Redding, California, Aug. 31, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Security Analytics Market, by Offering, Deployment Mode, Security Type (Network, Cloud, Endpoint), Platform, Organization Size, Application, End-use Industry (Healthcare, Logistics, Government, Retail), and Geography - Global Forecasts to 2029,’ the security analytics market is projected to reach $43.9 billion by 2029, at a CAGR of 18.7% during the forecast period.
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The field of cybersecurity is rapidly growing owing to the advances in the techniques and tactics of cyber attackers. Attacks are often difficult to detect, as they happen quickly, and the indicators can be dispersed across different data sources, such as network servers, endpoints, and applications. Data related to cyber-attacks is essential to effective incident detection and response. The ability to analyze large amounts of data from various sources in real-time gives security analytics an advantage over traditional security approaches. Security analytics provide organizations a robust solution with visibility into complex attack techniques to stay on top of vulnerabilities and one step ahead of cybercriminals. The need for security analytics solutions is growing owing to rapid advancements in malware and other cyber exploits.
The growth of this market is mainly driven by factors such as the proliferation of endpoint IoT devices, the growing demand for innovative real-time security analysis platforms, the surge in the usage of the internet, the proliferation of several technologies, such as cloud computing, AI, IoT, the increasing complexity in the enterprise network, and the upsurge in the number of cyber exploits. In addition, the integration of advanced technologies, including machine learning and blockchain for cyber security, the surge in telecomputing, and the growing popularity of cloud security solutions among SMEs are expected to offer significant growth opportunities for this market. However, the lack of awareness regarding security analytics measures may hinder the growth of this market.
Impact of COVID-19 on the Security Analytics Market
The COVID-19 pandemic has adversely hit several economies around the globe. The combat measures against the pandemic, such as complete lockdown, social distancing, and quarantine, adversely impacted many industries across the globe. With many employees working from home and students learning virtually, enterprise virtual private network (EVPN) servers have become a lifeline to organizations and institutions. One of the major factors responsible for the rise of corporate email attacks is spurts of COVID-19 websites offering fake prepositions in exchange for personal information. For instance, spear-phishing email attacks related to COVID-19 have increased by 667% from the end of February 2020 to March 2020.
As most IT companies adopted work-from-home policies in response to the COVID-19 pandemic, cybersecurity has become a grave issue for organizations across the globe. Attackers are also taking advantage of the fact that many people working from home have not applied the same security on their networks that would be in place in a corporate environment or that enterprises haven’t deployed the right technologies or corporate security policies. For instance, while working at home, 47% of individuals in the tech industry fall for a phishing scam in 2020, and the average cost of a data breach resulting from remote working was around $137,000. In addition, according to National Cyber Security Center, 350 cases were reported for cyberattacks in June 2020.
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Additionally, the pandemic tested the strength of healthcare systems around the globe, turning healthcare providers to chats, phones, e-mails, and telemedicine portals for remote counseling and diagnoses. Organizations are using digital infrastructure to procure vital protective supplies for healthcare and hygiene workers and counsel them on rendering services safely. The surge in digital communications and the shift from offline to online businesses have increased the risk of cyberattacks. All these factors accelerate the demand and are expected to provide some relief to the global security analytics market, which will help the market recover faster in the coming years. Many organizations have increased their investments in security solutions despite the disruption.
The security analytics market is segmented by offering (solutions and services), deployment mode (on-premise and cloud), security type (network security, endpoint security, application security, cloud security, and other security types), platform (web-based platform, mobile-based platform), organization size (large enterprises, and small & medium-sized enterprises), application (cloud security monitoring, network traffic analysis, data exfiltration detection, insider threat detection, threat hunting, incident investigation, behavior analysis, and other applications), end-use industry (BFSI, manufacturing, retail, government, smart consumer electronics, healthcare, automotive, energy & utilities, transportation, supply chain logistics, IT & Telecom, and other end-use industries), and geography. The study also evaluates industry competitors and analyses regional and country-level markets.
Based on offering, in 2022, the solutions segment is expected to account for the largest share of the security analytics market. The growth of this segment is attributed to the increasing need to comply with government and industry regulations, the growing emphasis on cutting-edge security analytics solutions, rapid developments in malware and other cyber exploits, and the growing demand to diagnose and prevent potential cyber threats. The solutions segment is also projected to register the highest CAGR during the forecast period.
Based on deployment mode, in 2022, the on-premise segment is expected to account for the largest share of the security analytics market. The growth of this segment is attributed to the high reliance on internal networks, the growing demand for reliable analytics solutions for server hardware and its security, and the dependence of the government and defense sectors on the on-premise environment, particularly in developing countries. However, the cloud segment is projected to register the highest CAGR during the forecast period.
