The increasing adoption of iPaaS platforms among small and medium-level enterprises for integration propels the growth of the Integrated Security Services Market. The iPaaS solutions help in reducing the cost of ownership which enables enterprises to adopt these solutions easily. Moreover, to meet the growing demand for secure and reliable cloud integration solutions, many vendors have begun offering Integration Platform-as-a-Service which increased the demand for integrated security solutions market.
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Based on industry vertical, the BFSI segment held the largest share of one-third of the global integrated security services market in 2021, and is expected to maintain a prominent growth during the forecast period. The growth of the segment is attributed to the rise in cyberattacks in the BFSI sector. However, the healthcare segment is expected to exhibit the highest CAGR of 19.7% in 2031, due to the rise in smart healthcare devices and the need for reliable security services.
Based on enterprise size, the large enterprise segment held the largest share of more than three-fifths of the global integrated security services market in 2021, and is expected to maintain a prominent growth during the forecast period, owing to the rise in adoption of integrated security services among big businesses. However, the small and medium enterprise (SME) segment is expected to exhibit the highest CAGR of 15.6% in 2031, owing to the growing innovation and technological investments made by SMEs.
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Based on region, the market in North America was the largest in 2021, accounting for over one-third of the global integrated security services market during the forecast timeframe. This is owing to the growing technological trends in security in the region. However, the market in Asia-Pacific is likely to maintain its dominance and show the fastest CAGR of 17.4% during the forecast period, owing to the ongoing digital and economic transformation in the region.
The report analyzes the profiles of key players operating in the integrated security services market such as Broadcom, CGI Inc., Cisco Systems, Inc., DynTek, Inc., Honeywell International Inc., IBM Corporation, Microsoft, Optiv Security Inc., Sophos Ltd., and Trend Micro Incorporated. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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Covid-19 Scenario
- The COVID-19 pandemic positively impacted the integrated security services market, owing to a significant rise in demand for integrated security solutions and a growing number of cyberattacks.
- The pandemic caused a significant change in consumer preferences toward integrated security services, as several banks and fintech providers were implementing integrated security services in their institutions. Integrated security services support accessibility to financial services and deliver a high-quality security experience.
- The pandemic played a prime role in the fast adoption of integrated security services among various end users, such as healthcare and retail for enhanced security of the all systems.
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