New York, USA, Sept. 15, 2021 (GLOBE NEWSWIRE) -- A recently published report published by Research Dive states that the global threat intelligence security solutions market is anticipated to garner revenue of $18,320.4 million by 2027, rising from $10,200.0 million in 2019 at a stable CAGR of 7.8% from 2020-2027.
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Market Dynamics
Growth: Over the years, the extensive developments in the technology sector also led to an increase in the occurrence of cyber-attacks and threats such as phishing, zero-day threats, data breaches, and more. This need to improve the security on the internet as well as awareness among organizations to ensure safety of their data is expected to add to the rapid growth of the market.
Restraints: Some organizations are yet to possess advanced solutions in terms of online security that can help in securing them from the more recent variants of cyberattacks. To add further, not many professionals are available who can assist in the event of a cyberattack. These are the major drawbacks that have been hampering the advancement of the market.
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Opportunities: Threat intelligence solutions play an extremely prominent role in guarding the vast amount of data that most organizations produce on a daily basis. It needs to be properly enforced to ensure that the solution works to the best of its ability. Additionally, the large investments that several establishments have been making to ensure further research and development as well as innovation which is expected to provide it with an opportunity of growth in the coming future.
Segmental Analysis
The report has categorized the market into multiple segments based on application, service type, deployment type, organization type, and vertical type.
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Identity and Access Management (IAM) Sub-segment Predicted to Dominate the Market
By application, the identity and access management (IAM) sub-segment garnered revenue of $2,003.1 million in 2019 and is anticipated to grow at a steady CAGR of 7.2% from 2020-2027. Several organizations have been implementing the use of IoT, connected devices, audit management along with other forms of advanced technology. This utilization of new technology is expected to add to the rise of the segment in the analysis period.
Managed Services Sub-segment to Gain Highest Market Share
By service type, the managed services sub-segment gained revenue of $5,600.2 million in 2019 and is predicted to rise further at a CAGR of 7.1% from 2020-2027. Cyberattacks have been a more commonly occurring phenomenon and the lack of skilled professionals to assist in the midst of an attack has led to businesses opting for managed services. Additionally, network downtime along with limitations on the IT budget have led to a rise in the necessity of managed service further adding to the development of the segment in the forecast period.
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On-premise Sub-segment Estimated to Stimulate the Growth of the Market
By deployment type, the on-premise sub-segment accounted for revenue of $5,295.6 million in 2019 and is predicted to witness significant growth at a CAGR of 5.9% from 2020-2027. The need to enhance productivity levels among employees has led to several firms establishing enterprise application software within work process. Additionally, the software is also known to provide data privacy as well as security which has resulted in the progress of the segment in the analysis period.
Large Enterprises Sub-segment Expected to Gain Higher Revenue
By organization type, the large enterprises sub-segment garnered a revenue of $5,592.5 million in 2019 and is set to rise further at a CAGR of 6.3% from 2020-2027. Most of the large scale ventures are proficient in gaining profits even upon lowering their costs. This brings an advantage to the business economy which is set to add to the growth of the segment in the forecast period.
Government and Defense Sub-segment Estimated to Dominate the Market
By vertical type, the government and defense sub-segment accounted for revenue of $2,505.1 million in 2019 and is expected to rise further at a CAGR of 7.3% from 2020-2027. The implementation of data analytics along with AT-enabled technology has made the estimation of any future problems simpler. As a result, many countries have been working towards upgrading their public policies to suit the requirements of current times. These factors are set to add to the growth of the segment in the estimated timeframe.
Regional Analysis
The Europe region is set to garner a revenue of $5,609.69 million by 2027 rising from $3,046.74 million in 2019. This region implemented regulations which companies have to comply with to ensure the highest level of security within their network infrastructure. Europe recently initiated the EU Security Union Strategy as a part of their efforts of Shaping Europe’s Digital Future. This is predicted to secure the citizens and businesses against any cyber threats while also having reliable services. These factors are set to boost the growth of the market in the region.
COVID-19 Impact on the Global Threat Intelligence Security Market
The entire world went into an extensive lockdown upon COVID-19 being declared a pandemic. This led to a vast array of changes in the way most businesses and organizations, with the first major change being that employees were asked to work from home. This brought forward the need to implement intricate security solutions, which could help in securing the online portals effectively. These factors along with the several digital changes ensured the growth of the threat intelligence market during the pandemic.
Key Market Players
The report contains a list of distinguished experts of the global threat intelligence security market who have been working towards the constant growth of the market. They are as listed below:
1. IBM Corporation
2. Dell, Inc
3. McAfee, LLC
4. Symantec Corporation
5. FireEye, Inc
6. Fortinet, Inc
7. Webroot, Inc
8. Juniper Networks, Inc
9. DXC Technology
These players are currently focusing on R&D activities, mergers & acquisitions, partnerships, and collaborations to sustain and attain a leading position in the market.
For instance, in October 2019, Symantec Corp, a renowned global leader in cyber security announced several upgrades to its endpoint portfolio using the Symantec Endpoint Security (SES). It is said to be capable of detecting and providing solutions to any new attacks while also hunting for any underlying threats. The technology automates and takes faster actions hence securing the organizations data easily.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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