Based on security type, in 2022, the network security segment is expected to account for the largest share of the security analytics market. The growth of this segment is attributed to the surge in malware in network traffic, the growing emphasis on Network Traffic Analysis (NTA) to secure the digital enterprise, the rising need to protect connected network infrastructure, and the growing demand for advanced network analytics solution for complex threat detection. However, the cloud security segment is projected to register the highest CAGR during the forecast period.
Based on platform, in 2022, the web-based platform segment is expected to account for the largest share of the security analytics market. The growth of this segment is attributed to the growing demand for filtering and monitoring HTTP traffic between web applications, the growing adoption of advanced technologies for web applications, and the proliferation of the internet. However, the mobile-based platform segment is projected to register the highest CAGR during the forecast period.
Based on organization size, in 2022, the large enterprises segment is expected to account for the largest share of the security analytics market. The growth of this segment is attributed to the early adopters of advanced technologies, the surge in the incidence of cyber threats across large network infrastructures and database servers, larger budget competence, and a keen focus on developing strategic IT initiatives. However, the small & medium-sized enterprises segment is projected to register the highest CAGR during the forecast period.
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Based on application, in 2022, the network traffic analysis segment is expected to account for the largest share of the security analytics market. The growth of this segment is attributed to the rapid advancements in web security, the lack of development of long-term complex networks against threats, unlawful messages, and attacks from malicious sources, the proliferation of web & smartphone applications, and the increasing need for real-time branch threat detection solutions. However, the cloud security monitoring segment is projected to register the highest CAGR during the forecast period.
Based on end-use industry, in 2022, the BFSI segment is expected to account for the largest share of the security analytics market. The growth of this segment is attributed to the surge in transition from in-house shared banking services to third-party networks, the increasing usage of mobile banking applications, the rising investment in payment security solutions, and the increasing number of cloud-based QR/UPI transactions. However, the IT & telecom segment is projected to register the highest CAGR during the forecast period.
Based on geography, in 2022, North America is expected to account for the largest share of the security analytics market. The large market share of this region is attributed to the existence of numerous leading security analytics solution providers, the high penetration of IoT devices, the growing importance of web security & privacy concerns, the growing proliferation of cloud computing and smartphones, and the developed internet & mobile infrastructure. However, the Asia-Pacific region is slated to register the highest CAGR during the forecast period.
The major players operating in this market are IBM Corporation (U.S.), Hewlett Packard Enterprise Company (U.S.), Cisco Systems, Inc. (U.S.), Juniper Networks, Inc. (U.S.), Broadcom Inc. (U.S.), Splunk Inc. (U.S.), McAfee Corp. (U.S.), FireEye, Inc. (U.S.), LogRhythm, Inc. (U.S.), Fortinet, Inc. (U.S.), Huntsman Security (Australia), Gurucul (U.S.), Securonix (U.S.), Hillstone Networks (U.S.), Exabeam (U.S.), Rapid7, Inc. (U.S.), Forcepoint (U.S.), Uptycs (U.S.), Snowflake Inc. (U.S.), Checkpoint Software Technologies, Ltd. (Israel), and Sumo Logic, Inc. (U.S.).
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Scope of the Report:
Security Analytics Market, by Offering
- Solutions
- Next-generation Firewall
- Unified Threat Management
- Encryption
- Fraud Detection & Prevention
- Tokenization
- Identity And Access Management
- Other Solutions
- Services
- Professional Services
- Managed Services
Security Analytics Market, by Deployment Mode
- On-premise
- Cloud
Security Analytics Market, by Security Type
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Other Security Types
Security Analytics Market, by Platform
- Web-based Platform
- Mobile-based Platform
Security Analytics Market, by Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Security Analytics Market, by Application
- Cloud Security Monitoring
- Network Traffic Analysis
- Data Exfiltration Detection
- Insider Threat Detection
- Threat Hunting
- Incident Investigation
- Behavior Analysis
- Other Applications
Security Analytics Market, by End-use Industry
- BFSI
- Manufacturing
- Retail
- Government
- Smart Consumer Electronics
- Healthcare
- Automotive
- Energy & Utilities
- Transportation
- Supply Chain & Logistics
- IT & Telecom
- Other End-use Industries
Security Analytics Market, by Geography
- North America
- U.S.
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia & New Zealand
- Singapore
- Rest of Asia-Pacific
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- Rest of Europe
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- Rest of Middle East & Africa
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