Rising Adoption of Cloud Computing Driving Security as a Service Solution Demand

The surging adoption of cloud computing technology has amplified the need for security as a service (SaaS) solution as this technology is highly vulnerable to data breaches. Businesses across the world are extensively adopting cloud solutions, as they do not need any physical information technology (IT) infrastructure and professionals, to reduce their financial burden.

Additionally, cloud computing enables users to select the services of their choice and access their data from any location, over a secure connection. Moreover, the increasing adoption of SaaS solutions for identity and access management will fuel the security as a service market at a CAGR of 17.4% during 2020–2030. The market was valued at $7.8 billion in 2019 and it is expected to reach revenue of $43.4 billion by 2030.


As the integration of cloud-based security solutions in business operations allows users to access data from any location, enterprises are increasingly adopting identity and access management software for their infrastructure as a service (IaaS) and platform as a service (PaaS) solution to monitor the person accessing the data and the location from where it is being accessed. Additionally, the growing popularity of the bring-your-own-device (BYOD) culture will amplify the need for SaaS solutions in the immediate future.

The increasing adoption of the BYOD policy is creating a high requirement for multi-factor authentication. To meet this need, SaaS solution providers are incorporating multi-factor authentication into their offerings by using an array of token generation software, such as Yubikey and Google Authenticator. The usage of such solutions decreases the requirement for individual multi-factor authentication applications, which, in turn, is helping consumers reduce their IT expenditure.

This market research report provides a comprehensive overview of the market
  • Future potential of the market through its forecast for the period 2020– 2030
  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market participants
  • Historical and the present size of the market segments and understand their comparative future potential
  • Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

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