New York, US, April 06, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Social Media Security Market Research Report: By Solution, By Vertical, By Security Type, By Deployment, By Organization Size, By Region—Forecast till 2030”, the global Social Media Security Market is anticipated to flourish considerably during the review era from 2022 to 2030 at a healthy growth rate of approximately 16.40% to acquire a size of around USD 3863.45 Million by the end of 2030.
Social Media Security Market Competitive Analysis
Eminent industry players profiled in the global social media security market report include
- ZeroFOX. (US)
- RiskIQ (US)
- Sophos Ltd (UK)
- Trend Micro Inc. (Japan)
- Micro Focus (UK)
- Symantec Corporation (US)
- Broadcom (CA Technologies) (US)
- Centrify Corporation (US)
- Proofpoint (US)
- SolarWinds Worldwide LLC (US)
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Social Media Security Market Report Scope:
| Report Metrics | Details |
| Social Media Security Market Size by 2030 | USD 3863.45 Million |
| CAGR during 2022-2030 | 16.40% |
| Base Year | 2021 |
| Key Market Opportunities | Data generation in social media offers data analysis market opportunity |
| Key Market Drivers | Increased use of social media by organization employees will drive the market. |
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Drivers
Increase in Internal Security Risks to Boost Market Growth
Growing hazards to internal security, including cyberterrorism, money laundering, and fraud, are being caused by the popularity of social media platforms. The risk of phishing attempts and the requirement to protect private information are both growing as the social media solutions in fact become more widely used worldwide. This has prompted a number of businesses and government agencies to take decisive action to reduce the danger of cyberattacks. Thus the increase in internal security risks will boost market growth over the forecast period.
Opportunities
Boost Witnessed by the E-Commerce Sector to offer Robust Opportunities
Recent e-commerce's growth spurt will encourage market expansion. Internet retailers use e-commerce platforms to connect with customers and offer them a more individualized experience. These platforms make it easier for merchants to expand the scope of their business by obtaining leads and monitoring market trends for their goods & services. These elements are expected to favorably fuel the expansion of the global market for social media security.
Restraints and Challenges
Lack of Technicians to act as Market Restraint
The lack of technicians, lack of common laws in countries, and lack of skilled workforce may act as market restraints over the forecast period.
Market Segmentation
The global social media security market is bifurcated based on vertical, solution, security type, deployment, and organization size.
By organization size, large enterprises will head the market over the forecast period.
By deployment, on-cloud will domineer the market over the forecast period.
By security type, cloud security will spearhead the market over the forecast period.
By solution, risk monitoring will have the lions share in the market in the forecast period.
By vertical, BFSI will have the largest share in the market over the forecast period.
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COVID-19 Analysis
The COVID-19 epidemic has significantly changed how people use social media, which has also had an effect on social media security. Because more individuals are using social media in the pandemic, fraudsters are working harder to mislead users into giving up their passwords or personal information. Phishing emails and phoney social media posts are just two examples of the many shapes that these attacks, also called social engineering attacks, may take. Scammers have exploited the pandemic by setting up phoney websites/social media accounts that purport to provide resources or information about COVID-19. Users may be duped into submitting personal information, downloading malicious software, or making false payments by these frauds. Also, the pandemic has increased the amount of false and misleading material on social media. On social media, false or inaccurate information regarding COVID-19 can spread quickly, which can cause confusion or even injury if individuals take it to heart. The epidemic has caused a lot of individuals to work from home that has increased the security vulnerabilities associated with remote work. This comprises the use of unprotected networks or personal devices, which might make it simpler for cybercriminals to access private data. Social media firms have taken a number of steps to address these problems, including enhancing security mechanisms, increasing content filtering, and educating users on how to guard against fraud and false information.
Regional Analysis
North America to Head Social Media Security Market
The market size for social media security in North America was dominated by this region in 2017–18 and is likely to remain so during the projected period. High adoption of well-known social media platforms like Facebook, Instagram, YouTube, and others, as well as its security solutions among U.S.'s large enterprises, are factors that are fueling the growth of the North American market. This has led to the acceptance of advanced security solutions in the social media sites. The region domineered the market in 2020 having a share of over 34%, and it is predicted that during the forecast period of 2021–2026, the market would experience considerable expansion. A number of factors, including the increasing use of digital platforms and smartphones, an increase in social media malware campaigns, a rise in the number of people using social media applications, strict government regulations or laws concerning corporate network security, and others, have contributed to this market's expansion. The development of various social media security solutions within the area has also been aided by the presence of certain significant firms, including Proofpoint Inc., Zero FOX, and others. Rising e-commerce platforms, a shift towards online shopping trends, and an increase in corporate social networking within organizations have all contributed to data security vulnerabilities, including data phishing, web server threats, data hacking & exploitation, and others, which will ultimately drive demand for social media security solutions.
APAC to Have Significant Growth in Social Media Security Market
China and Japan are anticipated to keep a dominant position in the Asia Pacific region's social media security market. Due to factors including rising internet penetration and increased expenditure on social media marketing by businesses across a range of industries, like retail & e-commerce, BFSI, telecom & IT services, etc., Asia Pacific is predicted to develop at a lucrative CAGR throughout the projection period. In addition, nations like India are seeing an increase in the use of web security solutions for the rising number of cyberattacks that target their customers and spur regional development. Additionally, it has been noted that nations like China have stringent laws against cyberbullying, which has resulted in regional growth.
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Industry Updates
March 2023- SocialSiren has launched an all-inclusive social media security application. With 24/7 real-time notifications by text, push notification, and email the second something suspect happens across every connected social media account, the SocialSiren app delivers real-time monitoring of suspicious activity. SirenGuard, a feature of the commercial edition of SocialSiren, alerts users if a change in password is found on any account.
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