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“Trend Micro (Japan), IBM (US), Microsoft (US), Zscaler (US), McAfee (US), Forcepoint (US), Sophos (UK), Clearswift (UK), Alert Logic (US), Cygilant (US), Barracuda Networks (US), Panda Security (Spain), Cisco (US), Fortinet (US), Radware (China), NortonLifeLock (US), Mindsight (US), Sentinel Technologies (US), Happiest Minds (India), Okta (US), and HackerOne (US).”

The global security as a service market size is expected to grow from USD 12.4 billion in 2021 to USD 23.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period. The key growth driver of the security as a service market are mandates to follow regulatory and data protection laws, increase in demand for cloud-based security solutions among SMEs, and high cost and risks in managing on-premises security solutions.

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The application security segment is expected to grow at a higher CAGR during the forecast period

Application security solutions and services enable enterprises to secure their business-sensitive applications through greater visibility, control, and the use of existing security solutions, such as Identity and Access Management (IAM), web filtering, and application whitelisting. These enable the security of enterprise applications and software codes from external and internal threats, including web attacks, Distributed Denial of Service (DDoS), site scraping, and frauds.

Business-sensitive applications are one of the primary targets of attackers, as they carry information about critical assets, as well as processes that are followed by an enterprise. Cloud-based application security solutions and services are providing cost-effective and scalability functionality to customers, which is thereby inducing high growth in this market.

The BFSI vertical is expected to maintain the leading position in terms of revenue generation during the forecast period

Increased instances of spyware/keylogger, Trojans, viruses, ransomware, and other malware in the Banking, Financial Services, and Insurance (BFSI) vertical are driving the adoption of security as a service solutions. The BFSI vertical is also a major target for cybercriminals, as it holds sensitive information of employees, customers, assets, offices, branches, and operations. Furthermore, with stricter regulations and increasing instances of frauds and cyber-attacks, the need for real-time detection and protection from advanced threat and brand protection is driving the growth of the security as a service market in the BFSI vertical.

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Unique Features in the Security as a Service Market

Through the use of a cloud-based delivery architecture, SECaaS enables businesses to obtain security services online without requiring hardware to be on-site. This cloud-first strategy improves flexibility and scalability.

As a Service Security usually has a price structure based on subscriptions, allowing businesses to pay for security services on a recurrent basis. This offers cost certainty and is in line with the operating expenditure (OpEx) model.

A multi-tenant architecture is a common feature of SECaaS solutions, enabling different clients to share an infrastructure while preserving data isolation. This method increases cost-effectiveness and resource utilisation.

Numerous security services, like as intrusion detection and prevention, firewalls, antivirus software, online and email security, and more, are provided by SECaaS companies. Many cybersecurity demands are addressed by this all-encompassing strategy.

As a Service Security Real-time threat intelligence feeds are frequently included into solutions, giving businesses the most recent information on new risks. This aids in the early detection and mitigation of threats.

Major Highlights of the Security as a Service Market

Businesses have been using cloud-based security services instead of more conventional on-premises security solutions as a result of SECaaS’s affordability, scalability, and accessibility.

The increase in remote work arrangements, which was further intensified by worldwide occurrences, resulted in a greater need for SECaaS solutions designed to tackle the security issues related to dispersed and remote workforces.

The use of managed security services under SECaaS has grown significantly in the market, enabling enterprises to contract out security duties like monitoring and incident response to qualified security specialists.

The subscription-based pricing mechanism of SECaaS has kept it popular by enabling organisations to better control security costs and match expenditures to operating budgets.

One of the main features of SECaaS services is the integration of User and Entity Behaviour Analytics (UEBA), which allows enterprises to identify unusual behaviour patterns that may indicate compromised accounts or insider threats.

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Additionally, increase in adoption of cloud-based services among Small and Medium-sized Enterprises (SMEs) and rapid growth in Bring Your Own Device (BYOD) and Carry Your Own Device (CYOD) trends are expected to provide a tremendous growth opportunity for the security as a service market over the next five years. The global security as a service market is dominated by a few globally established players such as Trend Micro (Japan), IBM (US), Microsoft (US), Zscaler (US), and McAfee (US). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.

