The security analytics market is expected to grow from US$ 12,076.36 million in 2021 to US$ 34,226.73 million by 2028; it is estimated to grow at a CAGR of 16.0% during 2021–2028.
With the advancement in IT infrastructure, the number of unethical hackers and other cyber attackers has increased substantially. The surge in cyber-attacks has been fueled by the rise of the triple extortion ransomware technique used by cyber attackers, stealing sensitive data from organizations and threatening to release it publicly unless the client does not fulfill the desired requirement. Cyber attackers are also targeting organizations' customers, vendors, or business partners in the same way. For instance, according to Check Points mid-year security report 2021, organizations have experienced a 29% increase in the number of cyber-attacks globally with the dramatic rise in ransomware attacks.
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Security Analytics Market: Strategic Insights
Market Size Value in US$ 12,076.36 million in 2021 Market Size Value by US$ 34,226.73 million by 2028 Growth rate CAGR of 16.0% for 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Security Analytics Market: Strategic Insights
| Market Size Value in | US$ 12,076.36 million in 2021 |
| Market Size Value by | US$ 34,226.73 million by 2028 |
| Growth rate | CAGR of 16.0% for 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Further, cyber attackers continue to adapt their working practices to exploit the shift to hybrid working, targeting organizations’ supply chains and network links to partners to achieve maximum disruption. Also, during the outspread of the COVID-19 pandemic, the number of unethical hackers and other cyber attackers has increased rapidly. Due to this, the Cybersecurity and Infrastructure Security Agency (CISA), US Department of Homeland Security (DHS), and UK National Cybersecurity Center (NCSC) had issued alert notifications to businesses regarding cyber threats, including unethical hackers and advanced persistent theft (APT) groups. Therefore, many countries have deployed security analytics systems in their companies. For instance, in October 2020, ABB Ltd. and IBM Corporation have established a partnership to bridge the gap between cybersecurity and operational technologies (OT). ABB Ltd. has developed a new OT Security Event Monitoring Service as the first result of this collaboration, which combines the expertise of ABB's process control system domain with IBM's security event monitoring offering to help industrial operators improve security. Hence, with the alarming rise in cyber threats and security breaches, the use of security analytics systems is also augmenting to protect businesses from cyber attackers, thereby increasing the security analytics market demand.
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.
Lucrative Regions for Security Analytics Providers
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Security Analytics Market Insights
Growth in Adoption of Advanced Technologies Boost the Demand for Security Analytics Market
The surge in telecomputing has potentially increased the use of vulnerable devices and services, including virtual private networks (VPN), posing a threat to any organization. With the rising use of the Internet, the demand for telecomputing is also increasing in businesses. For instance, in 2021 it has been observed that there were 4.66 billion Internet users present globally (59% of the global population), of which 92.6% (4.32 billion) accessed the internet through mobile devices. Furthermore, during the COVID-19 outbreak, businesses have to follow the government norms of remote working. Thus, the number of virtual private networks (VPNs) increased to facilitate data sharing and connecting all devices together.
Online communication platforms, such as Zoom and Skype, have witnessed a substantial rise across several organizations, making business processes vulnerable against malicious activities and ransomware and phishing attacks, as they are more exposed to open platforms. These situations have led to offering customized and robust analytics-driven security solutions to organizations. For instance, Unify Square, Inc. offers PowerSuite tool that helps manage, amplify, and secure business environment with Zoom analytics solutions. Hence, with the growing adoption of advanced technologies, security analytics systems have also increased, resulting in significant growth in the global security analytics market.
Component-Based Security Analytics Market Insights
Based on component, the security analytics market is bifurcated into solution and services. In 2020, the solution segment led the security analytics market, accounting for a larger security analytics market share.
Security Analytics Market, by Component, 2020 and 2028 (%)
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Deployment-Based Security Analytics Market Insights
Based on deployment, the security analytics market is bifurcated into on-premise and cloud-based. In 2020, the cloud-based segment accounted for a larger security analytics market share.
Application-Based Security Analytics Market Insights
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 accounted for the largest security analytics market share.
Organization Size-Based
Security Analytics Market Insights
Based on organization size, the security analytics market is bifurcated into small and medium enterprises and large enterprises. In 2020, the large enterprises segment accounted for a larger security analytics market share.
Industry-Based Security Analytics Market Insights
Based on industry, the security analytics market is segmented into BFSI, government, consumer goods and retail, IT and telecom, healthcare, energy and utilities, manufacturing, and others. In 2020, the BFSI segment accounted for the largest security analytics market share.
