DUBLIN, June 23, 2021 /PRNewswire/ — The “Security Analytics Market – Forecasts from 2021 to 2026” report has been added to ResearchAndMarkets.com’s offering.
The security analytics market was valued at US$2.981 billion in 2019 and is expected to grow at a CAGR of 33.65% to reach a market size of US$22.705 billion by the year 2026. Security analytics tools are very crucial for any form of enterprise as these tools enable to identify and rank threats according to priority, plan appropriate responses and launch them against threats. Security infrastructure is required in every type of organization irrespective of the size of a company or the kind of information is stored in the organization. Security analytics mechanisms help companies to execute real-time monitoring of servers consolidate and coordinate diverse event data from an application, endpoints and network traffic, and network logs. It also performs forensic analysis to better comprehend attack methods and system vulnerabilities.
The key drivers of the security analytics market are the rise in the level of sophistication of security breaches and threats, rapidly growing compliance requirements, and stringent regulations. In addition, the growing numbers of cyber threats from advanced targeted attacks (ATA) or advanced persistent threats (APT) are projected to propel market growth. Often, the APTs or ATAs remained undetected, due to which they stay within the enterprise networks for a longer period; this causes severe damages to the network infrastructure. To prevent such attacks companies can implement real-time monitoring of servers, endpoints, network traffic, network logs, and diverse event data from applications and perform forensic analysis by adopting security analytics solutions. Thus, to curb and prevent such attacks the adoption of security analytics is bound to prevail to easily detect and remediate these threats. The standard security solutions, fail to detect data leakages owing to which the companies suffer huge data breaches and threats. According to a report by FireEye, Inc., 2017, it takes a median time of 99 days to detect an ATP or ATA. The damage caused by the treats these days is severe. By adopting security analytics, such threats can easily be identified and prevented, this adoption will subsequently accelerate the market growth for the security analytics market during the forecast period.
By application, the network security analytics segment is expected to hold a dominant market share as it has the largest source of demand for security analytics solutions, globally. By service, the managed service segment is estimated to grow significantly to assist the customers for the efficient use and maintenance of security analytics solutions, the managed service providers are largely adopting the solutions. Also, the increasing requirements of organizations to adhere to various regulatory compliances across the world will further support market growth. By deployment method, the cloud deployment method is projected to have a noteworthy market share during the forecast period as cloud deployment solutions can Organization Size without the need of Information Technology staff to manage the software. This helps the companies to reduce additional costs and cut down on expenditure. By organization size, large organizations are expected to witness significant market growth owing to voluminous data available in the database. By vertical, the Banking, Financial Services, and Insurance (BFSI) industry is estimated to have a noteworthy market share owing to the increasing phishing attacks and frauds in third party payment integrations, rising risks from accessing mobile banking applications, and stringent government regulatory requirements.
Geographically, the security analytics market is set to expand in the North American region owing to rising incidents of security infringement, prolonged sophisticated attacking, and the presence of outdated defense mechanisms in the organizations in the region. According to a report by IBM and Ponemon Institute, the cost of a breach in the United States is estimated at USD 7.35 million or nearly double the USD 3.62 million it costs globally. Thus, organizations in the United States are increasingly adopting security analytics solutions to prevent such attacks. The Asia Pacific is also set to witness a high market growth on account of increased networking activities by the two nations of the region India and China. These two nations have started to engage in the digitization of businesses and also cloud services are also increasingly being deployed by small, medium, and large enterprises.
- Increasing demand for analytics
The increasing demand for analytics-driven platforms for all types of organizations globally is expected to drive the security analytics market during the forecast period. The rising number of cybersecurity threats, data breaches, malware, ransomware attacks, and phishing across the globe are pressurizing the companies to adopt these solutions. According to a report by IBM, in 2018, the average annual cost for a business to face a data breach is about $3.86 billion. To eliminate such costs, organizations across the globe are adopting security analytics solutions, which will drive market growth during the forecast period.
- Multiple benefits of security analytics solutions
Adopting security analytics solutions, the organizations can avail multiple benefits such as analyze digital data, derive meaningful insights, convert raw data into statistics, pre-detect threats, leverage big data analytics, prevent cyber attacks, etc. The vast-ranging benefits of security analytics solutions across industry verticals are expected to expand the market growth during the forecast period.
- Lack of qualified Information Technology personnel
Organizations across the globe, lack the expertise and manpower to install, configure, and monitor threat detection platforms and solutions. To develop and implement security analytics solutions it is essential to have specialized technical skills, which especially the developing countries lack. The lack of qualified personnel may hamper the market growth during the forecast period.
Impact of COVID-19
The Covid-19 pandemic promoted remote working across the globe, which resulted in the growth of the usage of third-party networks, digital platforms, and personal computing devices, which in turn created an opportunity for numerous phishing attacks, online frauds, cybercrimes, and ransomware attacks, etc. Organizations worldwide, adopted advanced analytics security solutions to manage and detect anomaly behavior of any suspicious attacks in their networks. This resulted in the tremendous growth of the security analytics market. Furthermore, the United States Department of Homeland Security (DHS), the National Cyber Security Centre (NCSC), and the Cybersecurity and Infrastructure Security Agency (CISA) issued notifications to organizations against cyber threats. This further made the organizations aware of the severity of these threats, which encouraged them to adopt these solutions. Hence, the pandemic positively impacted the security analytics market.
Prominent/major key market players in the Security Analytics Market include LogRhythm, Inc., ARBOR NETWORKS, INC., NortonLifeLock Inc., Hewlett-Packard Enterprise Development LP, IBM Corporation, Cisco Systems, Inc., and RSA Security LLC. The players in the Security Analytics Market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. For Instance, in December 2019, IBM enhanced the IBM QRadar Advisor with Watson solution by combining IBM Cognitive AI and the QRadar Security Analytics Platform to uncover hidden threats and assist users with the incident and risk analysis, triage, and response.
In August 2019, Cisco upgraded its security analytics solution Cisco Stealthwatch to version 7.1.2, it adds enhanced analytics, context-aware mitigation capabilities, and improved features for controlling and managing the tool. Major market players in the market have been covered along with their relative competitive strategies in this report and the report mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Security Analytics Market.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Security Analytics Market Analysis, By Application
5.2. Web Security Analytics
5.3. Network Security Analytics
5.4. Endpoint Security Analytics
5.5. Application Security Analytics
6. Security Analytics Market Analysis, By Service
6.2. Managed Services
6.3. Professional Services
7. Security Analytics Market Analysis, By Deployment Method
8. Security Analytics Market Analysis, By Organization Size
9. Security Analytics Market Analysis, By Vertical
9.3. Government and Defense
9.4. Banking, Financial Services, and Insurance (BFSI)
9.5. Energy and Power
9.6. Communication and Technology
10. Security Analytics Market Analysis, By Geography
10.2. North America
10.2.1. United States
10.3. South America
10.4.1. United Kingdom
10.5. The Middle East and Africa
10.5.1. Saudi Arabia
10.6. Asia Pacific
11. Competitive Intelligence
11.1. Competitive Benchmarking and Analysis
11.2. Recent Investment and Deals
11.3. Strategies of Key Players
12. Company Profiles
12.1. LogRhythm, Inc.
12.2. ARBOR NETWORKS, INC.
12.3. NortonLifeLock Inc.
12.4. Hewlett-Packard Enterprise Development LP
12.5. IBM Corporation
12.6. Cisco Systems, Inc.
12.7. RSA Security LLC
For more information about this report visit https://www.researchandmarkets.com/r/6594cw
Research and Markets
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