Latest news with #RaaS
Yahoo
13-06-2025
- Business
- Yahoo
Securing the Future: Global Cybersecurity Industry Set to Hit US$500.70 billion by 2030 at 12.9% CAGR, Reveals Exclusive Study
CHICAGO, June 13, 2025 /PRNewswire/ -- The Global Cyber Security Market size is projected to be valued at USD 272.62 billion in 2025 and reach USD 500.70 billion by 2030, growing at a CAGR of 12.9% according to a new report by The Research Insights. The market is driven by the rising frequency and sophistication of cyberattacks, increasing adoption of cloud services and remote work models, and growing regulatory compliance requirements across industries. The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the Cyber Security Market growth of 12.9% comprises a vast array of Offering, Security, Deployment, Organization Size, Solution, End Use, and Geography which are expected to register strength during the coming years. For More Information and To Stay Updated on The Latest Developments in The Global Cyber Security Market Share, Download FREE Sample Pages: Market Overview and Growth Trajectory: Cyber Security Market Growth: According to an exhaustive report by The Research Insights, the Cyber Security Market is experiencing significant growth. The global cybersecurity market expands due to a blend of distinctive and prevailing factors that illustrate ongoing transformations in the digital world. The rapid expansion of ransomware-as-a-service (RaaS) along with sophisticated cyber threats forces organizations to make substantial investments in advanced threat detection and response solutions. The shift toward remote and hybrid work structures has widened attack surfaces which boosts the requirement for zero-trust security systems and endpoint protection solutions. Security tools are increasingly implementing artificial intelligence and machine learning capabilities to achieve predictive analytics and real-time threat mitigation. Businesses face increasing pressure to improve their data privacy and compliance capabilities due to new regulatory standards such as GDPR in Europe and CCPA in California along with developing frameworks in the Asia-Pacific region. The increased linking of IoT devices with digital critical infrastructure systems in healthcare and energy sectors demands stronger cybersecurity frameworks. Nation-state cyber warfare escalation along with growing geopolitical cyber tensions makes cybersecurity a strategic priority for both public and private sectors which boosts global market expansion. Rising Frequency and Sophistication of Cyber Threats: The cybersecurity market grows because cyber threats become more numerous and complex while having greater impact across different sectors and industries. Organizations worldwide face relentless attacks from cyber threats including phishing attempts and ransomware as well as distributed denial-of-service (DDoS) attacks and advanced persistent threats (APTs). The exposure of weaknesses in well-regulated industries such as healthcare and finance occurred due to high-profile cybersecurity events like ransomware attacks on essential services and substantial data breaches that impacted millions of individuals. Organizations must now allocate resources toward sophisticated cybersecurity solutions capable of real-time threat detection and response because cybercriminals are advancing their attack methods through artificial intelligence (AI), automation and social engineering techniques. The evolving threat landscape creates rising demand for endpoint protection and network security systems alongside threat intelligence solutions and incident response platforms as well as Security Operations Center (SOC) services. For Detailed Market Insights, Visit: Expanding Digital Transformation and Cloud Adoption: Digital transformation efforts worldwide expanded significantly during the COVID-19 pandemic creating a much larger cybersecurity attack surface. The implementation of cloud computing together with remote work practices and BYOD policies along with IoT deployments and SaaS offerings creates novel vulnerabilities which serve as new access points for cyber intrusions. These technologies deliver operational efficiency and scalability benefits but create additional challenges for security monitoring and risk management. Enterprises are adopting cloud-native security systems together with identity and access management (IAM), Zero Trust Architecture (ZTA), and Secure Access Service Edge (SASE) approaches due to increasing security demands. The design of these frameworks aims to protect distributed environments without traditional perimeters and maintain security policy compliance for users and assets wherever they exist. The shift toward modern security solutions creates significant opportunities for both established security providers and new cybersecurity startups. Regulatory Pressure and Compliance Requirements: Global cybersecurity legislation and compliance standards growth serves as a major factor that boosts market demand. National governments alongside regulatory organizations have established strict data protection regulations to protect the information of both individuals and companies. Organizations must implement strong cybersecurity practices to meet requirements set by frameworks including Europe's GDPR and CCPA in California as well as HIPAA and PCI DSS standards for specific industries. Failure to comply with regulations can trigger major penalties from authorities while also exposing organizations to legal challenges and reputational harm that leads to decreased customer confidence. Enterprises allocate significant resources toward cybersecurity infrastructure alongside auditing and governance systems to achieve compliance standards. Organizations deploy encryption tools and data loss prevention (DLP) systems while establishing audit logging systems and providing cybersecurity training for employees. National