Security Analytics Market

Security Analytics Market Outlook (2023-2033)

The security analytics market was valued at US$ 9,387.6 Mn in 2022, and by the end of 2033, it is expected to have grown to US$ 69,648.0 Mn. The security analytics market is estimated to valuate to US$ 11,124.3 Mn in 2023, and is predicted to grow at a CAGR of 20.1% from 2023 to 2033.

Data is analysed by security analytics systems to produce proactive cyber security measures. Monitoring network traffic, for example, could be used to identify risk indicators before a threat occurs. Security analytical solutions help businesses predict network-based threats and provide actionable intelligence to prevent data loss. It uses security analytics tools to analyse security events and detect threats before they have an impact on the business infrastructure.

Increasing adoption of cloud computing, IoT, and service centralization has resulted in a hyper-connected ecosystem, which has increased attackers' ability to expose information through various channels. Furthermore, analytics-driven security solutions would make it possible to overcome the challenges posed by security threats. As a result, greater reliance on trending technologies such as cloud computing and IoT is expected to propel the market forward.

An intelligent and integrated analytics platform that can automate scanning and accelerate the process of analysing digital data and workload patterns is required for cyber security. The analytics-driven platform enables data scientists to derive meaningful insights, transform data into intelligent statistics, and detect threat risks in advance. The intelligent statistics process is more efficient when big data analytics, deep learning, artificial intelligence (AI), and edge analytics are used.

The incorporation of such advanced analytics technologies is likely to enable automated data analysis. This would include data sources from multiple dimensions and yield deep insights such as proactive identification, risk factors, and user behaviour, among other things. These factors will undoubtedly drive the growth of the security analytics market in the coming years.

The market in North America held a leading market share of 29.8% and remain the market leader for the forecast period. The demand for security analytics in the Europe region will hold around 25.4% of the market in 2022.

What Restraints Will Hamper the Growth of Security Analytics Market?

“High Level of the Complexities Associated with Their Installation Coupled with The Lack of Skilled Manpower”

High level of expertise and manpower are required for the proper configuration and installation of the security analytical systems. Due to a shortage of skilled IT employees, the cost of installation rises, causing small and medium-sized businesses to forego the implementation of such sophisticated security systems. Furthermore, the confusion associated with the use of security platforms is a major factor restraining the growth of the security analytics market.

• In January 2022, Honeywell in collaboration with Acalvio Technologies had launched a new solution with the aim to provide high fidelity threat detection across the operational technology (OT) environments in commercial buildings.
• In November 2022, Amazon Web Services (AWS) had launched a new security-focused data lake service aimed at centralizing all of an enterprise security data from various sources, whether cloud or on premise to facilitate accurate drill-down into security issues.

In U.S Security Analytics Market is Developing?

“Growing Adoption of Various Cloud-Based E-Platforms”

Growing adoption of the e-commerce platforms along with the increased penetration of the social media & advanced technologies such as AI & IoT has widened the platform for cyber threats due to the generation of heaps of sensitive data. Such factors are providing lucrative environment for the adoption of the advanced threat intelligence solutions across the U.S region.

Due to these factors, US region is analyzed to dominate the global security analytics market with the share of 19.8% in 2022.

Is Security Analytics Market in India will provide Growth Opportunities?

“Increased Penetration of Smartphones & Personal Data Generation Devices”

Widespread adoption of the smartphones, laptops & other such devices coupled with the increasing use of social media applications in the Indian region has increased the vulnerability of the user to the data leakage & data theft. Such factors are necessitating the need for the adoption of a security threat management & mitigation system in the India.

Due to these factors the security analytics market is estimated to grow at a CAGR of 23.4% over the forecast period in India.

Why Adoption of security analytical Services increases in Europe. Also which country holds largest market share?

