The rising popularity of cloud solutions, on account of the negligible requirement for professionals and physical information technology (IT) infrastructure in cloud computing, is pushing up the demand for security as a service solutions across the world. Moreover, as cloud allows users to decide which services they require and provides them secure access to their data whenever they want, it is being adopted by various organizations all over the world. 

However, due to the high number of data breaches associated with cloud solutions, the rising popularity of cloud computing is positively impacting the demand for security as a service solutions. According to the findings of McAfee LLC, nearly 9% of all cloud services and solutions used by organizations across the world are highly vulnerable to cyber-attacks. Apart from these factors, the enactment of strict government regulations regarding data security is also fueling the demand for security as a service solutions. 

Furthermore, the growing adoption of the bring-your-own-device (BYOD) policy by workplaces around the world is propelling the global demand for security as a service solutions. This is fueling the expansion of the global security as a service market. According to the estimates of the market research company, P&S Intelligence, the market valuation will rise from $7.8 billion in 2019 to $43.4 billion by 2030. Furthermore, the market is predicted to demonstrate a CAGR of 17.4% from 2020 to 2030.

Geographically, the security as a service market recorded the highest growth in North America in the past years. This was because of the rapid technological innovations and advancements, the presence of a well-developed IT infrastructure, the large-scale adoption of cloud solutions, the high incidence of cyber-attacks, and the existence of stringent government laws regarding data security, especially in the banking, financial services, and insurance (BFSI) and healthcare sectors in Canada and the U.S.

Hence, it is safe to say that the demand for security as a service solutions would surge all over the world in the future years, mainly because of the rising prevalence of cyber-attacks and the growing adoption of cloud solutions.