cybersecurity strategies combined with rising geopolitical tensions drive public and private sectors to improve their digital defenses which enhances market growth. Stay Updated on The Latest Cyber Security Market Trends: Geographical Insights: North America's cyber security sector continues to expand rapidly while its projected revenue share exceeds 34% by 2024. Dynamic technological advancements in big data and the Internet of Things (IoT) within the region serve as the driving force behind growth. The expanding operations of IT firms and their business diversification make endpoint device protection an essential priority. The market continues its expansion because government programs work to increase cyber security awareness among organizations while promoting the adoption of strong protective measures. The North America cyber security market will continue to evolve under the influence of these factors in upcoming years. The European cybersecurity industry is expected to undergo significant growth throughout the forecasted time frame. The industry enjoys substantial growth due to increased IT infrastructure development along with rising internet penetration rates and widespread adoption of connected devices and endpoints. The UK cyber security market stands out for its swift expansion because of the rapid adoption of digital technologies alongside the widespread use of connected devices and endpoint devices in extensive organizational networks. The cybersecurity market in the Asia Pacific region is experiencing potential growth due to the rise of data centers and cloud technology adoption. The growth of cyber security positions along with the widespread adoption of IoT devices serve as additional driving forces for this expansion. The region benefits from market expansion because many organizations there have developed innovative cyber security solutions that feature automatic vulnerability detection capabilities. Global Cyber Security Market Segmentation and Geographical Insights: Based on Offering, the cybersecurity market is divided into, Hardware, Software, and Services. The market saw significant growth in 2024, with the hardware segment leading the way, accounting for over 55% of global revenue. Based on Security, the cybersecurity market is divided into, Endpoint security, Cloud Security, Network Security, Application Security, Infrastructure Protection, Data Security, and Others. The infrastructure protection segment dominates the market with substantial revenue share by 2024. Based on Deployment, the cybersecurity market is divided into, Cloud and On-premises. The rise of remote work has significantly impacted the cloud computing market, with 2024 witnessing a substantial surge in its adoption. Based on Organization Size, the cybersecurity market is divided into, Large Enterprises, and SMEs. The largest share of the market revenue in 2024 was held by large enterprises, driven by increased investment in IT infrastructure to bolster digital security and safeguard vast amounts of data storage. Based on Solution, the cybersecurity market is divided into, Unified Threat Management (UTM), Intrusion Detection System/Intrusion Prevention System (IDS/IPS), Data Loss Prevention (DLP), Identity and Access Management (IAM), Security Information and Event Management (SIEM), DDoS, Risk and Compliance Management, AND Others. In 2024, the Identity and Access Management (IAM) segment dominated the market in terms of revenue share, showcasing its significance in mitigating identity theft through robust risk-based programs. Based on End Use, the cybersecurity market is divided into, IT and Telecommunications, Retail and E-Commerce, BFSI, Healthcare, Government and Defense, Manufacturing, Energy and Utilities, Automotive, Marine, Transportation and Logistics, and Others. The IT and telecommunications sector is experiencing significant growth, but also intensifying threats. The Cyber Security Market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Purchase Premium Copy of Global Cyber Security Market Size and Growth Report (2025-2030) at: Key Players and Competitive Landscape: The Global Cyber Security Market is characterized by the presence of several major players, including: Fortinet, Inc. IBM Corporation Microsoft BAE Systems Plc Broadcom, Inc. Centrify Corporation Check Point Software Technology Ltd. Palo Alto Networks, Inc. Proofpoint, Inc. Sophos Ltd. These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market. Global Cyber Security Market Recent Developments and Innovations: In January 2025: The U.S. government introduced the U.S. Cyber Trust Mark which serves as a cybersecurity safety label for smart consumer devices including security cameras and TVs along with appliances and fitness trackers. The label allows consumers to recognize secure NIST-approved internet-connected devices for home safety. In Dec 2024: Wipro and Netskope, Inc. joined forces to strengthen cybersecurity capabilities for worldwide companies. The CyberTransformSM Optimization Service from Wipro uses Netskope, Inc.'s technology to enable organizations to evaluate and streamline their cybersecurity investments while enhancing cost efficiency and business performance. Through this partnership Wipro offers customized SASE solutions and financial evaluations which bolsters its dedication to innovative and cost-effective security solutions. In October 2024: Atlas Systems introduced ComplyScore which serves as a cybersecurity software to help mid-to-large companies reduce security risks. The company initially targets the healthcare industry because of its potential for strong growth opportunities. ComplyScore enables organizations to recognize and evaluate risks and then implement mitigation strategies across various dimensions. For Region-Specific Market Data, Check Out Brief Sample Pages: Frequently Asked Questions (FAQs): What is the forecasted market size of the Cyber Security Market in 2030?