Security as a service (SECaaS) is a business model in which a service provider integrates their security services into a corporate infrastructure on a subscription basis more cost effectively than most individuals or corporations can provide on their own, when total cost of ownership is considered. SECaaS is inspired by the "software as a service" model as applied to information security type services and does not require on-premises hardware, avoiding substantial capital outlays. These security services often include authentication, anti-virus, anti-malware/spyware, intrusion detection, Penetration testing and security event management, among others.
The commercial segment accounted for about 50% of the total shares of the market and dominated the industry. Retail firms are the major contributors to this market segment since they employ a number of security technologies such as electronic article surveillance systems, radio frequency identification systems, and video surveillance systems. Since this demands the need for separate space for data storage and additional security for ensuring that this data is not tampered with, this segment will have a continuous demand for security services in the coming years as well. Additionally, financial institutions also use security systems such as in banks and ATM centers, and this will also add to the growth of the market in this segment.

Market Analysis and Insights: Global Security as a Service Market
The global Security as a Service market size is projected to reach US$ 6967.8 million by 2026, from US$ 6080 million in 2020, at a CAGR of 13.5%% during 2021-2026.

Global Security as a Service Scope and Market Size
Security as a Service market is segmented by Type, and by Application. Players, stakeholders, and other participants in the global Security as a Service market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application in terms of revenue and forecast for the period 2015-2026.

The key players covered in this study

Cisco Systems
Honeywell
Samsung Techwin
Hewlett-Packard Enterprise
S2 Security
Panasonic
Bosch Security Systems
CheckPoint Software Technologies
Siemens
Axis
Fortinet
Schneider Electric
Salient Systems
NortekSecurity

Market segment by Type, the product can be split into

Authentication
Anti-Virus
Anti-Malware/Spyware
Intrusion Detection
Penetration Testing
Security Event Management
Other

Market segment by Application, split into

Commercial
Government
Residential
Other

Market segment by Regions/Countries, this report covers

North America
Europe
China
Japan
Southeast Asia
India