“Rising Awareness Among the Consumers Along with The Governmental Initiatives Towards the Data Protection”

Germany is one of the most economically significant country in European region and it holds the largest market share of 13.2% in the European security analytics market. Rapid digitization of the various sectors such as health, energy and transportation has increased the threat of cyberattack combined with the introduction of the General Data Protection Regulation (GDPR) the demand for such security analytical systems have increased in a dramatic ways thereby positively influencing the growth of the security analytics market in the region.

Category-wise Insights

Why Security Analytics Software Solutions Have the Largest Market Share in Security Analytics Market?

“Consolidation of the Enterprise Security Drives Demand for Security Analytics Software Solutions”

Security analytics software solution segment holds the largest market share of 56.4% in the security analytics market, owing to the factors like security analytical software solutions facilitate integration, analysis and monitoring of the security related data across an enterprise. Additionally, the software solutions assist the enterprise security teams in proactively detecting abnormal end-user behaviours and security flaws in IT systems. Such factors are the key factor behind the widespread adoption of the security analytics software solutions in the security analytics market.

Why Cloud Security Analytics is Estimated to Have the Largest Growth Rate for Security Analytics Market?

“Adoption of Cloud Services Allows Cloud Security Analytics to Have the Fastest Growth Rate”

With organisation across industries shifting their operations to the cloud and with the growth in the purchase of software solutions that are based on the cloud, it becomes important for developing security solutions for cloud solutions and services, allowing the cloud security analytics to have the highest CAGR over the forecast period.

Why Large Enterprises Have a Strong Demand for Security Analytics Solutions?

“High Security Requirements of the Large Enterprises Allow Security Analytics to Flourish in this Segment”

Large enterprises are often such enterprises that have a large annual income; apart from just a high income, they also have important information regarding new technology and product developments. These assets and information are often targeted by malicious players. This creates the necessity for large enterprises to maintain high security for all their business operations, allowing security analytics to flourish in this segment by enterprise size.

What Factors Are Influencing the Growth of Security Analytics for BFSI Segment in Security Analytics Market?

“Growth in Technologies Used by BFSI Allow the Security Analytics Market to Grow in this Sector”

Security analytics for BFSI segment is analysed to dominate the security analytics with the share of 16.7% in 2022, attributed to the factors such as increasing adoption of the web applications, increasing phishing attacks in third-party payment integrations, rising risks associated with accessing mobile banking applications and so on. Furthermore, the increasing stringency to comply with regulatory requirements, as well as the increasing transition to cloud-based technologies to provide shared banking services to third party networks, vendors, and customers, increase the vulnerability of banking and financial service providers to numerous threats and data breaches, resulting in widespread adoption of the security analytics market in the BFSI industry.

Competitive Landscape

Major Security Analytics companies are collaborating and partnering with other organizations to provide more care.

• In November 2022, IBM had launched a new software to assist enterprises in breaking down data and analytics gaps by allowing them to make data-driven decisions quickly and navigate unpredictable disruptions.
• In March 2021, Google Cloud, in collaboration with Deloitte had launched a new enterprise platform aimed at assisting businesses in thwarting cyber threats. The remote working population and cloud usage are rapidly expanding, increasing the vulnerability of workplaces.

Recent developments related to key players providing security analytics market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Security Analytics Market Report Scope

Key Segments of Security Analytics Market Industry Research

By Solution:

• Security Analytics Software
  • Cloud-based
  • On-premise
• Services
  • Professional Services
    • Security Analytics Consulting
    • Integration & Deployment
    • Support & Maintenance
  • Managed Security Analytics Services

By Applications:

• Network Security Analytics
• Endpoint Security Analytics
• Application Security Analytics
• Cloud Security Analytics
• Others

By Enterprise Size:

• Security Analytics for Small and Medium Enterprises (SMEs)
• Security Analytics for Large Enterprises

By Industry:

• Security Analytics for BFSI
• Security Analytics for IT & Telecom
• Security Analytics for Government & Defense
• Security Analytics for Retail
• Security Analytics for Healthcare
• Security Analytics for Education
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia Pacific
• Middle East and Africa

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