Security Analytics Market is expected to reach US$ 34,226.73 Million by 2028

Published Date: 24 Nov 2021

Report : Security Analytics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Solutions, Service); Solution (Network Security Analytics, Web Security Analytics, End Point Security Analytics, Others); Deployment (On-premise, Cloud, Hybrid); Industry Vertical (BFSI, Telecom and IT, Government and Defense, Consumer Goods and Retail, Others) and Geography

Rising Use of Big Data and Cloud-Based Infrastructure to Provide Growth Opportunities for Security Analytics Market during 2021–2028

 

According to our latest market study on “Security Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, Application, Organization Size, and Industry,” the market was valued at US$ 12,076.36 million in 2021 and is projected to reach US$ 34,226.73 million by 2028; it is expected to grow at a CAGR of 16.0% from 2021 to 2028.

 

Over the past few years, big data analytics has become a significant research interest among practitioners and researchers. Swift growth in data volume and complexity, owing to the rising traffic of mobile data and cloud computing and increasing development and uptake of new technologies, such as artificial intelligence (AI) and the Internet of things (IoT), is propelling the demand for big data analytics technologies. These technologies have an enormous potential to transform the business entirely. Big data platforms effectively analyse the vast structured and unstructured data sets. Big data analytics technology helps gain actionable insights from the structured and massive data quantity available in unstructured data from various sources, such as the web and social media. Big data analysis's insight helps security analytics gather, categorize, and analyse data collected from network devices to detect advanced threats, thereby, creating lucrative opportunities for the security analytics market. With continued digital transformation, the use of cloud-based platforms has increased. The ease of deployment time and a significant reduction in the cost of deployment have fuelled their demand considerably. The Internet infrastructure has matured in developed countries and is flourishing in several developing countries as well, allowing end users in both developed and developing nations to access cloud-based platforms. Nowadays, cyber attackers’ ability to gain information through various channels with cloud-based platforms has improved. Therefore, security analytics systems are being installed in businesses to restrict cyber attackers. For instance, in May 2021, McAfee Corp., a device-to-cloud cybersecurity firm, announced an expansion of its MVISION Extended Detection and Response (XDR) solution by combining the extensive telemetry of McAfee's endpoint security, Secure Access Service Edge (SASE) solution, and threat intelligence solution, powered by MVISION Insights. With unified control and visibility from device to cloud, these integrations defend enterprises against the most advanced threats while simplifying security operations. Therefore, the rise of cloud-based platforms has increased the use of security analytics systems to secure organizations from cyber attackers.

 

The security analytics market is segmented on the basis of component, deployment, application, organization size, industry, and geography. Based on component, the market is bifurcated into solution and services. The solution segment contributed a larger revenue share in 2020. Based on deployment, the market is bifurcated into on-premise and cloud-based. The cloud-based segment contributed a larger revenue share in 2020.  Based on application, the security analytics market is segmented into network security analytics, endpoint security analytics, application security analytics, web security analytics, and others. In 2020, the network security analytics segment led the market globally. By organization size, the market is bifurcated into small and medium enterprises, and large enterprises. In 2020, the large enterprises segment led the market globally. Based on industry, the security analytics market is segmented into BFSI, government, IT and telecom, healthcare, energy and utilities, consumer goods and retail, manufacturing, and others. In 2020, the BFSI segment led the market globally. Geographically, the security analytics market is segmented into five key regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and South America (SAM). North America held the largest revenue share in 2020, followed by Europe and APAC. APAC is projected to be the fastest growing region from 2021 to 2028.

 

Impact of COVID-19 Pandemic on Security Analytics Market

The COVID-19 pandemic has affected most businesses globally. The continuous growth in the number of virus-infected patients compelled governments to put a bar on the transportation of humans and goods due to travel bans, mass lockdowns, and business shutdowns.

The imposition of lockdowns has resulted in the lesser production of commodities, goods, and services. Manufacturing, automotive, semiconductor & electronics, oil & gas, mining, aviation, and other industries have witnessed a decline in their operations due to the temporary shutdown of activities.

The rising cases of COVID-19 have influenced industries to promote remote working environments and follow work from home policy. Following such standard protective measures has resulted in growth in the usage of third-party networks, digital platforms, and personal computing devices. The use of such network connectivity solutions increases the risks of cyberattacks and other malware. Furthermore, the surge in digital traffic presented an opportunity to numerous online frauds, phishing attacks, denial of inventory, and ransomware attacks. Due to the increased risk of cybercrimes, enterprises look for advanced analytics-based security solutions to detect and manage any abnormal behavior in the networks. Thus, with the growing remote working facility, the need for security analytics solutions is also increasing.

 

A few key players operating in the security analytics market are International Business Machines Corporation; The Hewlett Packard Enterprise Company; Cisco Systems, Inc.; Broadcom Corporation; Splunk Inc.; Huntsman Security; RSA Security LLC; McAfee Corp; SolarWinds Worldwide, LLC; and Rapid7.

Security Analytics Market – by Geography, 2020 and 2028 (%)

Security Analytics Market – by Geography, 2020 and 2028 (%)

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