Trend Micro specializes in threat intelligence, mobile security, content security, data security, server security, and virtualization security. In the security as a service market, Trend Micro supplies deep security for cloud and data centers, deep security-as-a-service, and server protection. The company offers distinguished offerings under security as a service portfolio which includes hosted email security, worry-free services, deep security as a service, interscan web security as a service, and cloud app security. These cloud-hosted security services help organizations remain compliant and reduce risks. The company has a wide customer base that is spread across different regions, such as North America, Europe, APAC, MEA, and Latin America. The company’s clientele includes more than 500,000 customers. Trend Micro provides cybersecurity solutions in three major areas that are hybrid cloud security, network security, and user protection. It also provides solutions for ransomware, compliance, cloud, healthcare, GDPR, and end-of-support systems. The company has over 6,700 employees spread across 65 countries.

IBM is a computer, technology, and IT consulting corporation and is the worlds largest technology company and the second-most valuable company. Being a creator, developer, and manufacturer of some of the world’s most updated technologies, IBM’s product portfolio ranges from computer systems and software to networking systems, storage devices, and microelectronics. It also offers services, such as infrastructure, hosting, and consulting services in areas, ranging from mainframe computers to nanotechnology. IBM’s major business segments include Global Technology Services, Cloud and Cognitive Software, Global Business Service, Systems, Global Financing and other. The company offers various cybersecurity solutions, including IAM, cloud security, application security, network projection, security intelligence and operations, data protection, and endpoint security. It also offers cybersecurity services that include data security services, security intelligence and operations, consulting, secure engineering and application security, and security strategy risk and compliance. IBM’s security division offers next-generation security threat intelligence solutions and services in the security as a service market. Its security platform caters to many industry use case scenarios, including supply chain, financial services, automotive, real estate, food safety, identity, and international trade. The company offers solutions and services to various industries, including IT, healthcare, life sciences, government, telecom, automobile, manufacturing, Fast-Moving Consumer Goods (FMCG), chemicals and petroleum, electronics, energy and power, media and entertainment, mining, retail, BFSI, travel and transportation, and education. It is present in North America, Europe, APAC, MEA, and Latin America.

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“AT&T (US), Verizon Communications (US), Cisco Systems (US), BT Group (US), RingCentral (US), Comcast Corporation (US), 8×8 (US), Sangoma Technologies (US), Lumen Technologies (US), Nextiva (US), Fusion Connect (US), Avaya (US), Mitel Networks (US), Lingo Telecom (US), TPx Communications (US), Telesystem (US), Ozonotel Communications (India).”

The global hosted PBX market size is projected to grow from USD 11.5 billion in 2023 to USD 24.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 16.8%. The ascendancy of the hosted PBX market is fueled by its inherent capacity to prevent the necessity for substantial initial investments inherent in traditional phone systems. By adopting a hosted PBX solution, businesses can eschew the financial burdens associated with procuring and maintaining extensive on-premises telephony infrastructure. This cost-effective alternative streamlines budgetary considerations and provides a pathway for organizations, regardless of size, to access advanced communication features without the weighty capital expenditure typically associated with conventional systems. This financial agility, characterized by eliminating significant upfront costs, stands as a potent driving force behind the burgeoning popularity and growth of the hosted PBX market.

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“Based on Services, the managed services segment to hold the largest market size during the forecast period.”

An instrumental driver within the Hosted PBX market is the provision of Managed Services, offering businesses invaluable access to specialized technical support teams. These teams are equipped with profound expertise in the intricate workings of the system, ensuring swift and effective issue resolution. The availability of dedicated support ensures that businesses leveraging Hosted PBX Managed Services benefit from comprehensive assistance tailored to the specific nuances of their communication infrastructure. This strategic emphasis on expert support serves as a catalyst for the adoption of Managed Services in the Hosted PBX market, assuring businesses of responsive assistance and contributing to the overall reliability and user satisfaction of their communication systems.

“By Offering, Services segment is expected to hold a higher growth rate during the forecast period.”

