New York, USA, March 23, 2021 (GLOBE NEWSWIRE) -- As per a newly published report by Research Dive, the global threat intelligence security solutions market is estimated to reach up to $18,320.3 million by 2027, and exhibit a CAGR of 7.8% over the forecast period from 2020 to 2027. Our analysts state that the advancements in technology has increased the number of cybersecurity threats and exploits such as phishing, data breaches, inside attacks, and zero-day threats, which is expected to boost the growth of the global threat intelligence security solutions market during the forecast period. In addition, integration of big data analytics and the growing adoption of bring your own device (BYOD) model are predicted to provide lucrative opportunities for the overall market growth by 2027. Conversely, the high costs associated with threat intelligence security solutions are expected to hinder the market growth in the projected timeframe.
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Impact of COVID-19 on the Market
The outbreak of coronavirus around the world has progressively impacted the global threat intelligence security solutions market. This can be majorly attributed to rising concern of organizations related to cyber security as most of the employees are working from home. Many companies and organizations across the globe are now accelerating their digital transformation to prevent from cyber threats.
Identity and Access Management Sub-Segment to Hold Strong Share
Based on application, the identity and access management sub-segment valued for $2,003.1 million in 2019 and is anticipated to account for the significant market share by the end of 2027. This is mainly due to the growing adoption of connected devices, audit management IoT, and BYOD along with cost control.
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Managed Sub-segment to Witness Significant Growth
Based on service type, the managed sub-segment is estimated to account for strong revenue share and rise at a CAGR of 7.1% over the forecast period. This significant growth can be owing to the increasing cyberattacks, lack of IT trained professionals, and high cost of data loss.
On-premise Sub-Segment to Grow at Fastest Rate
Based on deployment type, the on-premise sub-segment accounted for $5,295.6 million in 2019 and is anticipated to experience fastest growth during the forecast period. Growing adoption of enterprise application software by enterprises in order to enhance business productivity is the major factor predicted to drive the segmental market growth.
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Large Enterprises Sub-segment to Subjugate the Market
Based on organization type, the large enterprises sub-segment is estimated to grow at a CAGR of 6.3% and dominate the global industry over the forecast period. This dominance is primarily due to the ability of large enterprises to reduce the cost of business and at the same time maximize their profit margins.
Government & Defense Sub-Segment to Observe Fastest Growth
Based on vertical type, the government & defense sub-segment is expected to be the highest contributor to the market and exhibit a CAGR of 7.3% in the projected timeframe. This is mainly because governments are taking suitable pre-emptive measures such as rising investments in R&D to introduce advanced threat intelligence security solutions to prevent cyber threats.
Europe to Hold the Largest Market Share
Based on region, Europe market for threat intelligence security solutions valued for $3,046.7 million in 2019 and is expected to reach up to $5,609.6 million by 2027. The largest share of the region can be attributed to the emergence of strict & stringent compliance regulations that commands companies to integrate technologically advanced security solutions into their network infrastructure.
Major Market Players
1. IBM corporation
2. Fortinet Inc.
3. Dell Inc.
4. Webroot Inc.
5. McAfee LLC
6. Juniper Networks Inc.
7. Symantec Corporation
8. Fortinet Inc.
9. FireEye Inc.
10. DXC technology
The players are adopting various strategies to attain a leading position in the global industry. For instance, in October 2020, McAfee Corp., a device to cloud cyber-security company, announced the launch of ‘MVISION XDR’ platform, which is a cloud-based advanced threat intelligence management solution. MVISION XDR improves SOC (security operations centers) effectiveness with rapid risk mitigation and delivers TCO (total cost of ownership) for threat response.
Further, the report outlines and presents several aspects of these key players such as business performance, product portfolio, recent strategic moves, SWOT analysis, and recent developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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