand the harm that could result from the loss, inaccurate usage, tampering, disappearance, or misuse of the data and resources it relies on. Services for security assurance assist businesses in identifying, evaluating, and managing security threats related to mobile devices, enterprise applications, and related technological environments. The security assurance market is segmented into Type, Enterprise Size and Industry Vertical.
The security assurance market share is segmented on the basis of application, enterprise size, industry vertical, and region. By application, it is segmented into business applications, system and network infrastructure, and mobility solutions. By enterprise size, it is categorized into SMEs and large enterprises. By industry vertical, it is categorized into BFSI, IT & telecom, government, healthcare, retail, manufacturing, and others. By manufacturing, it has been further subdivided into food and beverages, industrial machinery and heavy equipment, high tech and consumer electronics, automotive, and others. By high tech and consumer electronics, it is classified into consumer electronics, PCs & Laptops, and others. By others, it is categorized into energy and utilities, transportation, and social media. By energy and utilities, it is categorized into oil and gas, renewable energy & utilities, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The key players operating in the security assurance industry include Accenture, Aura Information Security, Avaya, Inc., BizCarta India, CIPHER Security LLC., Capgemini, Happiest Minds, International Business Machine (IBM), Infosys Ltd., Microsoft Corporation, Micro Focus, NETSCOUT, Radix Technologies, SAS Institute, Spirent Communications, Tenable, Inc., and Telos Corporation. Furthermore, it highlights the strategies of the key players to improve the market share and sustain competition.
On the basis of industry vertical, the BFSI segment dominated the security assurance in 2021, and is expected to maintain its dominance in the upcoming years. One of the key drivers fueling the boom of the security assurance market in this industry is the growing danger of cyberattacks, that's progressively eroding client confidence. Economic establishments need to additionally offer tight security and virtual privacy due to the fact that banks and different financial institutions are making use of mobile, cloud, and social technology to guarantee most efficient financial management. This boosts the growth of the security assurance solutions market for BFSI sector.
Depending on the region, North America dominated the security assurance market in 2021. In North America region, businesses are investing in their emerging technologies in order to improve their work efficiency. Owing to rise in competition among cloud-based provider companies in North America, key players are supplying more protection for information through ensuring quick access and more outreach in their services to the clients, which drives the growth of the security assurance market in this region. In addition, the fundamental elements which are make contributions towards the growth of security assurance in North America are rise in utilization of mobile devices.
However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to growing economies such as India and China and cloud native countries like Japan.
Top Impacting Factors
IoT and BYOD trends
The use of smart applications in the government, healthcare, retail, and IT & telecommunications sectors has changed significantly as a result of the Internet of Things and the "bring your device" movement, two new paradigms. The development of security assurance applications is fueled by improvements in fundamental technology and the widespread use of next-generation network-powered solutions. Additionally, the widespread use of bring your own device increases the risk of internal cyber theft, which increases the demand for internal IT infrastructure virtualization security solutions.
Additionally, the increase in linked devices has resulted in the development of enormous informational blocks, which power data center applications based on the Internet of Things. The BFSI sector's increasing reliance on machine learning-based applications is also anticipated to fuel the expansion of the security assurance market.
Threat of phishing and malware growing among businesses
The potential of malware, such as viruses and Trojan horses, to infiltrate, take over, or damage entire electronic information networks has significantly increased. Online thieves frequently employ malware to take control of computers or other devices in order to steal data or make money. This is done so that the device can be immediately used to commit fraud or other wrongdoing.
Additionally, because of the importance of the data produced in these areas, organizations in the BFSI, healthcare, and government sectors are particularly vulnerable to such assaults. As a result, there is a greater risk of malware and phishing attempts, which has contributed significantly to the growth of the security assurance sector. In addition, the COVID-19 pandemic has increased the frequency of malware attacks on the databases of significant businesses, necessitating the need to enhance database security and driving the global growth of security assurance industry.