The services segment, particularly the emphasis on comprehensive training programs and onboarding services, stands as a pivotal driver in propelling the growth of the hosted PBX market. A seamless integration process becomes paramount as businesses transition to cloud-based communication solutions. Professional services that offer tailored training programs ensure that users quickly adapt to the newly hosted PBX system, minimizing disruptions and maximizing the platform’s potential. This commitment to user education reduces the learning curve and enhances overall user satisfaction and productivity. As a result, businesses can efficiently harness the full capabilities of hosted PBX, leading to widespread adoption and market expansion. The focus on user-centric services underscores the industry’s commitment to providing technology and a comprehensive solution that empowers businesses to leverage advanced communication tools with confidence and proficiency.

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Unique Features in the Hosted PBX Market 

Hardware on-premises is not necessary with hosted PBX since it is built on cloud-based infrastructure. This gives firms flexibility, lowers maintenance costs, and makes scaling simple.

Hosted PBX systems frequently present economical options since they spare companies from having to make large upfront investments in conventional PBX equipment. Usually, instead, customers pay a subscription charge for the services they utilise.

Hosted PBX systems facilitate remote work by allowing users to use them from any location with an internet connection, allowing staff members to remain connected no matter where they are physically located.

Because hosted PBX solutions are so scalable, companies may quickly add or remove users and services in accordance with their changing demands. Expanding companies benefit from this flexibility.

In order to provide extra capabilities like video conferencing, instant messaging, and collaboration tools within a single communication platform, many hosted PBX systems link with unified communications (UC) platforms.

Major Highlights of the Hosted PBX Market 

Because hosted PBX systems offer scalability, flexibility, and lower infrastructure costs, businesses have been adopting them more frequently as a result of the transition towards cloud-based communication.

The demand for hosted PBX services was driven by the acceleration of remote work due to global events. These solutions helped companies provide scattered and remote staff with smooth communication.

Offerings for hosted PBX gave users an affordable option to traditional on-premises systems. The monthly billing models were a source of comfort for businesses as they reduced upfront capital expenses.

Hosted PBX solutions are scalable, which means that companies can simply add or remove users and functions. This makes them ideal for organisations with changing growth requirements.

Hosted PBX systems are becoming more and more equipped with improved collaboration features, such as team messaging, document sharing, and project management integrations, which encourage efficiency and cooperation.

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Top Key Companies in the Hosted PBX Market 

Key and innovative vendors in the hosted PBX market include AT&T (US), Verizon Communications (US), Cisco Systems (US), BT Group (US), RingCentral (US), Comcast Corporation (US), 8×8 (US), Sangoma Technologies (US), Lumen Technologies (US), Nextiva (US), Fusion Connect (US), Avaya (US), Mitel Networks (US), Lingo Telecom (US), TPx Communications (US), Telesystem (US), Ozonotel Communications (India), OneConnect (US), InterGlobe Communications (US), CloudTalk (US), Datavo (US), Nexge Technologies (US), NovoLink Communications (US), 3CX (Cpryus), AstraQom International (US). The market players have adopted various strategies, such as developing advanced products, partnerships, contracts, expansions, and acquisitions to strengthen their hosted PBX market position. The organic and inorganic strategies have helped the market players expand globally by providing advanced hosted PBX solutions.

RingCentral

RingCentral, Inc. stands out as a prominent global enterprise cloud communications provider, delivering innovative software-as-a-service (SaaS) solutions for communication, collaboration, video meetings, and contact centers. Disrupting the business communications and collaboration market, RingCentral offers flexible and cost-effective solutions tailored to support mobile and distributed workforces. The platform facilitates seamless connectivity, allowing organizations to enhance communication and collaboration across diverse teams, irrespective of geographical locations. With a commitment to innovation and customer satisfaction, RingCentral provides a cloud-based communication and customer engagement platform that accommodates the needs of modern, mobile, and global enterprises. Notably, their solutions are designed to be user-friendly, offering a consistent global identity across various devices. Rapid deployment, easy configuration, and device-independent functionality distinguish RingCentral’s cloud-based solutions from traditional on-premises systems. Furthermore, the company’s open platform encourages third-party developers and customers to create integrations and workflows using robust Application Programming Interfaces (APIs) and software developers’ kits (SDKs). As of 2022, RingCentral had ~3,902 employees and a revenue of USD 1.99 Billion. RingCentral has geographical presence in North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

