Pune, May 18, May 18, 2020 (GLOBE NEWSWIRE via COMTEX) -- Pune, May 18, 2020 (GLOBE NEWSWIRE) -- The global security analytics market size is projected to reach USD 28.55 billion by 2027, exhibiting a CAGR of 24.3% during the forecast period. Frequent cyber-attacks and the resultant data breaches will be the central growth driver for this market, shares Fortune Business Insights(TM) in its recent report, titled "Security Analytics Market Size, Share & Industry Analysis, By Component (Solutions, and Services), By Application (Network Security Analytics, Web Security Analytics, Endpoint Security Analytics, and Application Security Analytics), By Vertical (BFSI, Government and Defense, IT and Telecommunication, Manufacturing, Healthcare, Energy and Utilities, and Others), and Regional Forecast, 2020-2027".
In the past few years, as digitization of data picked up speed among private companies and governments, the threat of cyber-attacks has gotten correspondingly more magnified. Some of the most severe cyber-attacks have occurred in just the past couple of years. For example, in 2019, Facebook reported that between 419 million and 540 million of its records have been exposed as a result of data harvesting done by Cambridge Analytica in 2018. In the same year, Capital One, one of the largest financial institutions in the US, revealed that its firewalls were breached by a hacker and critical data was stolen. Such incidents have made adoption of efficient security analytics essential for enterprises and will propel the growth trajectory of the market.
According to the report, the value of the market stood at USD 5.05 billion in 2019. The report also contains the following:
Detailed insights into the drivers, trends, and restraints shaping the market;
In-depth evaluation of the all the market segments;
Precise computation of relevant market figures and values; and
Comprehensive analysis of the regional dynamics and competitive milieu of the market.
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An Overview of the Impact of COVID-19 on this Market:
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COVID-19 Outbreak to Spawn New Growth Opportunities
The coronavirus pandemic has forced people to practice social distancing and compelled organizations to provide work from home option to their employees. As a result, cloud-based applications are experiencing surging demand and teleconferencing has emerged as the most viable solution to maintain productivity of employees. However, excessive reliance on digital means to perform operations has exposed businesses to cyber threats. To counter this, many companies are offering analytics-driven security solutions to safeguard sensitive data. For instance, IBM partnered with a California-based company TruStar Technology to provide an intelligent management solution for enterprises, which is integrated with X-Force IRIS Intelligence, a security analytics tool tailored to manage COVID-19 threat intelligence. Thus, the market is likely to make significant gains if the pandemic continues its rampage and intensifies in the next few weeks.
Rapid Technological Advancement to Augment the Market in North America
North America, with a revenue generation of USD 1.71 billion in 2019, is poised to lead the security analytics market share in the coming years owing active adoption of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) across industries. Furthermore, both the US and Canada are home to some of the largest tech firms in the world, which gives this market a stable base to grow.
Exponential rise in the usage of mobile phones and the internet among populations in the developing countries of Asia-Pacific is expected to accelerate the growth of the market in the region. In Europe, the market will be mainly driven by the implementation of the General Data Protection Rules by the European Union (EU), which now makes it mandatory for organizations in the region to report data breaches.
Introduction of Advanced Security Solutions to Energize the Market
The competitive landscape of this market is dominated by tech giants such as Cisco and IBM. These companies have the financial wherewithal to invest and develop advanced cyber-security solutions for various end-users. The smaller players, on the other hand, are engaged in broadening their offerings through mergers and collaborations.
January 2020: RSA Security, the US-based network security expert, announced the commercial release and availability of the enhanced version of its RSA NetWitness Platform. The product is equipped with Machine Learning (ML) capabilities and advanced threat detection features, enabling enterprises to respond to threats in a timely manner.
October 2019: Splunk Inc., the US-based software MNC, unveiled enhancements across its suite of security operations, powered by the company's recently launched Splunk Mission Control solution. The suite will empower analysts to leverage data to efficient manage security throughout the lifecycle of any threat.
List of Key Players Profiled in the Security Analytics Market Report:
Hewlett Packard Enterprise Development LP
RSA Security LLC
Cisco Systems, Inc.
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Detailed Table of Content
Global Security Analytics Market Analysis, Insights and Forecast, 2016-2027
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Have a Look at Related Research Insights:
Cloud security Market Size, Share & Industry Analysis, By Component (Solutions, Services), By Security Type (Application Security, Database Security, Endpoint Security, Network Security, Web and Email Security), By Deployment (Private, Public, Hybrid), By End-User (Large scale enterprise , Small & medium enterprise), By Industry Verticals (Healthcare, BFSI, IT & Telecom, Government Agencies)Others and Regional Forecast, 2019-2026
Cyber Security Market Size, Share & Industry Analysis, By Solution (Network Security, Cloud Application Security, End-point Security, Secure Web Gateway, Internet Security), By Deployment Type (Cloud and On Premise), By Enterprise Size (Small & Medium Enterprise and Large Enterprise), By End-Use (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing) and Region Forecast, 2020-2027
Network Security Market Size, Share and Global Trend By Solutions (Risk management, Unified threat management (UTM) and others), By Deployment (Cloud, On-premises and Others), By Industry Vertical (BFSI, E-commerce Retail and others) and Geography Forecast till 2025
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