The Global Security Assurance Market size is expected to reach $9.7 billion by 2028, rising at a market growth of 9.3% CAGR during the forecast period.
Security assurance is a cutting-edge approach for establishing and controlling risks & threats to computer security. This group of technologies ensures that software is developed with a level of security that can resist the harm arising from the loss, incorrect use, disappearance, manipulation, or misuse of the data and resources it depends on. Services for security assurance aid companies in locating, assessing, and controlling security risks associated with mobile devices, business applications, and related technology environments.
Also, the market for security assurance is expanding due to enterprises' increased concerns about cyberattacks, the possibility of phishing, and malware. Moreover, IoT and BYOD are helping the market for security assurance develop. Global Security assurance services enable businesses to quickly identify, evaluate, and address security threats associated with mobile devices, enterprise applications, and related technological environments. But one of the primary obstacles facing the world's security assurance companies is the difficulty in providing hybrid cloud security.
Security assurance outlines defenses against hidden risks associated with goods, programs, or services. In accordance with a standard or comparison to a profile, it can be used to certify that a good or service has a given level of security. A wide variety of security assurance technologies, methods, and measurements are available. One of the most widely used standards is Common Criteria (CC).
A graduated scale of evaluation assurance levels is used by CC, which balances the level of certainty with the cost and practicalities of achieving that level of assurance. For example, testing for vulnerabilities cannot confirm that a system is fault-free; rather, it can only show whether the system is secure (or not) from the assaults employed to test it. Similarly, security assurance cannot guarantee that a product is risk-free to use, but when done well, it may establish a strong basis of confidence that it is secure to a certain extent.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation are the forerunners in the Security Assurance Market. Companies such as Accenture PLC, Infosys Limited, and Tenable Holdings, Inc. are some of the key innovators in Security Assurance Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, Microsoft Corporation, Infosys Limited, IBM Corporation, Capgemini SE, Avaya, Inc. (Avaya Holdings Corp.), Spirent Communications plc, Tenable Holdings, Inc., Happiest Minds Technologies Limited and SAS Institute, Inc.
Security assurance is a cutting-edge approach for establishing and controlling risks & threats to computer security. This group of technologies ensures that software is developed with a level of security that can resist the harm arising from the loss, incorrect use, disappearance, manipulation, or misuse of the data and resources it depends on. Services for security assurance aid companies in locating, assessing, and controlling security risks associated with mobile devices, business applications, and related technology environments.
Also, the market for security assurance is expanding due to enterprises' increased concerns about cyberattacks, the possibility of phishing, and malware. Moreover, IoT and BYOD are helping the market for security assurance develop. Global Security assurance services enable businesses to quickly identify, evaluate, and address security threats associated with mobile devices, enterprise applications, and related technological environments. But one of the primary obstacles facing the world's security assurance companies is the difficulty in providing hybrid cloud security.
Security assurance outlines defenses against hidden risks associated with goods, programs, or services. In accordance with a standard or comparison to a profile, it can be used to certify that a good or service has a given level of security. A wide variety of security assurance technologies, methods, and measurements are available. One of the most widely used standards is Common Criteria (CC).
A graduated scale of evaluation assurance levels is used by CC, which balances the level of certainty with the cost and practicalities of achieving that level of assurance. For example, testing for vulnerabilities cannot confirm that a system is fault-free; rather, it can only show whether the system is secure (or not) from the assaults employed to test it. Similarly, security assurance cannot guarantee that a product is risk-free to use, but when done well, it may establish a strong basis of confidence that it is secure to a certain extent.
COVID-19 Impact Analysis
The COVID-19 outbreak has had a significant effect on the development of the security assurance market, since rising smartphone adoption, connected device adoption, and the booming e-commerce industry all present attractive potential for the market's expansion. However, the global shutdown and economic downturn have ended the lack of skilled workers available everywhere. In turn, this will have an impact on the market for hardware wallets in 2020. In addition, worldwide crises in 2020 have been brought on by COVID in social, economic, and energy, as well as in medicine.Market Growth Factors
Growing popularity of BYOD and IoT trends
Bring Your Own Device (BYOD) has become extremely popular, and BaaS providers have committed a substantial amount of money to promote this trend. The amount of data collected by businesses globally is increasing due to this culture. The Internet of Things and the 'bring your own device'movement, two new paradigms, have significantly altered the employment of smart applications in the government, retail, healthcare, and IT & telecommunications sectors. Improvements in the underlying technology and the broad adoption of next-generation network-powered solutions stimulate the development of security assurance applications. In light of this, the demand for security assurance is anticipated to increase over the next few years.The growing threat of phishing & malware to enterprises
There has been a considerable rise in the capability of malicious software, such as viruses or Trojan horses, to penetrate, take control of, or cause harm to entire electronic information networks. Malware is widely utilized by cybercriminals who steal data or make monetary gains online to gain control of computers or other devices. This is done so that the device can be utilized immediately in dishonest activities such as fraud or other illegal acts. In addition, companies operating in the healthcare, banking, financial services, and government sectors are especially susceptible to these kinds of attacks because of the significance of the data generated in these areas. These factors are increasing the market growth.Market Restraining Factors
Validation, elucidation, and modelling of security requirements
Throughout the early stages of the system's development, several methodologies concentrated on eliciting and modeling the security needs of the system. Unfortunately, these approaches have not been extensively embraced since it is difficult to apply them to industries as a result of a mismatch between the current process of development and these methodologies. Furthermore, these techniques are not only challenging to understand but do not provide a documenting process for the security aspects of IT systems. It is anticipated that the adoption of security assurance will be limited due to these concerns, which would, in turn, limit the expansion of the market.Type Outlook
By type, the security assurance market is segmented into business applications, system & network infrastructure, and mobility solutions. In 2021, the mobility solutions segment procured a promising growth rate in the security assurance market. It is believed that the rapidly rising number of mobile devices worldwide is one of the driving causes behind the market expansion. In addition, networks are becoming more susceptible to cyberattacks as the demand for mobile devices and connections increases. As a result, the growth of the mobility solutions business has been accelerated.
