As the penetration of internet is increasing across the globe, the adoption of cloud-based services and solutions is growing as well. Cloud solutions don’t need physical information technology (IT) infrastructure and professionals, they result in considerable cost savings. Moreover, cloud-based solutions also allow the users to decide regarding the services they want access their data from any place with a secure connection. Owing to this, companies are switching to cloud-based solutions instead of on-premises solutions. However, cloud solutions also make data vulnerable to breaches, which, in turn, is resulting in the growing demand for security as a service (SaaS) solutions.
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As per a report by P&S Intelligence, the global SaaS market is predicted to generate a revenue of $43.4 billion by 2030, increasing from $7.8 billion in 2019, advancing at a 17.4% CAGR during the forecast period (2020–2030). SaaS software enables the user to access an application through an internet browser, rather than having to download it on their system or business network. Types of SaaS security types are web & email security, application security, endpoint security, and database security. Among all these, the demand for database security is expected to be the highest in the coming years.
This is due to the growing popularity of cloud databases among companies, which makes data vulnerable to cyber threats, and database security solutions can aid in preventing such situations. Moreover, the demand for this security type is also increasing because of the stringent government regulations for protecting consumers’ data. The major applications of SaaS are encryption, data loss prevention, intrusion detection, identity & access management, unified threat management, and risk & compliance management. Out of these, the highest demand for SaaS solutions was created for identity & access management in the past.
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Organizations are adopting SaaS solutions for protecting cloud-based data and granting employees access privileges after consideration of their designation. A number of industries make use of SaaS solutions, including retail, banking, financial services, & insurance (BFSI), IT & technology, healthcare, and government.