The players operating in the security analytics market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players in the security analytics market are listed below:
- In July 2021, Cisco introduced a new Catalyst industrial router line that extends the enterprise network's power to the edge while providing the flexibility, security, and scalability required for IoT success. The portfolio, which now includes 5G capabilities, enables enterprises to conduct connected operations at scale with a variety of management tools suitable to both IT and operations. The unified architecture accelerates deployments from the enterprise to the edge and facilitates collaboration between IT and operations.
- In May 2021, McAfee Corp., a device-to-cloud cybersecurity firm, announced a significant 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.
The global security analytics market has been segmented as mentioned below:
By Component
- Solution
- Services
By Deployment
- On-Premise
- Cloud-Based
By Application
- Network Security Analytics
- Endpoint Security Analytics
- Application Security Analytics
- Web Security Analytics
- Others
By Organization Size
- Small and Medium Enterprises
- Large Enterprises
By Industry
- BFSI
- Government
- Consumer Goods and Retail
- IT and Telecom
- Healthcare
- Energy and Utilities
- Manufacturing
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Company Profiles
- IBM Corporation
- Hewlett Packard Enterprise Development LP (HPE)
- Cisco Systems, Inc.
- Broadcom, Inc.
- McAfee, LLC
- Splunk, Inc.
- Huntsman Corporation
- SolarWinds Worldwide, LLC
- Rapid7
- RSA Security LLC
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment, Application, Organization Size, and Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
With the advancement in IT infrastructure, the number of unethical hackers and other cyber attackers has increased substantially. The surge in cyber-attacks has been fueled by the rise of the triple extortion ransomware technique used by cyber attackers, stealing sensitive data from organizations and threatening to release it publicly unless the client does not fulfill the desired requirement. Cyber attackers are also targeting organizations' customers, vendors, or business partners in the same way. For instance, according to Check Points mid-year security report 2021, organizations have experienced a 29% increase in the number of cyber-attacks globally with the dramatic rise in ransomware attacks.
Further, cyber attackers continue to adapt their working practices to exploit the shift to hybrid working, targeting organizations’ supply chains and network links to partners to achieve maximum disruption. Also, during the outspread of the COVID-19 pandemic, the number of unethical hackers and other cyber attackers has increased rapidly. Due to this, the Cybersecurity and Infrastructure Security Agency (CISA), US Department of Homeland Security (DHS), and UK National Cybersecurity Center (NCSC) had issued alert notifications to businesses regarding cyber threats, including unethical hackers and advanced persistent theft (APT) groups. Therefore, many countries have deployed security analytics systems in their companies. For instance, in October 2020, ABB Ltd. and IBM Corporation have established a partnership to bridge the gap between cybersecurity and operational technologies (OT). ABB Ltd. has developed a new OT Security Event Monitoring Service as the first result of this collaboration, which combines the expertise of ABB's process control system domain with IBM's security event monitoring offering to help industrial operators improve security. Hence, with the alarming rise in cyber threats and security breaches, the use of security analytics systems is also augmenting to protect businesses from cyber attackers, thereby increasing the market demand.
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.
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 global security analytics market was dominated by the BFSI segment with market share of 26.6% in 2020. The increasing competition in the BFSI sector is driving the companies to develop their IT infrastructure. To provide the customers with advanced banking services such as mobile banking, application-based services, mobile browsers, and SMS-based services, companies need a data center service provider that can provide security, compliance, flexibility, and scaling options. Further, with the increasing penetration of digitization across sectors outside the BFSI sector, such as development in social media platforms and emerging OTT service providers, the banking service providers must continually evaluate their operations to meet the changing customer demand and expectations. Furthermore, phishing attempts and frauds in third-party payment interfaces are on the rise, as are the hazards of using mobile banking apps, and regulatory requirements are becoming more stringent. The growing use of cloud-based technology to provide shared banking services to third-party networks, vendors, and clients exposes banking and financial service providers to various security risks and data breaches. Banking and financial institutions are upgrading their security architecture with analytics-driven security solutions in response to cyber threats from multiple applications and the requirement to handle security audits efficiently in real-time.
In 2020, North America led the market with a substantial revenue share, followed by Europe and APAC. Asia Pacific is a prospective market for security analytics market players.
The major companies in security analytics market includes International Business Machines Corporation, Huntsman Security, Cisco Systems, Inc., The Hewlett Packard Enterprise Company, and Broadcom Corporation.
The List of Companies - Security Analytics Market
- International Business Machines Corporation
- Huntsman Security
- Cisco Systems, Inc.
- The Hewlett Packard Enterprise Company
- Broadcom Corporation
- Splunk Inc.
- RSA Security LLC
- McAfee Corp.
- SolarWinds Worldwide, LLC
- Rapid7
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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