Ø The forecasted market size of the Cyber Security Market is USD 500.70 billion in 2030. Who are the leading players in the Cyber Security Market?Ø The key players in the Cyber Security Market include, Fortinet, Inc.; IBM Corporation; Microsoft; BAE Systems Plc; Broadcom, Inc.; Centrify Corporation; Check Point Software Technology Ltd.; Palo Alto Networks, Inc.; Proofpoint, Inc.; Sophos Ltd. What are the major drivers for the Cyber Security Market? Ø Several key factors are driving this expansion, including the increasing adoption of cloud services and remote work models. Which is the largest region during the forecasted period in the Cyber Security Market?Ø North America's cyber security sector continues to expand rapidly while its projected revenue share exceeds 34% by 2024. Which is the largest segment, by offering, during the forecasted period in the Cyber Security Market?Ø The market saw significant growth in 2024, with the hardware segment leading the way, accounting for over 55% of global revenue. Conclusion: The fast pace of digital transformation throughout various industries alongside increasingly complex cyber threats fuels the growth of the global cybersecurity market. The growing dependence on cloud services alongside IoT technology and remote work conditions demands strong adaptive security systems. Organizations in different sectors are implementing AI-enabled threat detection alongside behavioral analytics and zero-trust architecture models to effectively address emerging dangers. A shortage of cybersecurity professionals results in growing demand for automated security systems and managed security services. The development of stronger regulatory structures alongside data protection legislation compels enterprises to allocate more resources toward compliance-oriented cybersecurity systems. The essential integration of cybersecurity into core digital strategies becomes critical for businesses prioritizing resilience because it establishes digital trust and sustainable growth as fundamental components in the global interconnected economy. Need A Diverse Region or Sector? Customize Research to Suit Your Requirement: The report from The Research Insights, therefore, provides several stakeholders— governments, enterprises, financial institutions, healthcare organizations, and educational institutions —with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities. With projected growth to US$ 500.70 billion by 2030, the Global Cyber Security Market represents a significant opportunity for cybercriminals, hacktivists, state-sponsored attackers, insider threats, and rogue developers. Check out more related studies published by The Research Insights: Europe Cyber Security Market - The European cyber security landscape has evolved significantly over the past few years, with the market poised to reach USD 60.0 billion by 2023. As a result, the compound annual growth rate (CAGR) for this sector is projected to surge at 12.3% from 2024 to 2030. This upward trend can be attributed to the increasing number of reported cyber-attacks globally, as well as the growing adoption of e-commerce and online payment applications. Cyber Security Training Market - The global cyber security training market size was estimated at USD 4.53 billion in 2023 and is anticipated to grow at a CAGR of 17.4% from 2024 to 2030. As the reliance on unsecured networks, human factors, and technological gaps continues to increase, a multitude of cybersecurity challenges are emerging, including cyber infrastructure damage, data theft, device compromise, and security breaches that pose significant threats to organizational, national, and economic stability. Healthcare Cyber Security Market - The global healthcare cybersecurity market is poised for significant growth, driven by the escalating threat landscape and rising concerns over patient data privacy and security. As of 2023, the market size stands at USD 17.3 billion, with a projected CAGR of 18.5% from 2024 to 2030. The increasing number of cyber-attacks, particularly in the healthcare sector, has become a pressing concern, prompting hospitals and medical institutions to invest heavily in advanced cybersecurity solutions Cyber Security Services Market: The Global Cyber Security Services Market is expected to reach at USD 156.76 billion by 2030, according to a new report by The Research Insights. It is projected to expand at a CAGR of 13.6% during the forecast period. The pressing need to address vulnerabilities in web applications and mobile apps, as well as mitigate data loss risks associated with cybercrimes, is expected to drive the adoption of cyber security services over the forecast period. Browse More related reports on Technology Industry Market Reports – About Us: The Research Insights provides thoroughly conducted research which is backed up by real-time statistics and data. Our experts are eager to help you with any information required under the sun. The key to our success is keeping abreast with the markets, industries, and ever-changing consumer trends that matter. Our market research professionals have in-depth knowledge and expertise across various domains that includes IT and Telecom, Emerging Technologies, Consumer Offerings, Manufacturing and Others. We are committed to reviewing the scope and procedure of the research studies that you select and provide you with an accurate guidance in order to assist you in taking the correct business decisions. Contact Us: If you have any queries about this report or if you would like further information, please contact us: Contact Person: Kaushik Roy E-mail: sales@ +1-312-313-8080Blog: Release: News: | Logo: View original content to download multimedia: SOURCE The Research Insights Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Techday NZ
12-06-2025
- Business
- Techday NZ
ReliaQuest details Black Basta's legacy & rise of Teams phishing