Organization Size Outlook
Based on organization size, the security assurance market is categorized into large sized organizations and small & medium sized organization. The large sized organizations segment witnessed the largest revenue share in the security assurance market in 2021. This is as a result of surplus reserves and revenues that can be used for upgrading operations. In addition, the security is the major concern of most of the large businesses as a result of which the security assurance approach is widely being adopted by them. It is predicted to support the market growth in this segment.Vertical Outlook
On the basis of vertical, the security assurance market is fragmented into BFSI, IT & telecom, government & commercial offices, healthcare, retail, manufacturing and others. The IT & telecom segment recorded a remarkable revenue share in the security assurance market in 2021. This results from the market's quick growth and expansion due to the demand for instant communication. Systems need a security assurance framework to guarantee business continuity and data security. In addition, security intelligence necessitates a wide range of innovative solutions.Regional Outlook
Region wise, the security assurance market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2021, the North America region led the security assurance market by generating the highest revenue share. Businesses are making investments in developing technologies in the North American region to increase productivity. The North America’s security assurance market is expanding due to the increased competition amongst cloud-based provider businesses, where key competitors are providing better information protection by guaranteeing quick access and greater customer outreach.The Cardinal Matrix - Security Assurance Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation are the forerunners in the Security Assurance Market. Companies such as Accenture PLC, Infosys Limited, and Tenable Holdings, Inc. are some of the key innovators in Security Assurance Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, Microsoft Corporation, Infosys Limited, IBM Corporation, Capgemini SE, Avaya, Inc. (Avaya Holdings Corp.), Spirent Communications plc, Tenable Holdings, Inc., Happiest Minds Technologies Limited and SAS Institute, Inc.
Strategies Deployed in Security Assurance Market
Partnerships, Collaborations and Agreements:
- Oct-2022: IBM signed an agreement with BPER Banca Group, a banking group based in Italy. Through this agreement, companies would help boost the bank's evolution into a truly digital business. Furthermore, this agreement would broaden the bank's hybrid cloud strategy to advance its technology infrastructure and applications, integrating the security, reliability, and scalability of IBM Cloud for Financial Services to help address the compliance needs of the heavily regulated industry.
- Sep-2022: Infosys collaborated with Belgium Post, a postal operator based in Europe. Through this collaboration, Infosys securely boosted Bpost’s cloud transformation drive with its customized Cloud SecOps delivery model. The model enhances Bpost’s Azure and AWS cloud security position by leveraging the Infosys Cyber Next platform.
- Jun-2022: Infosys teamed up with TK Elevator, a global elevator company. Following this collaboration, Infosys would deliver AI-powered IT helpdesk services, digital workplace management, also network services supported by Infosys Cobalt-driven automation framework. Moreover, Infosys would accelerate Cybersecurity and improve the digital experience for TK Elevator’s end users.
- May-2022: Infosys joined hands with Palo Alto Networks, the global Cybersecurity company. This collaboration would enhance the security maturity of large enterprises with key digital landscapes and help protect against the threat of cyber-attacks on their key infrastructure. Additionally, both companies would bring their expertise to boost the creation of the latest network security solutions.
- Apr-2022: Microsoft announced a partnership with HCL Technologies, a consulting and Information technology Company. This partnership is aimed to bring security capabilities to clients globally. Moreover, the partnership would aim to help enterprises through the current complex and interconnected landscape.
- Mar-2022: Accenture collaborated with Vodafone Germany, a mobile telecommunication company. Under this collaboration, both companies would offer managed security services to small to medium-sized enterprises across Germany.
- Dec-2021: Accenture came into collaboration with Generali, a global insurance and asset management provider, and Vodafone Business, a mobile telecommunication company. Following this Collaboration, Accenture would bring together the right talent and technology to fit particular industries to help clients from Cyber risks and threats. Additionally, in this collaboration, Accenture would show the capability to develop global solutions that would address local requirements.
