With 24.3% CAGR, Security Analytics Market Worth USD 28.55 Billion by 2027
According to Fortune Business Insights, the global security analytics market size is projected to reach USD 28.55 billion in 2027, at a CAGR of 24.3% during the forecast period
Pune, India, Sept. 26, 2022 (GLOBE NEWSWIRE) — The 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™
Industry Developments:
- 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 efficiently manage security throughout the lifecycle of any threat.
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Increased Consumer Volume & Rising Online Platforms to Aid Market Flourish During Pandemic
The COVID-19 pandemic turned the global prospect into an enclosed space with a majority of the general population being forced to work from home to curb the spread of the virus. The market witnessed more than moderate growth during the pandemic era due to increased adoption of the buy now pay later services by a variety of sectors. Shifting consumers’ preference towards online shopping and rising investments from dominant players further pushed the growth of the market.
Market Driver
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 options to their employees. As a result, cloud-based applications are experiencing surging demand and teleconferencing has emerged as the most viable solution to maintain the 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.
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Regional Analysis
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.
The 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.
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Competitive Landscape
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.
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 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.
List of Key Players Profiled in the Security Analytics Market Report:
• Splunk, Inc.
• Rapid7, Inc.
• IBM Corporation
• Hewlett Packard Enterprise Development LP
• FireEye, Inc.
• Broadcom, Inc.
• RSA Security LLC
• McAfee, LLC
• Huntsman Security
• Fortinet, Inc.
• Cisco Systems, Inc.
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Table Of Content
- Global Security Analytics Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- Solutions
- Cloud
- On-Premise
- Services
- Professional Services
- Consulting
- Training and Education
- Support and Maintenance
- Managed Services
- Professional Services
- Solutions
- By Application
- Network Security Analytics
- Web Security Analytics
- Endpoint Security Analytics
- Application Security Analytics
- By Vertical
- Banking, financial services and insurance
- Government and Defence
- IT and Telecommunication
- Manufacturing
- Healthcare
- Energy and Utilities
- Others
- By Geography
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Component (Value)
- North America Security Analytics Market Analysis, Insights and Forecast, 2016-2027
- Market Size Estimates and Forecasts
- By Component
- Solutions
- Cloud
- On-Premise
- Services
- Professional Services
- Consulting
- Training and Education
- Support and Maintenance
- Managed Services
- Professional Services
- Solutions
- By Application
- Network Security Analytics
- Web Security Analytics
- Endpoint Security Analytics
- Application Security Analytics
- By Vertical
- Banking, financial services and insurance
- Government and Defence
- IT and Telecommunication
- Manufacturing
- Healthcare
- Energy and Utilities
- Others
- By Country
- U.S.
- Canada
- By Component
- Market Size Estimates and Forecasts
FAQ:
Which region in security analytics market expected to hold a major share during the forecast period?
North America is expected to hold a major share. The availability of established cyber-security infrastructure is likely to fuel the market growth in the region.
What was the revenue of the security analytics market in the North America in 2019?
The revenue of the market in North America in 2019 was USD 1.71 billion.
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