Security Analytics Market Growth Drivers and Forecast by 2031

The Security Analytics market size is projected to reach US$ 53.25 billion by 2031 from US$ 16.24 billion in 2023. The market is expected to register a CAGR of 16.0% during 2023–2031. Integration with big data and AI and ML technologies is likely to remain a key trend in the market.

Security Analytics Market Analysis

Security analytics is becoming more and more important for maintaining enterprise security as networks continue to change and security threats become more sophisticated. Security analytics assists IT and security teams in proactively (and reactively) identifying threats before they cause data loss or other negative consequences by merging software, algorithms, and analytical procedures.

Security Analytics Market Overview

Machine learning, behavioral analysis, and customization are the main forces behind advancement in security analytics technology today. Instead of requiring users to use proprietary data lakes, several SIEM packages now let enterprises use their current ones. Additionally, several solutions have made their machine learning, enrichment, and analytics models publicly available so that customers can better understand and adjust them as necessary. In order to tackle threat detection and response in a more automated and telemetry-rich manner, the industry is beginning to integrate SIEM, User Entity Behavioral Analytics (UEBA), Security Orchestration, Automation and Response (SOAR), and Extended Detection and Response (XDR). Security analytics have advanced rapidly in recent years.  

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Security Analytics Market: Strategic Insights

Security Analytics Market Drivers and Opportunities

Rising Cyber Threats to Favor the Market

With its ability to leverage cutting-edge technologies to detect possible threats, reveal concealed vulnerabilities, and provide organizations with insights that enable them to strengthen their defenses and proactively mitigate risks, security analytics has become an indispensable instrument in the ongoing fight against cybercriminals. According to a 2024 report by Check Point Software Technologies Ltd., there has been a steady increase in cyber threats in 2023. Every week, there were an average of 1158 cyberattacks against businesses worldwide. This indicates a consistent and concerning trend in the digital threat landscape, with cyberattacks rising by 1% from 2022 and maintaining the notable growth from prior years. This is driving the market for security analytics.

Rising Awareness Among the SME Players

A CyberPeace Foundation survey states that 43% of all cyberattacks target startups and small companies. Also, roughly 46% of SMEs lacked knowledge of risk management in the digital realm. Cyber threats are a real threat, and their methods of operation are getting more sophisticated. While the majority of large, well-established organizations have the proper security measures in place to fend off dangers like malware and data breaches, small businesses are more vulnerable to cybersecurity risks because of their constrained resources. Thus, this opens up opportunities for the adoption of security analytics tools among the SMEs.

Security Analytics Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Security Analytics market analysis are type, solution, deployment, and industry vertical.

• Based on the type, the Security Analytics market is divided into solutions and services. The solutions segment held the largest share in 2023.
• Based on the solution, the market is divided into network security analytics, web security analytics, endpoint security analytics, and others.
• Based on the deployment, the market is divided into on-premise, cloud, and hybrid.
• Based on the industry vertical, the market is divided into BFSI, telecom and IT, government and defense, consumer goods and retail, and others.

Security Analytics Market Share Analysis by Geography

The geographic scope of the Security Analytics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America holds a significant share of the Security Analytics market in 2023. North America is one of the most heavily impacted regions in the world by cyberattacks. This is due to the prominent presence of financial sectors, essential infrastructure, and shared opportunities, such as private-public partnerships, all of which contribute to a more robust cyber ecosystem. Regional governments concentrate on enhancing legislation and policies to combat cyber risks in their countries. This is driving the demand for the security analytics market in the region.

The regional trends and factors influencing the Security Analytics Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Security Analytics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Security Analytics Market Report Scope

Security Analytics Market Players Density: Understanding Its Impact on Business Dynamics

The Security Analytics Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Security Analytics Market News and Recent Developments

The Security Analytics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Security Analytics market are listed below:

• IBM (NYSE: IBM) today announced a major evolution of its flagship IBM QRadar SIEM product: redesigned on a new cloud-native architecture, built specifically for hybrid cloud scale, speed and flexibility. IBM also unveiled plans for delivering generative AI capabilities within its threat detection and response portfolio – leveraging Watsonx, the company's enterprise-ready data and AI platform. (Source: IBM, Press Release, November 2023)
• Symantec, a division of Broadcom Inc. (NASDAQ: AVGO), is partnering with Google Cloud to embed generative AI (gen AI) into the Symantec Security platform in a phased rollout that will give customers a significant technical edge for detecting, understanding, and remediating sophisticated cyber-attacks. (Source: Broadcom Inc., Press Release, September 2023)

Security Analytics Market Report Coverage and Deliverables

The “Security Analytics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Security Analytics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Security Analytics market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Security Analytics market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Security Analytics market
• Detailed company profiles