BANGALORE, India, Oct. 26, 2021 /PRNewswire/ -- Security Analytics Market By Type - Web Security Analytics, Network Security Analytics, Endpoint Security Analytics, Application Security Analytics, Others, By Application - Government & Defense, BFSI, Consumer Goods & Retail, IT & Telecom, Healthcare, Energy & Utilities, Manufacturing, Education, Transportation. Global Opportunity Analysis and Industry Forecast, 2021 - 2026. It is published in Valuates Reports under the Computers & Electronics Category.
The global Security Analytics market size is projected to reach USD 12130 million by 2026, from USD 4326 million in 2019, at a CAGR of 15.4% during 2021-2026.
Major factors driving the growth of the security analytics market are
The security analytics market is predicted to rise due to factors such as demand for pattern discovery, prioritizing network-based risks with actionable intelligence to avoid data losses, and increased attention on regulatory compliance.
Furthermore, the security analytics market is being driven by rising cyber threats such as advanced targeted assaults (ATA) and advanced persistent threats (APT). APTs or ATAs frequently go unnoticed and persist on enterprise networks for long periods of time, causing significant harm to network infrastructure. Implementing security analytics aids in the detection and remediation of such threats.
From rule-based detection to data science methodologies like Machine Learning (ML) and Artificial Intelligence, security analytics solutions have evolved (AI). Security teams must integrate security analytics with the quantity of machine-generated data seen in most enterprise contexts to effectively manage threats. Network traffic analysis, endpoint detection, SIEM, and User Behavior Analytics (UBA) are some of the tools that collect this information and disclose who is doing what in the IT environment, when and how they are doing it. These capabilities offered by security analytics solutions are expected to drive the growth of the security analytics market.
Actionable security intelligence can greatly assist the IT organization in managing and responding to security incidents coming from the most recent threats. This attracts the attention of C-level executives, and it will become a critical component of overall risk management priorities for organizations seeking to protect themselves from harmful incidents and public disclosure of security incidents that could harm not only the organization's reputation and competitive positioning but also its bottom line. As a result, the security analytics market is predicted to grow due to increased adoption by various organizations.
Banking and financial service providers are increasingly using cloud-based technology to provide shared banking services to third-party networks, vendors, and clients, exposing them to a variety of security concerns and data breaches. As a result of exposure to cyber risks from a variety of applications and the need to manage security audits effectively in real-time, banking and financial institutions are modernizing their security architecture with analytics-driven security solutions. As a result, growing adoption from the BFSI industry is projected to boost security analytics market expansion even further.
The COVID-19 epidemic has inspired businesses to embrace remote working environments and regulations that allow employees to work from home. The use of third-party networks, digital platforms, and personal computing devices has increased as a result of these conventional security procedures. Cyberattacks and complex malware become more likely when such network connectivity methods are used. This is expected to further augment the security analytics market growth.
North America is expected to be the most lucrative segment during the forecast period. This is due to the fact that the developed economies of the United States and Canada, have emphasized securing client data.
Based on type, the network security analytics segment is expected to be the most lucrative segment. The segment is being driven by rising demand for behavioral-based security analytics to monitor network telemetry and firewall logs and comply with organizational standards. Furthermore, the increased risk of malware that remains undetected in network layers and encrypted network traffics is pressuring businesses to implement solutions.
Based on application, the BFSI segment is expected to be the most lucrative. Phishing attempts and frauds in third-party payment interfaces are on the rise, as are the hazards associated with using mobile banking apps, and regulatory requirements are becoming more stringent.
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