CHICAGO, Feb. 14, 2020 /PRNewswire/ -- According to a new market research report "Security Analytics Market by Application (Web Security, Network Security, Endpoint Security, and Application Security Analytics), Component, Deployment Mode, Organization Size, Industry Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Security Analytics Market size is projected to grow from USD 7.8 billion in 2019 to USD 18.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.2% during the forecast period.
The major factors driving the growth of the Security Analytics Market include the increasing focus to maintain regulatory compliance and demand to discover threat patterns, prioritization of network-based threats with actionable intelligence to avert data losses, and prevention of onward intrusion.
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By deployment mode, the cloud segment to hold a larger market size during the forecast period
Cloud deployment of security analytics solutions allow users to deploy security analytics solutions without the need of Information Technology (IT) staff to manage the software. The task of monitoring the security system is granted to the vendor or can be done internally. The cloud deployment mode is being used by Small and Medium-sized Enterprises (SMEs) to reap the benefits of security systems that require low startup costs. The system offers web-based management and enterprise-class protection. The market for cloud-based security analytics solutions is growing with SMEs opting for these services. The Software-as-a-Service (SaaS) mode of deployment is generating demand for cloud-based security analytics solutions as it provides scalability and flexibility. The major providers of cloud-based security analytics solutions are IBM, Splunk, and FireEye.
The government and defense vertical to hold the largest market size during the forecast period
Government and defense agencies and institutions across the globe handle critical and sensitive information by serving citizens and collecting intelligence. The growing number of breaches in the government and public utilities sector has increased the need for security analytics solutions to combat advanced threats. Attackers are targeting the government sector to breach the sensitive information regarding the government administration, departmental activities, and prime security intelligence. Next-generation firewalls, Intrusion Prevention Systems (IPS), anti-malware gateways, and endpoint security applications are capable of protecting data from known threats, but attackers have innovated many techniques to bypass these products and access the confidential data. Hence, the protection of this data and applications is the top priority.
Asia Pacific to hold the highest growth during the forecast period
The Asia Pacific (APAC) region comprises emerging economies, such as India, China, Australia, Hong Kong, and Japan. Rapid economic developments in the region; globalization; favorable government policies, such as encouragement to foreign direct investments and increasing digitalization with interest toward technologies, including Business Intelligence (BI), big data, and Internet of Things (IoT) are fueling the adoption of digital solutions across enterprises. Countries across this region are flooded with a large number of SMEs, which account for the employment of more than 70% of the population. The huge costs associated with the successful deployment of adaptive security projects restricts such SMEs from adopting a strong security analytics practice. However, factors such as continual growth in mobile workforce, increasing complexity of businesses, and unregulated nature of the internet are now expected to push such SMEs into adopting various security analytics solutions that combat advanced threats.
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