COVID-19 Impact Analysis
The current estimation of 2031 is projected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has high impact on the growth of security assurance market, as increasing number of smartphone users, growing adoption of connected devices, and surging e-commerce sector provide lucrative opportunities for the growth of the security assurance market. However, lack of skill workforce availability across the world, halted, due to the economic slowdown and global lockdown. Subsequently, affecting the growth of hardware wallet market during the year 2020.
COVID has caused crises in social, economic, and energy areas and medical life worldwide throughout 2020. This crisis had many direct and indirect effects on all areas of society. In the meantime, the digital and artificial intelligence industry can be used as a professional assistant to manage and control the outbreak of the virus. In post-pandemic circumstances, enterprises strived to minimize operational and running costs around all the business functions to recover the losses incurred in COVID times.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the security assurance market analysis from 2021 to 2031 to identify the prevailing security assurance market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the security assurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global security assurance market trends, key players, market segments, application areas, and market growth strategies.
Security Assurance Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 14.8 billion |
 Growth Rate | CAGR of 10.2% |
 Forecast period | 2021 - 2031 |
 Report Pages | 345 |
 By Type |
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 By Enterprise Size |
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 By Industry Vertical |
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 By Region |
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 Key Market Players | SAS, Infosys, Radix Security Inc., IBM CORPORATION, Spirent Communications, Telos Corporation, Avaya Inc., BizCarta Technologies India Pvt Ltd, Happiest Minds, Microsoft Corporation, Aura Information Security, Tenable Inc., capgemini, Micro Focus, CIPHER Security LLC, NETSCOUT, Accenture |
Analyst Review
In accordance with insights by CXOs of leading companies, enterprises across the globe are dependent on software to protect their computing environment and data on the cloud as well as on premise which has increased the requirement of software security assurance. The enterprises use software security to assess the security assurance practices of their technology suppliers/partners. One of the major factors contributing to market growth is the emergence of increasingly complex and stringent government regulations to protect enterprise data from unlawful access.
In the digital era where artificial intelligence and internet of things have taken over the world, there seems to be a comparatively less growth rate of the security assurance market than digital marketing. Through various studies it has been observed that users of security assurance have the flexibility to customize their submissions, which is beneficial for promoting an organization's brand to prospective customers all around the world. For instance, according to a recent survey, over 105 billion applications were downloaded in 2018. There are a variety of application security risks that both users and app developers need to be aware of and handle. Due to rise in usage and demand for applications for distant learning, teleconferencing, online gaming, healthcare, e-commerce, and entertainment, the COVID-19 pandemic has also greatly accelerated the growth rate of the security assurance market.
The increasing adoption of cloud-based services is anticipated to play a key role in strengthening the global security assurance market during the forecast period. Also, the growing application of Internet of Things (IoT) services has resulted in the generation of a massive number of data.
Furthermore, increase in concerns about cyberattacks and threat of phishing and malware growing among businesses is boosting the growth of the global security assurance market.
Depending on the region, North America dominated the security assurance market in 2021. In North America region, businesses are investing in their emerging technologies in order to improve their work efficiency. Owing to rise in competition among cloud-based provider companies in North America, key players are supplying more protection for information through ensuring quick access and more outreach in their services to the clients, which drives the growth of the security assurance market in this region.
The global security assurance market was valued at $5,689.32 million in 2021, and is projected to reach $14,807.86 million by 2031, registering a CAGR of 10.2% from 2021 to 2031.
The key players operating in the market include Accenture, Aura Information Security, Avaya, Inc., BizCarta India, CIPHER Security LLC., Capgemini, Happiest Minds, International Business Machine (IBM), Infosys Ltd., Microsoft Corporation, Micro Focus, NETSCOUT, Radix Technologies, SAS Institute, Spirent Communications, Tenable, Inc., and Telos Corporation. Furthermore, it highlights the strategies of the key players to improve the market share and sustain competition.
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