Security Analytics Market Size ($34,226.73Mn by 2028) Impelled by Big Data and Cloud-Based Infrastructure (16% CAGR) Impact of Coronavirus Outbreak and Global Analysis & Forecast by TheInsightPartners.com
The Insight Partners
6 min read
The security analytics market size to reach $34,226.73 million by 2028 from $12,076.36 million in 2021 to grow at a CAGR of 16.0% during 2021-2028; while the global market dominated by BFSI segment with market share of 26.6% in 2020.
New York, Nov. 24, 2021 (GLOBE NEWSWIRE) -- According to our new research study on Security Analytics Market Size, Share, Revenue, Growth, Trends, Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Solutions, Service); Solution (Network Security Analytics, Web Security Analytics, End Point Security Analytics, Others); Deployment (On-premise, Cloud, Hybrid); Industry Vertical (BFSI, Telecom and IT, Government and Defense, Consumer Goods and Retail, Others) and Geography with COVID-19 Impact and Global Analysis available at https://www.theinsightpartners.com/covid-analysis-sample/TIPTE100000317
Report Coverage
Details
Market Size Value in
US$ 12,076.36 million in 2021
Market Size Value by
US$ 34,226.73 million by 2028
Growth Rate
CAGR of 16.0% for 2021 to 2028
Forecast Period
2021-2028
Base Year
2021
No. of Pages
228
No. Tables
164
No. of Charts & Figures
107
Historical Data Available
Yes
Segments Covered
Component, Deployment, Application, Organization Size, and Industry
Regional Scope
North America; Europe; Asia Pacific; Latin America; MEA
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report Coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Security Analytics Market: Competitive Landscape and Key Developments International Business Machines Corporation; The Hewlett Packard Enterprise Company; Cisco Systems, Inc.; Broadcom Corporation; Splunk Inc.; Huntsman Security; RSA Security LLC; McAfee Corp; SolarWinds Worldwide, LLC; and Rapid7 are among the key players profiled in the global security analytics market. In addition, several other major market players were studied and analyzed during the course of this market research study to get a holistic view of the global security analytics market and its ecosystem.
In June 2021, RSA Security launched its REST API solution that provides the identity, security operations, and incident response teams with visibility into users who exhibit anomalous behavior in the organization based on users’ access patterns.
One of the primary factors driving the growth of the security analytics market is the rising number of cyber threats and security breaches worldwide. The increased implementation of security analytic tools across companies for detecting trends and prioritizing network-based risks to gather insights for averting data losses and future incursions also contributes to the market growth. Another significant growth-inducing aspect is the increased use of cloud-based services and big data tools. Security analytics deployed in the cloud provides web-based management and enterprise-wide protection solutions with increased scalability, network security, and speed. Other factors, such as increased government and defense spending to battle advanced cyber threats and the development of Next-Generation Firewalls, Intrusion Prevention Systems (IPS), anti-malware gateways, and endpoint security applications, are expected to fuel the market growth in the coming years.
Organizations and their supply chain partners face increased risks related to the security of data due to disruption in digitalization and the emergence of social, mobile, and networked technologies. In the face of escalating threat dangers, security-related laws are becoming stringent.. The integration aids the development of a uniform interface and framework for business risks by security teams. Gurucul, a cybersecurity firm based in the US, provides behavior-based security analytics solutions that comprise reporting, monitoring, and case management. These features aid businesses in complying with regulations such as HIPPA, PCI DSS, and GDPR. Aggregating, analyzing, and monitoring security-related data across a business network are all capabilities of security analytics solutions.
Increasing Number of Cyber Threats and Security Breaches Experienced Worldwide: With the advancement in IT infrastructure, the number of unethical hackers and other cyber attackers has increased substantially. The surge in cyber-attacks has been fueled by the rise of the triple extortion ransomware technique used by cyber attackers, stealing sensitive data from organizations and threatening to release it publicly unless the client does not fulfill the desired requirement. Cyber attackers are also targeting organizations' customers, vendors, or business partners in the same way. For instance, according to Check Points mid-year security report 2021, organizations have experienced a 29% increase in the number of cyber-attacks globally with the dramatic rise in ransomware attacks.
Further, cyber attackers continue to adapt their working practices to exploit the shift to hybrid working, targeting organizations’ supply chains and network links to partners to achieve maximum disruption. Also, during the outspread of the COVID-19 pandemic, the number of unethical hackers and other cyber attackers has increased rapidly. Due to this, the Cybersecurity and Infrastructure Security Agency (CISA), US Department of Homeland Security (DHS), and UK National Cybersecurity Center (NCSC) had issued alert notifications to businesses regarding cyber threats, including unethical hackers and advanced persistent theft (APT) groups. Therefore, many countries have deployed security analytics systems in their companies. For instance, in October 2020, ABB Ltd. and IBM Corporation have established a partnership to bridge the gap between cybersecurity and operational technologies (OT). ABB Ltd. has developed a new OT Security Event Monitoring Service as the first result of this collaboration, which combines the expertise of ABB's process control system domain with IBM's security event monitoring offering to help industrial operators improve security. Hence, with the alarming rise in cyber threats and security breaches, the use of security analytics systems is also augmenting to protect businesses from cyber attackers, thereby increasing the market demand.
Security Analytics Market: Application Overview Based on application, the security analytics market is segmented into network security analytics, endpoint security analytics, application security analytics, web security analytics, and others. In 2020, the network security analytics segment led the market globally.
Key Questions to Request for Security Analytics Market:
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