ReliaQuest has released an in-depth report on the state of Black Basta, a former ransomware-as-a-service (RaaS) group, following the leak of the group's internal chat logs and its subsequent dissolution in February 2025. The demise of Black Basta, a Russian-speaking criminal group previously active in naming up to 50 victims each month on its data-leak site, was triggered by a member known as ExploitWhispers. This individual leaked private chat logs on Telegram out of frustration with the group's decision to target Russian financial organisations, revealing the internal dynamics and operational methods of one of the most prolific RaaS groups to date. Ongoing impact Despite the cessation of activity under the Black Basta name, ReliaQuest's analysis shows that many of the group's phishing and intrusion tactics continue to be used. Former affiliates are operating with a consistent set of methods, relying heavily on large-scale email spam and Microsoft Teams phishing, and adapting to include techniques such as Python script execution to deliver payloads. "Despite the group's dissolution, former members continue to use its tried-and-tested tactics, with mass email spam followed by Teams phishing remaining a persistent and effective attack method. 'New' ransomware groups like '3AM' are taking pages from Black Basta's playbook, particularly its signature phishing tact," ReliaQuest notes in its assessment. The organisation reported that Teams phishing attacks have maintained a steady pace since February 2025, with a marked increase in April when these incidents accounted for more than 35% of Black Basta-style activity targeting ReliaQuest's own customers. Half of these observed attacks originated from onmicrosoft[.]com domains, exploiting the ease of account creation and rotation on Microsoft's platform. The report suggests this trend is expected to continue. The use of onmicrosoft[.]com domains remains the primary method for launching phishing campaigns via Teams, but the report highlights that efforts to compromise microsoft[.]com accounts, which give campaigns more credibility, are also growing. While such attacks are harder to carry out, their sophistication and risk could increase in the coming months. Evolving methodology "Recently, attackers have introduced Python script execution alongside these techniques, using cURL requests to fetch and deploy malicious payloads." ReliaQuest documented a May 2025 case involving a manufacturing sector client, where attackers used a Teams phishing campaign from an onmicrosoft[.]com-based account to gain remote access via Quick Assist and AnyDesk. Python scripts were then deployed to download and execute a markdown file, enabling command and control (C2) communications. The attack was detected and contained before it could escalate. Shifts among ransomware groups The closure of Black Basta's data-leak site, paired with the continuation of its trademark tactics, suggests that its former members may have joined other RaaS collectives or formed new ones. Leaked chat logs indicate a substantial payment—between USD $500,000 and USD $600,000—by Black Basta's leader to the Cactus RaaS group, suggesting a relationship between the two. There was also a notable increase in named victim organisations on Cactus's data-leak site that coincided with Black Basta's closure. Another scenario under consideration is that affiliates have transitioned to "Blacklock", a RaaS group previously known as Eldorado, which has named more than 50 organisations on its site. Eldorado's Russian-speaking origins and rebranding have led to speculation about links to Black Basta's membership. Internal organisation and adaptation ReliaQuest's analysis of the leaked chat logs provides insight into Black Basta's operational structure, which included defined roles such as intrusion specialists, campaign managers, and ransomware developers. The group also collaborated with external malware developers and used purchased access to tools like QakBot and DarkGate for campaigns, maintaining communication chains for technical support and updates. ReliaQuest highlights the group's flexibility in tactics, warning that an overemphasis on defending against a single vector—such as brute-force attacks—could leave organisations exposed to more sophisticated phishing methods. The report urges a comprehensive, multi-layered defense posture. Mitigating the threat ReliaQuest emphasises the importance of user education to counter the social engineering techniques favoured by ransomware affiliates. "To counter these threats, organisations should prioritise user education on phishing tactics. Informed and vigilant employees are often the first and most effective line of defence, stopping social engineering attacks before they succeed." Recent case studies in sectors including finance, insurance, and construction indicated that previous staff training helped potential victims avoid compromise during coordinated phishing campaigns. Security teams received real-time alerts and took prompt action, benefiting from employee awareness programmes. Additional recommendations for defence include restricting the use of personal Google accounts on company devices, implementing detection rules for unusual Python activity, monitoring for unauthorised remote-access tools, and deploying automated response playbooks for threat containment. ReliaQuest's threat research team continues to monitor shifting TTPs (tactics, techniques, and procedures) among ransomware groups, rapidly integrating new indicators of compromise into its security platform and supporting customers with intelligence-driven threat hunting and response measures. The report concludes that the tactics established by Black Basta are likely to remain prominent among ransomware operators, underscoring the need for ongoing vigilance, robust technical controls, and investment in cyber awareness among staff.