8×8

8×8, Inc. stands as a prominent Software-as-a-Service (SaaS) provider, offering a comprehensive suite of communication solutions including voice, team chat, video meetings, contact center services, and embeddable communication APIs. Operating on a global cloud communications platform, 8×8 connects individuals and teams, fostering faster collaboration and enhanced productivity from any location. With a focus on real-time business analytics and intelligence, 8×8 empowers its customers with unique insights across all interactions and channels. The company’s XCaaS (“eXperience Communications as a Service”) platform, characterized by high availability and full redundancy, operates under a standardized Service Level Agreement, encompassing unified communications and contact center services. Leveraging AI/ML algorithms, 8×8’s platform delivers data-driven business insights, driving employee productivity, resource optimization, and improved end customer interactions. The platform, designed for easy deployment and management across multiple devices and global environments, enables organizations to rely on a single provider for their communication, video meeting, and customer support requirements. The company’s business segments include communication services subscriptions, platform, UCaaS, CCaaS, and CPaaS offerings, with additional revenue from professional services and IP telephone rentals supporting cloud telephony services. With over 2.5 million paid business users, 8×8 continues to position itself as a pivotal player in the cloud communications landscape. As of 2022, 8×8 had ~ 2216 employees and a revenue of USD 638 Billion and reportedly spent USD 112.3 Million in R&D.

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“IBM (US), HPE (US), Cisco (US), Broadcom (US), Splunk (US), RSA Security (US), McAfee (US), FireEye (US), Juniper Networks (US), LogRhythm (US), Fortinet (US), Huntsman Security (Australia), Gurucul (US), Securonix (US), Hillstone Networks (US), Exabeam (US), Rapid7 (US), Alert Logic (US), Forcepoint (US), Assuria (UK), Haystax (US), Uptycs (US), Snowflake (US).”

The security analytics market size to grow from USD 12.0 billion in 2021 to USD 25.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period. Various factors such as demand to discover patterns, prioritization of network-based threats with actionable intelligence to avert data losses, and prevention of onward intrusion and increasing focus on maintaining regulatory compliance are expected to drive the adoption of security analytics solutions and services.

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Security analytics is a security approach that investigates security events and analyzes inconsistent behavior across networks and systems to bring situational awareness and understanding of security risks within organizations. These solutions help protect the critical resources and systems against cyberattacks and breaches to fortify security infrastructure. Security analytics redefines the power of Security Information and Event Management (SIEM) capabilities by providing effective and better network security to predict and mitigate potential cyber threats. With an increase in the number of new security threats, the need for security analytics is growing rapidly across the globe.

Security analytics solutions can assimilate large and diverse data sets into their detection algorithms, depending on the types of solutions deployed. Security analytics data can be gathered in various ways, including but not limited to network traffic, endpoint and user behavior data, cloud resources, business applications, identity and access management data, and external threat intelligence sources. The various security analytics solutions are SIEM, endpoint security analytics, network security analytics, enterprise security analytics, User Entity and Behavior Analytics (UEBA), and Security Orchestration and Automation and Response (SOAR). These solutions help organizations secure their networks, endpoints, applications, and cloud-based services. The managed services segment is expected to show a higher growth rate during the forecast period.

The services segment to hold higher CAGR during the forecast period

Based on components, the security analytics is segmented into solutions and services. The services segment has been further divided into professional and managed services. These services play a vital role in the functioning of security analyticss, as well as ensure faster and smoother implementation that maximizes the value of the enterprise investments. The growing adoption of security analytics is expected to boost the adoption of professional and managed services. Professional service providers have deep knowledge related to the products and enable customers to focus on the core business, while MSPs help customers improve business operations and cut expenses.

