Overview
The global security analytics market is expected to expand at a strong 27% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global security analytics market is expected to reach a valuation of approximately USD 15 billion by 2023, according to the MRFR report. The report profiles the global security analytics market in great detail and presents a comprehensive overview of the market for readers. The report presents a detailed analysis of the major drivers and restraints affecting the global security analytics market, including projections of how these key factors are expected to affect the market in the near future. The leading players in the global security analytics market are also analyzed in the report. The report also analyzes the potential impact of the COVID-19 pandemic on the global security analytics market.
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Security analytics help in analyzing unusual traffic between servers. Thus, security analytics tools provide assistance in figuring out potential threats and attacks on the end user. The growing use of online and mobile services in the BFSI sector has been a major driver for the global security analytics market over the last few years. As banking has become more orientated toward the consumer, many BFSI entities have developed online capabilities to allow consumers to conduct transactions in a convenient manner. This has proved to be a highly popular move, with BFSI entities that haven’t developed online capabilities falling by the wayside as the convenience of online banking sees companies soar to higher profits and higher customer engagement. Online banking takes away the toils of brick and mortar banking and provides banking services to customers in a more easily accessible manner. However, online banking is prone to a new type of threat: cyberattacks. This has led to a growing demand for effective security protocols for online banking in order to protect confidential customer information. The growing use of mobile devices for online banking is also likely to be a major driver for the global security analytics market over the forecast period.
The IT and telecom sector is also likely to be a major end user of security analytics over the forecast period in order to protect confidential user data and communications. The increasing variety of information being propagated by telecom users is likely to necessitate an increasing use of effective security architecture to protect the confidential data being shared. This is likely to drive the demand from the security analytics market over the forecast period.
Competitive Leaderboard:
Leading players in the Security Analytics market Size include Alien Vault Inc., Blue Coat Systems Inc., Alert Logic Inc. (Click Security), LogRhythm Inc., Arbor Networks Inc., FireEye Inc., EMC RSA, HP Enterprise, IBM Corporation, and Cisco Systems Inc. Major tech giants such as Cisco, IBM, and HP are making significant investments in the security analytics sector due to the growing use of mobile devices for communication and data sharing. The growing demand for cloud computing and the Internet of Things is also likely to be a major driver for investment in the security analytics sector over the forecast period.
Regional Analysis:
North America holds the largest share in the global security analytics market. Asia Pacific is expected to exhibit the highest growth rate over the forecast period.
Segmentation:
The global security analytics market is segmented on the basis of application, service, organization size, deployment, end use vertical, and region.
By application, the global security analytics market is segmented into web security analytics, network security analytics, end point security analytics, application security analytics, and others. The network security analytics segment holds the largest share in the global security analytics market.
By service, the global security analytics market is segmented into professional services, consulting, training and education, support and maintenance, and managed services.
By organization size, the global security analytics market is segmented into SMEs and large enterprises.
By deployment, the global security analytics market is segmented into cloud and on-premise.
By end use vertical, the market is segmented into BFSI, healthcare, manufacturing, retail, education, IT and telecommunication, transportation, government and defense, and others.
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According to a research report "Security Analytics Market by Application (Web Security, Network Security, Endpoint Security, and Application Security Analytics), Component, Deployment Mode, Organization Size, Industry Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, the security analytics market size is projected to grow from USD 7.8 billion in 2019 to USD 18.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.2% during the forecast period.The major factors driving the growth of the security analytics market include the increasing focus to maintain regulatory compliance and demand to discover threat patterns, prioritization of network-based threats with actionable intelligence to avert data losses, and prevention of onward intrusion.Browse 104 market data Tables and 56 Figures spread through 190 Pages and in-depth TOC on "Security Analytics Market - Global Forecast to 2024"Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1026By deployment mode, the cloud segment to hold a larger market size during the forecast periodCloud deployment of security analytics solutions allow users to deploy security analytics solutions without the need of Information Technology (IT) staff to manage the software.
The task of monitoring the security system is granted to the vendor or can be done internally.
The cloud deployment mode is being used by Small and Medium-sized Enterprises (SMEs) to reap the benefits of security systems that require low startup costs.
The growing number of breaches in the government and public utilities sector has increased the need for security analytics solutions to combat advanced threats.
Attackers are targeting the government sector to breach the sensitive information regarding the government administration, departmental activities, and prime security intelligence.
Next-generation firewalls, Intrusion Prevention Systems (IPS), anti-malware gateways, and endpoint security applications are capable of protecting data from known threats, but attackers have innovated many techniques to bypass these products and access the confidential data.