The Star
04-06-2025
- Business
- The Star
I-Bhd commits RM10mil to AI, robotics rollout across income-generating portfolio
SHAH ALAM: I-Bhd , the master developer of I-City, has announced an initial commitment of RM10 million to roll out artificial intelligence (AI) and robotics infrastructure across its portfolio of income-generating assets. In a statement, the company said the rollout, expected to be completed in 2028, will begin with the AI-Driven Enhancement at Mercu Maybank, a 33-storey corporate tower that serves as Maybank's alternate head office in i-City. According to the statement, the implementation will extend to other assets, including Wyndham Suites I-City, Wyndham Suites KLCC, Wyndham Garden, DoubleTree by Hilton i-City, Central-City Mall, I-City theme park, car parks, a data centre, and residential developments in i-City. "This rollout builds on the success of I-Bhd's pivot towards 'extracting value from the land', a strategy first introduced in 2024 to unlock long-term value from its RM10 billion gross development value (GDV) in i-City. "With over 50 per cent of the completed GDV made up of income-yielding properties, the group is now entering a phase focused on performance optimisation, operational scalability, and intelligent infrastructure,' it said. The statement added that the four-year technology roadmap is designed to embed automation into both internal operations and customer-facing experiences, including predictive maintenance, visitor flow management, and robotics-assisted service delivery across commercial, retail, and hospitality spaces. "The group's i-City SuperApp will serve as the central platform for integrating Robotics-as-a-Service (RaaS) capabilities across its asset ecosystem, with future plans for tenants to tap into shared infrastructure to optimise their operations,' it noted. The company also noted that it is currently in discussion with leading robotics and AI partners, including Unitree, DeepSeek, and Baidu, as it positions i-City as a scalable, AI-powered development. Meanwhile, chairman Tan Sri Lim Kim Hong said the group is not only addressing current demand but also future-proofing its assets by developing an intelligent urban ecosystem where performance, user experience, and data integration are aligned to generate long-term value for stakeholders. He added that the group has demonstrated its ability to generate recurring income and is now strengthening that foundation with intelligent systems designed to improve efficiency, adaptability, and long-term resilience across its assets. "AI and robotics are the next frontier in driving value from our ecosystem," he said. - Bernama
New Straits Times
04-06-2025
- Business
- New Straits Times
I-Bhd unveils RM10mil AI and Robotics rollout to future-proof i-City
KUALA LUMPUR: I-Bhd, the master developer of i-City in Shah Alam, has committed RM10 million to deploy artificial intelligence (AI) and robotics infrastructure across its portfolio of income-generating assets, with the initiative expected to be completed by 2028. In line with its long-term digital strategy, the company is currently in discussions with leading global technology players including Unitree, DeepSeek, and Baidu to transform i-City into a scalable, AI-powered smart city. The rollout will begin at Mercu Maybank, a 33-storey corporate tower serving as Maybank's alternate headquarters, and will extend to high-profile assets such as Wyndham Suites I-City, Wyndham Suites KLCC, Wyndham Garden, DoubleTree by Hilton i-City, Central-City Mall, the i-City theme park, car parks, a data centre, and residential components. Director Datuk Eu Hong Chew said the investment is not a trend-driven move but part of a deliberate strategy to ensure long-term relevance and competitiveness for I-Bhd's business and assets. "We're not just adding tech for the sake of it. This is about sustaining performance, unlocking value, and enabling intelligent systems to optimise asset efficiency and user experience," Eu said. The initiative aligns with I-Bhd's "value extraction" strategy introduced in 2024 to maximise returns from i-City's RM10 billion gross development value (GDV). With over 50 per cent of completed GDV comprising income-generating properties, the company is now entering a new phase focused on performance optimisation and smart infrastructure. Under its four-year technology roadmap, I-Bhd aims to embed AI and robotics into both operational systems and customer-facing services—ranging from predictive maintenance and energy management to visitor flow optimisation and robotics-assisted hospitality. The company's