Security analytics is a cybersecurity approach that emphasizes data analysis to generate anticipatory security measures. Business organizations are unable to predict future threats and breaches, and with security analytics solutions, they can identify security issues before they harm the security infrastructure. Intricacies in the enterprise network have paved the way for many blind spots. Nowadays, employees use multiple devices to connect to the network, and public cloud services are rapidly growing in every industry. While the widespread adoption of these services has resulted in an increase in revenue for businesses, it also increased the chances of security breaches.
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The growth of big data technologies and security intelligence has created immense opportunities for the security analytics market. Security analytics merges the capabilities of big data and threat intelligence to identify, monitor, and mitigate upcoming attacks and threats. Key market players are focusing on innovative product developments to attract more clients. For instance, in 2019, IBM enhanced its security analytics platform, IBM QRadar, with Watson Solution. The platform can expose secret threats and helps users with security risk analysis, allocation, mitigation, and response.
Nowadays, hackers employ more sophisticated systems to attack security infrastructure; some threats can even remain unidentified for several months. Unidentified threats, coupled with the rising prevalence of data attacks and the increasing amount of impacted registers, can lead to significant monetary losses. IBM pegs the cost of a data breach in the U.S. at USD 7.35. Hence, organizations are shifting from the protection of threats to the identification of threats. Security analytics solutions monitor general threat patterns and notify whenever an anomaly is identified.
Security analytics can provide both historical and real-time view of events, which establishes an integrated view of breaches and threats from a central point and, subsequently, assists in the smarter forecasting, planning, and resolution of the threats. As per Information Security Forum (ISF), an independent data security body, the number, cost, and degree of security breaches are estimated to rise significantly in the coming years.
The pressure on IT teams to convey the results of security analysis to the higher management and stakeholders is usually high. Attributing to the alarming rate at which the incidents of security breaches are increasing, chief information security officers are concerned about sophisticated malware attacks, including advanced persistent threats. Security analytics offers fewer false alarms and time-to-resolution metrics, which further help analysts detect threats quickly and respond to these issues, facilitating early detection and saving organizations from monetary losses.
Attackers are harnessing advanced and sophisticated solutions for security breaches. Rising internet penetration, coupled with government regulations, propels the security analytics market. However, a lack of expertise and knowledge regarding sophisticated targeted attacks is anticipated to inhibit the market growth.
The COVID-19 outbreak is drastically affecting the global economy, transitioning the methods of normal communication and work environment. These drastic changes are helping spammers and hackers thrive in the cyber world. In April 2020, Brno University Hospital in the Czech Republic, one of the coronavirus testing centers, encountered a ransomware attack that suspended its operations and postponed surgeries. The WHO also stated that there is an increase in cyber-attacks, which includes an attempt to hack its email framework to attain the passwords of its employees. Therefore, this rising cyber-attacks owing to the coronavirus pandemic is estimated to provide lucrative opportunities for the security analytics market in the coming days.
On the basis of component, the global security analytics market is bifurcated into services and solutions. The services segment by component is estimated to grow at a faster rate and primarily constitutes the support provided by security providers to support their customers for the effective utilization and maintenance of security analytics systems. The services segment is further bifurcated into managed services and professional services.
The network security analytics segment dominates the market by application and is expected to retain its market position throughout the forecast period. Nowadays, industry verticals are adopting IoT network connections, which drive the growth of the segment. The figure below depicts the rate of IoT network adoption by key industries.
Network security is a proactive approach to protect networks from sophisticated threats by gathering and examining various types of network security events for the generation of an extensive solution. Deep packet analysis is also performed on the network traffic by security analytics for the detection of malware prior to its entry into the network. Next-generation threats easily penetrate traditional security systems and hack important data. Thus, the implementation of security analytics for network security is becoming a trend these past few years.
The government and defense segment accounts for a significant value share among the segments by the end-use industry as the sector handles sensitive and vital information, and the escalating number of security breaches in the sector has paved the way for advanced security solutions. In October 2019, details regarding more than 92 million Brazilian citizens were reportedly on sale on the dark web. Similarly, governments experience many such data thefts, which necessitate advanced solutions, such as security analytics, for data protection.
On the basis of region, the global content analytics market is categorized into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The figure below depicts the share of each region for the year 2019.
Figure: Global Content Analytics Market Value Share by Region, 2019
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North America dominates the global security analytics market as an early adopter of advanced technological solutions with the highest number of security theft incidents. The region is the most expensive one for SMEs to endure a security breach, which drives the demand for evolved cybersecurity approaches.
Splunk Inc., Cisco Systems, Inc., IBM Corporation, and other players operating the region are also front runners on a global scale, which undoubtedly augments the regional market value. Governments in North America consider cybersecurity the most challenging task. The advent of the Internet of Things (IoT), Bring Your Own Device (BYOD), and cloud adoption have led to the rapid technological expansion in the region, prompting the introduction of next-generation threats. To mitigate the challenges caused by advanced security threats, companies of various sectors in the region are adopting security analytics solutions.
A few of the key players operating in the global security analytics market are listed below.
Report Metric | Details |
---|---|
Market Size | USD in Billion By 2030 |
CAGR | CAGR 4.9% |
Historical Data | 2019-2020 |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends |
Segments Covered | by Component (Solution, Services), Application, End-Use Industry (BFSI, IT and Telecom, Manufacturing, Healthcare) |
Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
Key Companies Profiled/Vendors | Alert Logic (The U.S.), Assuria (The U.K.), Cisco (The U.S.), Exabeam (The U.S.), FireEye (The U.S.), Forcepoint (The U.S.), Gurucul (The U.S.), Haystax (The U.S.), Hillstone Networks (China), Hewlett Packard Enterprises (The U.S.), Huntsman Security (Australia), IBM Corporation (The U.S.), Juniper Networks (The U.S.), LogRhythm (The U.S.), McAfee (The U.S.), Rapid7 (The U.S.), RSA (The U.S.), Securonix (The U.S.), Splunk (The U.S.), Symantec Corporation (The U.S.) , |
Key Market Opportunities | High Demand In Technology Sector Is Pushing Security Analytics Market |