NEW YORK, Oct. 12, 2021 /PRNewswire/ -- The global security analytics market reached a valuation of close to US$ 8.7 Bn in 2020, and is anticipated to exhibit a high CAGR of 20.2% over the next ten years.
Security analytics use machine learning and big data analytics to collect, categorize, and analyze data gathered from network devices to detect advanced threats. Increase in the number of data breaches, cyber-attacks, and cyber exploits have resulted in increasing demand for security analytics solutions.
Increasing number of small- and medium-sized enterprises across the globe have resulted in the growing start-up culture, which has led to the adoption of the BYOD culture by companies, eliminating initial infrastructure expenses. This has further increased concerns regarding the security of organizations. Integration of such concepts is attracting cyber-threats and puts corporate data at risk. Therefore, most of organizations are adopting security analytics to protect their confidential data.
Security analytics provides endpoint security with proof of compliance, user behavior, cloud & network traffic analysis, external threat alert, and access & identity analytics. The Internet of Things (IoT) is a massive opportunity for businesses, consumers, and tech organizations. IoT users and software designers aim to use a wide range of current and future technology solutions to tackle cyber-attack risks associated with their IoT appliances. Tech companies and developers of these solutions will need to take a lead role in making their devices and solutions as secure as possible to deliver a safer and more secure IoT environment.
This is a fast-moving market, and many recent developments have been observed:
In Sep 2020, IBM Corporation entered into a partnership with RiskLens to offer FAIR Cyber Risk Quantification to its global client base. According to IBM Security, Risk Quantification Services aligns security teams and business leaders with executive buy-in by translating the technical side of cybersecurity into the financial language of the C-suite and board, informed decision-making.
In Feb 2020, HPE acquired cloud native security start-up Scytale to advance its open, secure, edge to cloud strategy. The Scytale team brings expertise in cloud-native security and zero trust networking, and is also recognized as the founding contributors of the SPIFFE (the Secure Production Identity Framework for Everyone) and SPIRE (the SPIFFE Runtime Environment) open source projects.
Key Takeaways from Market Study
Demand for security analytics services is estimated to surge. However, security analytics software is estimated to continue to hold significant market share through 2031.
The retail sector is expected to emerge as a high-growth market. However, BFSI is estimated to dominate market share through 2031.
By application, network security is currently leading the market. Although, demand for cloud security is likely to expand at a robust CAGR of 23.6% through 2031.
By enterprise size, large enterprises are estimated to hold substantial market share; however, demand from SMEs is expected to expand faster at a CAGR of 21.3% throughout the next ten years.
The North America market is expected to register high CAGR owing to growing demand for security analytics solutions from small & medium enterprises across the region.
"Security analytics is the process of gathering, categorizing, and analyzing data collected from network devices and detect advanced threats. Security analytics solutions speed the detection and response to cyber threats. Fast detection and response can help IT prevent or lessen the damage that a breach causes," says a Persistence Market Research analyst.
Emerging Awareness Regarding Security Threats to Propel Market Growth
Previously, companies only adopted security strategies and approaches to safeguard and maintain critical information integrity. However, due to sudden rise in cybercrimes and data theft activities, businesses have begun to concentrate on better security approaches for information deployed on the cloud as well as on-site and improving the internal security framework.
Companies have experienced cyber-attacks such as phishing, DDoS attacks, and social engineering attacks. Moreover, large organizations worldwide are taking initiatives to implement security analytics solutions for their business applications deployed on the cloud as well as on-premise, and facilitating other small enterprises to understand the usage of cybersecurity capabilities and Internet security threats.
Furthermore, organizations are understanding the significance of security analytics that gives businesses the ability to predict security threats using analytics software. Its value has improved exponentially in the period of COVID-19.
Persistence Market Research's report on the security analytics market is segmented into five major sections – solution (security analytics software – cloud based and on-premises) and services – professional services (security consulting, integration & deployment, and support & maintenance) and managed security analytics services), application (network security, endpoint security, application security, cloud security, and others), enterprise size (small & medium enterprises (SMEs) and large enterprises), industry (BFSI, IT & telecom, government & defense, retail, healthcare, manufacturing, education, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the market.
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