Global Security Analytics Market Size to Reach USD 62.94 Billion in 2032 | Emergen Research

Vancouver, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The worldwide market for security analytics achieved a valuation of USD 14.10 Billion in 2022. As indicated by the most recent analysis conducted by Emergen Research, it is projected to sustain a consistent compound annual growth rate (CAGR) of 16.2% throughout the forecast period. The surge in the desire for proactive intrusion prevention, coupled with the expanding reach of the Internet, the rapid integration of Internet of Things (IoT) technologies and cloud computing, alongside the escalating count of interconnected devices, emerges as the pivotal catalysts propelling the advancement of market revenues.

Security analytics leverages the capabilities of big data analytics and Machine Learning (ML) to amass, classify, and scrutinize data acquired from network devices, with the goal of identifying sophisticated threats. A core advantage of security analytics lies in its ability to expedite response times by facilitating swift detection and investigation procedures. It also stands out for its adeptness in recognizing novel risks, intricate threats, and recurrent vulnerabilities. Furthermore, this approach empowers the retrospective identification and tracing of previous cyber incursions.

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The sphere of security analytics encompasses a suite of solutions that amalgamate the prowess of aggregating, analyzing, and overseeing security-centric data traversing an enterprise network. By doing so, these solutions erect a bulwark against unauthorized access attempts by automated entities or assorted attacks targeting a range of Internet-based applications and services. A significant driver of revenue augmentation within this domain emanates from notable corporations adopting and introducing novel products aimed at heightening their defense mechanisms against cyber threats. This marked the inception of a series of security tools devised to mitigate online fraud and risk. Of particular focus was addressing the widespread CAPTCHA fraud menace, which detrimentally impacts consumers and erodes the credibility of online vendors, financial service providers, and other enterprises.

Nonetheless, a pivotal impediment to the growth of market revenues stems from the deployment of sophisticated and advanced tactics by malevolent entities aiming to breach security measures. These intricate methodologies employed by attackers pose a substantial challenge, potentially curbing the upward trajectory of market revenue expansion. Despite government regulations and the escalating prevalence of Internet utilization, hackers manage to sidestep these safeguards, leading to substantial losses for numerous organizations, brought about by cyber fraud and the compromise of their data systems. The market faces hindrances due to the scarcity of adept solutions, a shortage of proficient security analysts, and an overarching lack of awareness concerning sophisticated targeted assaults. These elements collectively form another stratum of challenges, serving to impede the unfettered growth of market revenues.

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Scope of Research

Major Companies and Competitive Landscape

The global security analytics market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective Infection Control solutions. Some major players included in the global security analytics market report are:

• Cisco Systems, Inc.
• Hewlett Packard Enterprise Development LP
• Broadcom
• McAfee, LLC
• Splunk Inc. 
• RSA Security LLC 
• LogRhythm, Inc.
• Huntsman 
• Fortinet, Inc. 
• Forcepoint

Strategic Development

• On 20 June 2023, Cymulate, the industry leader in exposure management and security validation, announced the launch of a game-changing new security analytics solution enabling enterprises to conduct an Educated Continuous Threat Exposure Management (CTEM) program. The CTEM program, coined by Gartner, Inc., is intended to diagnose the severity of exposures, develop a remediation action plan, and allow a shared language for interactions between business and technical teams.
• On 5 January 2023, LogRhythm, the business that enables security teams to confidently manage the ever-changing threat landscape, announced a number of expanded capabilities and connectors for its security operations solutions. Following the October release of LogRhythm Axon, a revolutionary cloud-native security operations platform, the firm is providing new visualizations and advanced analytics that provide seamless visibility into potential security issues

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Some Key Highlights From the Report

• The solution accounted for largest revenue share in the global security analytics market in 2022. This is due to increasing customer reliability, protection of sensitive data, ease of business growth and continuity, threat identification and subsequent response addressing, intellectual property protection, and improved competitive edge. The recent evolution of Security Information and Event Management (SIEM) offers threat detection in advance, centralized reporting, and information for reporting compliance and real-time incident response. In addition, these services also enable threat detection from unrecorded problems by analyzing massive amounts of data to uncover hidden inconsistency, trends, and defrauding practices, as well as compliance reporting. As a result, large corporations are improving and altering Security Information and Event Management (SIEM) systems to better meet the needs of their customers. For instance, on 27 April 2023, ManageEngine announced the debut of Managed Security Service Provider (MSSP) version of Log360 Cloud, a cloud-based SIEM platform.
• The cloud segment is expected to register steadily fast revenue growth rate in the global security analytics market during the forecast period. This is because cloud computing provides reliability, agility, cost reduction, efficiency, scalability, safety, and enhanced visibility. In addition, combination of cloud storage and security analytics allows enterprises for enhancement in investment in devoted hardware and reduced administrative and capital expenses. Moreover, cloud security analytics offers increased visibility to cloud platforms and solutions by proper assessment of events for threat detection in advance. Furthermore, cloud security analytics provide enhanced scalability, agility, data security, and competitive edge, proper compliance of functional issues.
• The web security analytics segment is expected to account for significantly large revenue share in the global security analytics market during the forecast period. This is because web security analytics protect user information, increase return on investment, improve website validation, search engine optimization, and Google ranking. In addition, major corporations are introducing cutting-edge solutions to improve customer service with the use of digital twins. For instance, on 9 February 2023, Hitachi, Ltd. developed Security Digital Twin (SDT) technology to aid in the preparation of security corrective initiatives that guarantee business continuity, allowing customers to locate high-risk susceptibility, and suggest various effective security solutions in advance prior to implementing these security countermeasures in an OT system.
• The North America market accounted for largest revenue share in the global security analytics market in 2022. This is attributed to various strategic initiatives implemented by major market companies in this region and rapid adoption of new technologies and advancement along with the launch of products for increasing the security and efficiency of working. For instance, on 25 March 2021, Threat Stack, the pioneer in infrastructure and application cloud security and compliance announced the launch of the Threat Stack Cloud Security Platform that provided new security analytics and enabled organizations to proactively review and upgrade their security posture by swiftly accessing, filtering, and visualizing security data.

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Emergen Research has segmented the global security analytics market on the basis of component, deployment, organization size, application, industry, and region:

• Component Outlook (Revenue, USD Billion; 2019-2032)

• • Solutions
  • Services

• Deployment Outlook (Revenue, USD Billion; 2019-2032)

• • On- Premises
  • Cloud

• Organization Size Outlook (Revenue, USD Billion; 2019-2032)

• • Large Enterprises
  • Small and Medium-sized Enterprises (SMEs)

• Application Outlook (Revenue, USD Billion; 2019-2032)

• • Web Security Analytics
  • Network Security Analytics
  • Endpoint Security Analytics
  • Application Security Analytics
  • Others

• Industry Outlook (Revenue, USD Billion; 2019-2032)
  • Banking, Financial Services and Insurance (BFSI)
  • Government

• • Healthcare and Lifesciences
  • Education
  • Telecom
  • Retail and Commerce
  • Information Technology (IT) and Commerce
  • Media and Entertainment
  • Retail and Manufacturing
  • Others

• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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