New York, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Open-Source Intelligence Market: Key Insights
According to our new research study on “Open-Source Intelligence Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technique, End-User, and Geography,” the Open-Source Intelligence Market is projected to reach Euro 10,858.24 million by 2028 from Euro 3,201.02 million in 2020; it is expected to grow at a CAGR of 17.9% from 2021 to 2028.
Open-Source Intelligence Market: Competitive Landscape and Key Developments
Digital Clues; Alfresco Software, Inc.; EXPERT SYSTEM S.P.A.; Palantir Technologies; Thales Group; Maltego Technologies.; NetSentries Technologies FZCO; IPS S.p.A.; Google LLC; and Recorded Future, Inc are among key market players in the global open-source intelligence market. The leading companies are focusing on the expansion and diversification of their market presence and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In 2021, Google Cloud and Axiata Enterprise [a B2B division of Axiata Group Berhad (“Axiata”), a prominent telecommunications group in ASEAN and South Asia] announced a strategic agreement to service the shifting needs of millions of businesses throughout Asia's increasingly digitalizing economies.
The growth of the global open-source intelligence market is attributed to the rising demand for data collection from publicly available sources to get critical business insights. OSINT enables businesses to obtain a better understanding of their competitors' strategies and implement countermeasures to expand their presence by getting a wide range of clients. To combat terrorism, industrial espionage, and cyberthreats to national security, cyber intelligence has become a major industry enabler for security agencies to monitor criminals' digital footprints.
The increasing momentum of businesses toward digital asset security drives the growth of the open-source intelligence market. Businesses are under pressure to capture and analyze digital data to improve intelligence and preserve market competitiveness because of the development of Bring Your Own Device (BYOD). Through publicly available information, OSINT supports such businesses by providing a better understanding of potential risks and enhancing their security procedures for improved business continuity.
The Europe market held a significant share in the open-source intelligence market in 2020. The European Union has set up an organization that sets stringent rules and regulations to protect data called the General Data Protection Regulation (EU GDPR). The organization sets advanced security analytics plans for all companies operating in Europe. Failure to comply with the EU GDPR can result in significant fines of up to 4% of an organization's global revenue. A requirement to notify EU authorities within 72 hours of a breach and a mandate to be able to demonstrate that the organization's security policy is state-of-the-art (SOTA).
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Thus, the stringent regulation laid down by the GDPR is propelling the adoption of open-source intelligence solutions across the region. The sudden COVID-19 outbreak pandemic across the region has led to the standstill situation in business operations and the closure of small and medium enterprises in Europe. In the initial three to four months of 2020, the region experienced a dip in technological. However, the region rapidly adopted remote working culture, thereby utilizing digital platforms for business operations. The rapid shift in a complete digital phase created data security issues across the organizations in Europe. For instance, in December 2020, an unspecified number of Spotify (Headquartered in Sweden) members reported change of passwords due to a software flaw that exposed account information to the public. Similarly, in July 2020, an unprotected server exposed the personal information of 60,000 users of Ancestry.com, a family history search software company. Thus, the increase in the data breaching cases have influenced the adoption of open-source intelligence solutions, thereby positively impacting the growth of the market.
Over a few years, social media has gained momentum across the world. More than 80% of the global population has at least one social media account. Apart from using social media account for communication, individuals are using it for earning. Social media has also become a marketing platform for both individuals and businesses. Social media networks provide several options for internet investigations because a large amount of important information is available at one location. For example, any personal information can be obtained from anywhere across the world by checking a person's Facebook profile. The information gathered from social media websites is referred to as social media intelligence (SOCMINT), which is a subbranch of open-source intelligence (OSINT). Social media platforms can have both public posts and private posts. Without the creator's consent, private information—such as materials shared with friend circles—cannot be accessed. However, with the rise in the use of social media, content and data theft have also experienced a surge over the years. Therefore, the adoption of social media intelligence is increasing across businesses to protect every data published on their social media pages. For instance, MEDUSA offers a platform to analyze digital data from social media, dark web, forums, and closed databases to help organizations fight against serious crimes. Thus, the above-mentioned factors are expected to fuel the growth of the open-source intelligence market in the future.
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Open-Source Intelligence Market: Technique Overview
Based on technique, the open-source intelligence market is segmented into text analytics, video analytics, social media analytics, geospatial analytics, security analytics, and others. The open-source intelligence platforms offer enhanced security services to the IT security pros, state-sanctioned intelligence operatives, or malicious hackers. They make the use of advanced techniques to explore the huge haystack of visible data, and monitor and analyze the information precisely. Increasing cybersecurity cases across the globe are demanding the adoption of open-source intelligence platforms. Organizations depend on vast and public-facing infrastructures, which use different networks hosting services, technologies, and namespaces. Large amount of information is being constantly stored on employee desktops and servers, with employee-owned BYOD devices, embedded inside devices like webcams, in the cloud, or even hidden in the source code of active apps and programs. All the data needs to be secured from the hackers; thus, enterprises are demanding the integration of open-source intelligence platforms.
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