- Sep-2021: Microsoft partnered with At-Bay, a cyber-insurance company. This partnership brings key visibility and decision-making support to the market as businesses seek a complete way to empower hybrid workforces with stronger, centralized clarity and control over cloud applications accelerating productivity and security.
- Apr-2021: Avaya partnered with Semafone, a data security and compliance solutions provider for contact and call centers. The partnership would aim to help contact center customers solve the complex security and compliance issues faced as they embrace work from anywhere model.
Product Launches and Product Expansions:
- Feb-2023: Spirent Communications announced the launch of end-to-end, ODU, and RIC testing, completing its O-RAN test solution offering. This expansion would boost widespread O-RAN adoption. Moreover, Spirents comprehensive testing approach and 5G ecosystem specialization would make sure O-RAN functionality, interoperability, and field-ready performance.
- May-2022: Spirent Communications plc released a new security automation package as part of the 5G Core Automation Platform for Spirent Landslide. The product delivers control plane testing with a complete library of expert-designed test cases for 3GPP Security Assurance Specification standards and security attack emulation.
- May-2022: Microsoft unveiled Microsoft Defender, the stand-alone version for business. The product for business would bring enterprise-grade endpoint security to SMBs, consisting of endpoint detection and response capabilities to shield against ransom ware and other sophisticated cyber threats.
Acquisitions and Mergers:
- Feb-2023: Accenture took over Morphus, a provider of risk management, cyber defense, and cyber threat intelligence services. With this acquisition, Morphus's specialization in deep Cybersecurity research, threat intelligence, and cyber defense services, Accenture would broaden its Cybersecurity reach across Latin America.
- Oct-2022: IBM came into an agreement to acquire Spanugo, a cloud security posture management company. Following this acquisition, IBM would combine Spanugo’s software into its public cloud to help meet the compliance and security requirements of its customers in regulated areas like healthcare and banking.
- Jun-2022: Microsoft completed the acquisition of Miburo, a cyber-threat analysis and research company. Following this acquisition, companies would accelerate threat intelligence research into the latest foreign cyber threats. Additionally, Miburo would allow Microsoft to broaden its threat detection and analysis capabilities to address new cyber-attacks.
- Jul-2021: Microsoft Corporation took over CloudKnox Security, a platform created to safeguard resources and identities over multi-cloud and hybrid cloud environments. This acquisition aimed for customers to be able to right-size permissions and enforce least-privilege principles, employing continuous analytics to aid prevent security breaches.
- Jun-2021: Accenture completed the acquisition of Sentor, a provider of cyber defense and managed security services. This acquisition broadens Accenture's capability to help clients overcome the challenging cybersecurity environment, as well as to help businesses in Sweden become more flexible.
- Apr-2022: Tenable Holdings acquired Bit Discovery, a leader in external attack surface management (EASM). This acquisition aimed to combine Tenable’s Cyber Exposure solutions with Bit Discovery’s EASM capabilities, which would offer customers a differentiated 360-degree view of the modern attack surface to detect and remove areas of known and unknown security risk.
- Mar-2022: Tenable Holdings, Inc. completed the acquisition of Cymptom, the attack path software specialist. This acquisition would enhance the attack-level understanding of its platform for recognizing and addressing cyber vulnerabilities.
Geographical Expansions:
- Mar-2022: Capgemini expanded its business to Malaga, Spain with its Cyber Defense Center and a Cloud services Center. The new facility would strengthen the Group's international network of Cyber Defense Centers, with a commitment to Cybersecurity services backed by artificial intelligence, Incident response, and ERP security.
Scope of the Study
By Type
- Business Applications
- System & Network Infrastructure
- Mobility Solutions
By Organization Size
- Large Size Organizations
- Small & Medium Sized Organizations
By Vertical
- BFSI
- IT & Telecom
- Healthcare
- Retail
- Government
- Manufacturing
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Accenture PLC
- Microsoft Corporation
- Infosys Limited
- IBM Corporation
- Capgemini SE
- Avaya, Inc. (Avaya Holdings Corp.)
- Spirent Communications plc
- Tenable Holdings, Inc.
- Happiest Minds Technologies Limited
- SAS Institute, Inc.
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Security Assurance Market by Type
Chapter 5. Global Security Assurance Market by Organization Size
Chapter 6. Global Security Assurance Market by Vertical
Chapter 7. Global Security Assurance Market by Region
Chapter 8. Company Profiles
Companies Mentioned
- Accenture PLC
- Microsoft Corporation
- Infosys Limited
- IBM Corporation
- Capgemini SE
- Avaya, Inc. (Avaya Holdings Corp.)
- Spirent Communications plc
- Tenable Holdings, Inc.
- Happiest Minds Technologies Limited
- SAS Institute, Inc.
Methodology
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