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Security analytics is a security approach that investigates security events and analyzes inconsistent behavior across networks and systems to bring situational awareness and understanding of security risks within organizations. These solutions help protect the critical resources and systems against cyberattacks and breaches to fortify security infrastructure. Security analytics redefines the power of Security Information and Event Management (SIEM) capabilities by providing effective and better network security to predict and mitigate potential cyber threats. With an increase in the number of new security threats, the need for security analytics is growing rapidly across the globe.

Unique Features in the Security Analytics Market 

Behavioural analytics is used by security analytics platforms to define baseline behaviours for networks, devices, and individuals. When these baselines are departed from, alerts for possible anomalies or security threats may be sent out.

Large-scale datasets are analysed by machine learning algorithms to find trends and abnormalities, which makes it possible to detect security incidents proactively. This aids in spotting possible dangers, such as undiscovered and extremely persistent threats (APTs).

Security analytics systems can correlate internal data with external threat information by integrating with threat intelligence streams. This provides context and improves threat detection accuracy.

UEBA is centred on examining how individuals and groups behave within a company in order to spot odd or questionable activity that could point to malicious activity, compromised accounts, or insider threats.

Incident response orchestration is a feature of certain security analytics platforms that automates the process of responding to security issues. This guarantees a synchronised and effective reaction to identified hazards.

Major Highlights of the Security Analytics Market 

The need for sophisticated security analytics solutions was spurred by the rise in the frequency and sophistication of cyber threats, such as phishing, ransomware, and advanced persistent threats (APTs).

Security analytics saw a rise in the use of behavioural analytics, which gave organisations the ability to identify and address dangers based on departures from typical user and object behaviour patterns.

The amalgamation of artificial intelligence (AI) and machine learning technologies has enhanced the capacity to detect vulnerabilities, hence empowering security analytics systems to scrutinise extensive datasets and discern intricate patterns suggestive of cyber hazards.

With a focus on examining user and entity behaviour to identify insider threats, compromised accounts, and other unusual activity, UEBA solutions gained widespread traction.

Security analytics solutions have grown to include cloud security analytics as a result of the growing trend of moving to cloud environments. This helps to handle the special security concerns associated with cloud-based infrastructure.

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Top Key Companies in the Security Analytics Market 

Some of the key players operating in the security analytics market include IBM(US), HPE(US), Cisco(US), Broadcom(US), Splunk(US), RSA Security(US), McAfee(US), FireEye(US), Juniper Networks(US), LogRhythm(US), Fortinet(US), Huntsman Security(Australia), Gurucul(US), Securonix(US), Hillstone Networks(US), Exabeam(US), Rapid7(US), Alert Logic(US), Forcepoint(US), Assuria(UK), Haystax(US), Uptycs(US) and Snowflake(US). These security analytics vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the security analytics market.

International Business Machines (IBM) was incorporated in 1911 and is headquartered in New York, US. IBM is one of the leading American computer manufacturers and providers of cloud, cognitive security, research, analytics, consulting, IoT, and IT infrastructure. IBM operates through five segments: Cloud & Cognitive Software, Systems, Global Technology Services, Global Business Services, and Global Financing. The company manufactures and sells computer hardware and software, and offers infrastructure services, consulting services, and hosting services for mainframe computers and nanotechnology. It has a client base of more than 17,000 in more than 130 countries. Further, it has almost 8,000 subject matter experts and more than 3,000 researchers working in 12 labs located across six continents. For more than seven decades, IBM has been building industry-based solutions to real world problems with the help of Watson, its AI platform for business, redefining the future of information technology through its high-quality R&D.

Cisco was founded in 1984 and is headquartered in California, US. Cisco is one of the global leaders in networking for the internet. The company designs, manufactures, and sells internet protocol-based networking and other products, including hardware, software, and services to the ICT industry. It provides infrastructure platforms and networking technologies, including switching, routing, wireless, and data center products that work together for delivering networking capabilities and data storage and transportation. The company also offers products for unified communications such as Cisco TelePresence and for conferencing. It basically provides security products such as network security, cloud and email security, advanced threat protection, and unified threat management products. It serves businesses of various size, public and private enterprises, and government institutions.

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