The "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" report has been added to ResearchAndMarkets.com's offering.
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.
Growing demand to discover threat patterns, prioritization of network-based threats with actionable intelligence to avert data losses, and prevention of onward intrusion
Security analytics solutions have expanded from rules-based detection to data science methods, such as Machine Learning (ML) and Artificial Intelligence (AI). This is in response to environmental factors, such as growing data volumes, infrastructure complexity, and the scarcity of skilled security professionals. Effective threat management requires security teams to combine security analytics with the abundance of machine-generated data that is prevalent in most enterprise environments. Tools, such as network traffic analysis, endpoint detection, Security Information and Event Management (SIEM), and User Behaviour Analytics (UBA) harvest this data and reveal who is doing what in the Information Technology (IT) environment, and when, and how they are doing it.
On-premises deployment mode to witness higher growth rate during the forecast period
On-premises deployment is the traditional approach to implement security analytics solutions across enterprises. On-premises solutions provide organizations with full control over all platforms and systems, which can be handled and managed by their own Information Technology (IT) staff. When data centers are housed onsite, applications handling data can be improved by adding new security updates that verify new virus signatures and provide countermeasures to deal with them. On-premises deployment remains the most flexible option, with respect to customization and analytics of data. The government and defense and Banking, Financial Services and Insurance (BFSI) sectors are likely to prefer on-premises security because they cannot risk losing sensitive data, financial records, accounting information, and money transfers. Security analytics solutions provide visibility at the on-premises endpoints and perform dynamic behavioral analytics on them. The major providers of on-premises-based endpoint security solutions are IBM, Cisco, and Splunk.
By vertical, the banking, financial services and insurance segment to record the highest growth rate during the forecast period
Banking, Financial Services and Insurance (BFSI) is an industry term for commercial banks, insurance institutes, and non-banking financial organizations that provide financial products and services. Service providers are expanding their offerings to maintain a competitive edge in the market, save costs, and improve customer experience with value-added services. BFSI and other financial institutions are upgrading cybersecurity solutions to protect the industry's employees, customers, assets, offices, branches, and operations, and to optimize against internal and external threats. The critical data, database, applications, and servers are under constant risk of being breached by attackers. The rise in the use of smart banking, internet banking, and mobile banking requires security analytics to be embedded in every micro and macro component of information systems in the BFSI sector. Employees and customers in financial institutions are demanding the convergence of various security solutions to design an integrated environment for secure and faster access to information, whenever and wherever required. Thus, banks need a multilayered security approach to deliver an authenticated and authorized experience to customers. Rise in the adoption of Bring Your Own Device (BYOD) trend, work from home, cloud storage data leaks, and fragile data center security have increased attacks on the BFSI infrastructure. Various government mandates, such as Personal Information Protection and Electronic Documents Act (PIPEDA), along with standards, including Payment Card Industry Data Security Standard (PCI DSS) and Sarbanes Oxley Act (SOX), require financial institutions to ensure endpoint security. An increase in Internet of Things (IoT) usage, sophisticated attacks, and enforcement of regulatory compliances are some of the drivers for the growth of the security analytics market in the BFSI sector.
The large enterprise segment to hold a larger market size during the forecast period
Enterprises with more than 1,000 employees are considered large enterprises. Large enterprises are one of the early adopters of security analytics solutions. They are faced with the troublesome task of effectively managing security on the diverse nature of IT infrastructure spread across the enterprise, most complex in nature. In addition to this, with the technological innovations and the rapid adoption of the BYOD culture, enterprises now not only have to protect the endpoints that are physically connected to enterprise networks but also have to manage their systems and endpoints that are interconnected to the enterprise network from a remote location. With the rising number of sophisticated attacks and to have a view of when and how end users are using the corporate data, the demand for security analytics solutions is on the rise in large enterprises.
Asia Pacific to record the highest growth during the forecast period
The Asia Pacific (APAC) region comprises emerging economies, such as India, China, Australia, Hong Kong, and Japan. Rapid economic developments in the region; globalization; favorable government policies, such as encouragement to foreign direct investments and increasing digitalization with interest toward technologies, such as Business Intelligence (BI), big data, and Internet of Things (IoT) are fueling the adoption of digital solutions across enterprises. Countries across this region are flooded with a large number of Small and Medium-sized Enterprises (SMEs), which account for the employment of more than 70% of the population. The huge cost associated with the successful deployment of adaptive security projects is restricting such SMEs from adopting a strong security analytics practice. However, factors such as continual growth in the mobile workforce, increasing complexity of businesses, and the unregulated nature of the internet are now expected to push such SMEs into adopting various security analytics solutions that combat advanced threats.
Key benefits of buying the report:
The report is expected to help market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall security analytics market and its segments. This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
Key Topics Covered:
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency Considered
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.4 Market Forecast
2.5 Competitive Leadership Mapping Methodology
2.6 Research Assumptions
2.7 Limitations of the Study
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Security Analytics Market
4.2 Market: Top 3 Applications
4.3 Market, By Region
4.4 Security Analytics Market in North America, By Application and Industry Vertical
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.3 Industry Trends
5.4 Regulatory Implications
6 Security Analytics Market, By Application
6.1 Introduction
6.2 Web Security Analytics
6.3 Network Security Analytics
6.4 Endpoint Security Analytics
6.5 Application Security Analytics
6.6 Others
7 Security Analytics Market, By Component
7.1 Introduction
7.2 Solutions
7.3 Services
8 Security Analytics Market, By Deployment Mode
8.1 Introduction
8.2 Cloud
8.3 On-Premises
9 Security Analytics Market, By Organization Size
9.1 Introduction
9.2 Small and Medium-Sized Enterprises
9.3 Large Enterprises
10 Security Analytics Market, By Industry Vertical
10.1 Introduction
10.2 Government and Defense
10.3 Banking, Financial Services, and Insurance
10.4 Consumer Goods and Retail
10.5 IT and Telecom
10.6 Healthcare
10.7 Energy and Utilities
10.8 Manufacturing
10.9 Other Industry Verticals
11 Security Analytics Market, By Region
11.1 Introduction
11.2 North America
11.3 Europe
11.4 Asia Pacific
11.5 Middle East and Africa
11.6 Latin America
12 Competitive Landscape
12.1 Introduction
12.2 Competitive Leadership Mapping
13 Company Profiles
13.1 Introduction
13.2 IBM
13.3 Cisco
13.4 Splunk
13.5 RSA
13.6 FireEye
13.7 HPE
13.8 McAfee
13.9 Symantec
13.10 LogRhythm
13.11 Fortinet
13.12 Huntsman Security
13.13 Securonix
13.14 Gurucul
13.15 Juniper Networks
13.16 Hillstone Networks
13.17 Exabeam
13.18 Rapid7
13.19 Alert Logic
13.20 Forcepoint
13.21 Assuria
13.22 Haystax
13.23 Right-To-Win
For more information about this report visit https://www.researchandmarkets.com/r/q5ym0f
View source version on businesswire.com: https://www.businesswire.com/news/home/20200226005544/en/
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