proprietary i-City SuperApp will serve as the digital backbone of the ecosystem, integrating Robotics-as-a-Service (RaaS) features that will eventually be made available to tenants and residents to enhance their operations. "When we launched i-City, we didn't set out to build just another property development. We set out to build Malaysia's first digital city. We set out to build a place where infrastructure, technology, and people come together to create lasting value. "That's how we became the first to deploy fibre-to-home as a core utility and build a Tier-3 data centre. But that was just Phase 1. "We kept the technology ecosystem dynamic and scalable for future enhancements. Today, as technology matures, we are ready and entering Phase 2, where intelligence is embedded into the ecosystem. This phase is where the city starts to think, learn, and adapt," Eu said. AI will allow the company to manage buildings more intelligently through predictive maintenance, energy optimisation, and visitor flow management, while robotics will assist in service delivery, from concierge bots to logistics and cleaning, he said. "AI and robots are expensive today, especially for individuals or small businesses. But with RM1 billion in assets, we have the scale to deploy and share this infrastructure. Over time, as the tech matures, we expect it to be accessible within corporate budgets," said Eu. He added that I-Bhd is following the same playbook it used two decades ago, working with strategic partners to integrate advanced technology that enhances property value and maintains i-City's edge as Malaysia's leading tech city. "When we started i-City, it wasn't just about building property. It was about building a digital city. Phase one was about infrastructure, fibre-to-home, and Tier-3 data centres. Now we're entering Phase Two, where the city begins to think, learn, and adapt," he said. Chairman Tan Sri Lim Kim Hong echoed the sentiment, adding that AI and robotics represent the next frontier in delivering value across I-Bhd's ecosystem.
Business Mayor
15-05-2025
- Business
- Business Mayor
ThredUp overhauls resale service, slashes fees
Listen to the article 3 min This audio is auto-generated. Please let us know if you have feedback. With an open-source approach to tech, ThredUp is overhauling its resale-as-a-service offering with new features and a new fee structure, the recommerce platform announced last week. With the update, upfront and monthly fees for branded resale shops on ThredUp have been eliminated entirely, and the company is lowering the usage-based fees for its closet Clean Out and customer cash out programs. The resale company is also giving brands access to its cleaning and repair partners, connecting them with end-of-life service providers and integrating returns more deeply into branded shops. ThredUp will launch a peer-to-peer resale platform by the end of the year and now also allows brands to list menswear on their resale shops. The changes came as ThredUp reported a 10% jump in Q1 revenue , to $71.3 million. Active buyers grew 6% and net loss narrowed to $5.2 million, per a press release. Describing its enhanced brand resale service as a 'universal recommerce layer,' ThredUp envisions that it could change the way brands sell used items, much like Amazon Web Services reshaped cloud services or Shopify changed e-commerce for small businesses, the company said in a statement. ' ThredUp has decided to take an open-source approach and make our RaaS software layer available to our partners for free, knowing that their ability to launch scalable and profitable resale channels will serve our strategic goals for this sector in the long run,' ThredUp CEO James Reinhart said in a LinkedIn post . 'We believe the future of retail is circular, so we're lowering the barriers for brands to not just participate, but to lead. This strategic evolution of RaaS will fundamentally change how apparel and accessory companies build truly impactful circular programs,' Reinhart said. ThredUp is also touting the offering as a potential tariff defense, giving brands a supplemental revenue stream that relies on domestic goods. As trade policy continues to shift, ThredUp in a recent report forecast an increase in demand for secondhand goods and growing interest among executives in using resale to their advantage. As it revamps its retail-as-a-service offering, ThredUp remains optimistic about the near future. For both the second quarter and the year, the company anticipates revenue will grow 10% at the midpoint, reaching between $281 million and $291 million for fiscal 2025.
