Network security and cloud security hold a combined share of over 60% in the security analytics market: PMR
NEW YORK, October 12, 2021 /PRNewswire/ — The global security analytics market has reached a valuation of nearly $8.7 billion in 2020 and is expected to show a high CAGR of 20.2% over the next ten years.
Security Analytics uses machine learning and big data analysis to collect, categorize, and analyze data collected from network devices to detect advanced threats. The increase in the number of data breaches, cyberattacks and cyber exploits has led to an increasing demand for security analytics solutions.
The growing number of small and medium-sized businesses across the globe has driven the growth of startup culture, which has led to enterprise adoption of BYOD culture, eliminating up-front infrastructure expenses. This has further heightened concerns about the security of organizations. Embedding such concepts attracts cyber threats and puts corporate data at risk. Therefore, most organizations adopt security scans to protect their confidential data.
Security Analytics provides endpoint security with proof of compliance, user behavior, cloud and network traffic analysis, external threat alert, and access and identity analysis. The Internet of Things (IoT) is a huge opportunity for businesses, consumers, and technology organizations. IoT users and software developers aim to use a wide range of current and future technology solutions to combat cyberattack risks associated with their IoT appliances. Technology companies and the developers of these solutions will need to take a leading role in making their devices and solutions as secure as possible in order to provide a safer and more secure IoT environment.
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This is a rapidly evolving market, and many recent developments have been observed:
In September 2020, IBM Corporation has partnered with RiskLens to offer FAIR Cyber Risk Quantification to its global customer base. According to IBM Security, Risk Quantification Services aligns security teams and business leaders with executive buy-in by translating the technical side of cybersecurity into the financial language of the C suite and boardroom , informed decision-making.
In February 2020, HPE has acquired cloud-native security startup Scytale to advance its open and secure edge-to-cloud strategy. The Scytale team brings its expertise in cloud-native security and Zero Trust networking, and is also recognized as the founding contributors to the SPIFFE (Secure Production Identity Framework for Everyone) and SPIRE (SPIFFE Runtime Environment) open source projects.
Key insights from market research
- It is estimated that the demand for security analysis services will increase. However, security scanning software is estimated to continue to hold a major market share till 2031.
- The retail sector is expected to become a high growth market. However, BFSI is estimated to dominate the market share till 2031.
- By application, network security currently dominates the market. However, the demand for cloud security is expected to grow at a robust CAGR of 23.6% through 2031.
- Based on company size, large companies are estimated to hold a substantial market share; however, SME demand is expected to grow faster at a CAGR of 21.3% over the next ten years.
- the North America The market is expected to register a high CAGR owing to the growing demand for security scanning solutions from small and medium enterprises in the region.
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“Security scanning is the process of collecting, categorizing and analyzing data collected from network devices and detecting advanced threats. Security scanning solutions speed up the detection and response to cyber threats Rapid detection and response can help IT prevent or reduce damage from breach causes,” says an analyst at Persistence Market Research.
Emerging awareness regarding security threats to propel market growth
Previously, enterprises only adopted security strategies and approaches to protect and maintain the integrity of critical information. However, due to the sudden increase in cyber crimes and data theft activities, companies have started to focus on better security approaches for information deployed on the cloud as well as on-premises and improving the framework. internal security.
Businesses have suffered cyberattacks such as phishing, DDoS attacks, and social engineering attacks. Additionally, large organizations around the world are taking initiatives to implement security scanning solutions for their cloud-deployed as well as on-premise business applications, and helping other small businesses understand capacity utilization. cybersecurity and internet security threats.
Additionally, organizations understand the importance of security analytics which gives businesses the ability to predict security threats with the help of analytics software. Its value has improved exponentially during the time of COVID-19.
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More valuable information available
Persistence Market Research report on security analytics market is segmented into five major sections – solution (security analytics software – cloud-based and on-premises) and services – professional services (security consulting , integration and deployment, and support and maintenance) and managed security analysis services), application (network security, endpoint security, application security, cloud security and others), company size (small and medium-sized enterprises (SMEs) and large enterprises), industry (BFSI, IT and telecommunications, government and defense, retail, healthcare, manufacturing, education and others) and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate the lucrative opportunities in the market.
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