Security Analytics Market to Reach Market Valuation of USD 53.86 Billion by 2031 | SkyQuest Technology
Westford, USA, Aug. 22, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Security Analytics Market will reach a value of USD 53.86 Billion by 2031, with a CAGR of 16.2% during the forecast period (2024-2031). Security analytics has developed with more sophistication over the past years and transitioned to machine learning and big data analysis from mere rule-based alerting. The advancements in these technologies have expanded their application areas as well for businesses. Moreover, businesses today are actively adopting security analytics solutions that are embedded with modernized signature matching technologies. These factors are impressively driving the security analytics market.
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Browse in-depth TOC on the “Security Analytics Market”
- Pages – 157
- Tables – 121
- Figures – 77
Security Analytics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 13.94 Billion |
| Estimated Value by 2031 | USD 53.86 Billion |
| Growth Rate | Poised to grow at a CAGR of 16.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Application, Organization Size, Industry Vertical, Deployment Mode, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Growing Need for Balanced Security Approach |
| Key Market Drivers | Growing Importance Regarding Detection of Threats |
Growing Demand to Control Cyberattacks is Boosting the Solutions Segment
By component, the solutions segment held a majority market share in the past years and will lead in the future as well owing to the rising demand for detecting difficult cyberattacks and speeding up response times to prevent breaches. Moreover, the increasing need to comply with the government and fluctuating industry regulations and standards is another driving factor of the segment. However, the services segment is expected to grow at a considerable rate over the forecast period owing to the intricacy of security analytics. Deploying and managing security analytics systems can be complex. Most businesses do not hold in-house expertise for deployment, configuration, and optimization of these tools. Services deliver expert skills and proficiency to resolve these complexities.
Rising Cases of Phishing Attacks and Fraudulent Activities in BFSI to Fuel Segment Growth
By industry vertical, the BFSI segment is projected to lead the market over the estimated period owing to growing cases of phishing attacks and fraudulent activities in 3rd party integrations. Other reasons for the segment growth include growing threats of phone banking applications and stringent regulatory compliance needs. Conversely, the Telecom & IT segment is projected to grow at a steady pace in the coming years owing to the complex infrastructure of the industry. The environments in the sector are more complex than others comprising various technologies, extensive networks, and multiple endpoints. This intricacy creates major demand for possible threats in different networks and systems.
Growing Cases of Fraudulent Activities and High Technology Adoption to Fuel North American Market
North America is currently leading the market and is projected to dominate over the coming years also due to higher frequency of malware frauds, data breaches, mature persistent attacks besides region’s greater technology use. Moreover, the rising investment for better cybersecurity services and demand for optimal security compliance management are notably impacting the market growth in the region.
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Asia-Pacific is anticipated to grow as the fastest-growing region owing to the rising significance of cybersecurity due to fast digitalization. Moreover, increasing penetration of smartphones and the internet is fueling the market growth in the region. The region is also expanding IT services in different sectors along with technological improvements, which is propelling the market.
Security Analytics Market Insight
Drivers:
- Growing Emphasis to Maintain Regulatory Compliance
- Rising Number of Technological Advancements
- Growing Incidences of Data Breaches
Restraints:
- Shortage of Professional Security Analysts
- Lack of Automation
- Lack of Preventive Firewall
Prominent Players in Security Analytics Market
The following are the Top Security Analytics Companies
- IBM
- Cisco Systems Inc.
- FireEye Inc.
- RSA Security LLC (a subsidiary of Dell Technologies Inc.)
- LogRhythm Inc.
- McAfee LLC (a subsidiary of Intel Corporation)
- Hewlett Packard Enterprise Development LP (HPE)
- Splunk Inc.
- Securonix Inc.
- Symantec Corporation
Key Questions Answered in Global Security Analytics Market Report
- What is the projected size of the Security Analytics Market, according to SkyQuest?
- Who are the leading players profiled in the Security Analytics Market?
- What are the opportunities for operating players in the Security Analytics Market?
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This report provides the following insights:
Analysis of key drivers (growing data variety and volume, adoption of ML and AI, incorporation with security tools), restraints (high implementation and maintenance cost, data privacy issues, scalability concerns), opportunities (improvements in ML and AI, growth of managed security services, rise of IoT security), and challenges (complexity of risk landscape, data overload, analysis restrictions in real-time) influencing the growth of security analytics market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the security analytics market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the security analytics market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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