Security as a Service Market to Be Worth $1.5B by 2020, Technavio Says
The Americas dominated the global Security as a Service market in 2015, capturing 65% of the overall market share.
LONDON – The Security as a Service market is growing worldwide and is expected to generate revenue of approximately $1.5 billion by 2020, according to research firm Technavio, based here.
Technavio categorizes the Security as a Service market into four end-user segments, including commercial, government, residential, and others. The commercial segment dominated the market with 56% of the overall market share in 2015.
In 2015, with a market share of almost 65%, the Americas dominated the global Security as a Service market, followed by EMEA with 20% and APAC with more than 15%.
Security as a Service solutions help reduce IT support costs by outsourcing hardware and software maintenance. Unlike traditional software that is sold as a perpetual license with an upfront cost (and an optional ongoing support fee), these solutions come with a subscription fee, most commonly a monthly fee or an annual fee, which is affordable to most organizations, according to the report.
Several systems are supported by Security as a Service. It has become a common delivery model for many business applications, such as human resource management, customer relationship management and accounting software.
Over the past decade, video surveillance solutions have changed in line with the advances in technology, leading to the evolution of Video Surveillance as a Service (VSaaS). VSaas is a key factor driving growth in the overall Security as a Service market, given the technology’s ability to offer solutions that allow for remote viewing of video footage, especially on smartphones.
“In VSaaS, a customer pays on a yearly, quarterly, or monthly basis for the ability to view live or recorded video surveillance data off-site to the location of the security camera. The video is used for self-monitoring, surveillance, and business applications,” says Amrita Choudhury, a lead IT security research analyst from Technavio.
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