Open-Source Intelligence Market is expected to reach Euro 10,858.24 million by 2028

Published Date: 30 Aug 2021

The global open-source intelligence market was valued at Euro 3,422.74 million in 2021 and is projected to reach Euro 10,858.24 million by 2028; it is expected to grow at a CAGR of 17.9% from 2021 to 2028. North America dominated the market in 2020 with a share of 39.5%. The adoption of digital technology in every industry and workplace has reshaped the US economy and the workplace in recent decades. However, this adoption is also contributing to a slew of negative consequences, such as data breaches and illegal hacking, that result in the leak of personal and company data. A few data breach instances recorded over the last five years across the region are mentioned in the list below:

  • 11,000 emails from Minnesota state agencies were hacked.
  • Third-party apps exposed the personal information of 540 million Facebook users, which was worth EURO 5 billion.
  • Microfiche holding personal information was lost by a Canadian pension firm.

Individuals and businesses face huge losses due to such incidents of data breaches. Therefore, the demand for advanced solutions for data protection is growing. This rising demand for data protection among organizations and increasing awareness regarding personal data breaches are propelling the growth of the open-source intelligence market in North America.

 

The unprecedented rise in the number of COVID-19 cases in the US and the subsequent lockdown to control the spread of the virus across the country in the first two quarters of 2020 have led to a standby situation in businesses. Technological investments experienced a dip in 2020 owing to the above-mentioned reasons, thereby impacting the growth of the open-source intelligence market. In addition, the sudden lockdown has impacted the way businesses work, which is propelling the adoption of digital platforms for carrying out business operations remotely. The region’s abrupt operational shifts because of the pandemic, stay-at-home orders, and the need to swiftly turn operations remote resulted in high expenses and increased difficulties in containing a security incident after it had occurred has contributed to the increase in data breaching cost. Thus, to avoid such hefty cost, organizations are rapidly adopting solutions to secure all data on their private and public servers. This adoption is creating new opportunities for the open-source intelligence market.

 

Europe stood second in the global open-source intelligence market with a decent market share in 2020. The European Union has set up an organization that sets stringent rules and regulations to protect data called the General Data Protection Regulation (EU GDPR). The organization sets advanced security analytics plans for all companies operating in Europe. Failure to comply with the EU GDPR can result in significant fines of up to 4% of an organization's global revenue. A requirement to notify EU authorities within 72 hours of a breach and a mandate to be able to demonstrate that the organization's security policy is state-of-the-art (SOTA). Thus, the stringent regulation laid down by the GDPR is propelling the adoption of open-source intelligence solutions across the region.

 

The open-source intelligence market players adopt strategies to expand their business and maintain brand name across the world. For instance, in 2021, Expert.ai, a premier artificial intelligence (AI) platform for natural language understanding, announced that it has been named to the KMWorld AI 50: The Companies Empowering Intelligent Knowledge Management.

 

The global open-source intelligence market is segmented on the basis of technique, end user, and geography. Based on technique, the market is segmented into text analytics, video analytics, social media analytics, geospatial analytics, security analytics, and others. Based on end user, the open-source intelligence market is segmented into government intelligence agencies, military and defense intelligence agencies, cyber security organizations, law enforcement agencies, private specialized business, financial services, and others. Geographically, the market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, India, Japan, South Korea, and the Rest of APAC), Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of MEA), and South America (Brazil, Argentina, and the Rest of SAM).

Open-Source Intelligence Market Breakdown— by region, 2020 and 2028

Open-Source Intelligence Market Breakdown— by region, 2020 and 2028

Report : Open-Source Intelligence Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technique (Text Analytics, Video Analytics, Social Media Analytics, Geospatial Analytics, Security Analytics, and Others) and End-User (Government Intelligence Agencies, Military and Defense Intelligence Agencies, Cyber Security Organizations, Law Enforcement Agencies, Private Specialized Business, Financial Services, and Others)

 

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