Open Source Intelligence Market to Garner $29.19 Bn, Globally, by 2027 at 24.7% CAGR, Says Allied Market Research
- Rise in adoption of open source intelligence among multiple organizations and increase in demand for cloud-based open source intelligence among SMEs drive the growth of the global open source intelligence market
PORTLAND, Ore., Aug. 3, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Open Source Intelligence Market by Source (Media, Internet, Public Government Data, Professional & Academic Publications, Commercial, and Others), Technique (Text Analytics, Video Analytics, Social Media Analytics, Geospatial Analytics, Security Analytics, and Others), and End User (Government Intelligence Agencies, Military & Defense Intelligence Agencies, Cyber Security Organizations, Law Enforcement Agencies, Financial Services, Private Specialized Business, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global open source intelligence market was pegged at $5.02 billion in 2019, and is projected to reach $29.19 billion by 2027, growing at a CAGR of 24.7% from 2020 to 2027.
Major driving factors of market growth
Rise in adoption of open source intelligence among multiple organizations, increase in demand for cloud-based open source intelligence among SMEs, and surge in need to gain insights for business planning have boosted the growth of the global open source intelligence market. However, lack of awareness of open source intelligence tools among SMEs and concerns regarding the data quality issues hamper the market. On the contrary, developing trends such as social media analytics would open new opportunities for the market players in the coming years.
The outbreak of Covid-19 has greatly affected the global open source intelligence market.
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Security analytics segment held the largest share
By technique, the security analytics segment accounted for the largest share in 2019, holding more than one-third of the global open source intelligence market. This is due to its numerous benefits provided by security analytics such as reducing network traffic, providing real-time indication of external threats, detection & prevention of inside threats and mnitoring of suspicious activity in the organization. However, the video analytics segment is estimated to portray the highest CAGR of 26.0% during the forecast period, owing to surge in demand for enhanced video surveillance in the automotive industry and rise in investment by SMEs nation in video analytics.
Law enforcement agencies segment to manifest highest CAGR through 2027
By end user, the law enforcement agencies segment is anticipated to register the fastest CAGR of 28.1% during the forecast period, owing to improve their operational efficiency, to enhance the safety of the data, and to get more reliable information from the raw data. However, the cybersecurity organizations segment held the largest share in 2019, contributing to nearly one-third of the global open source intelligence market, due to increase in demand for high-level security solutions to secure top-secret data of the organizations.
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North America dominated the market
The market across North America held the largest share in 2019, accounting for more than one-third of the market, owing to rise in adoption of open source intelligence tools by various government and non-government organizations to gain business insights. However, the global open source intelligence market across Asia-Pacific is expected to manifest the highest CAGR of 26.2% during the forecast period, due to surge in adoption in the banking & insurance industry in developing nation of Asia-Pacific such as India, China, and Japan.
Major market players
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