Worldwide Security Analytics Industry to 2026 - by Application, Service, Deployment Method, Organization Size, Vertical and Geography
DUBLIN, June 23, 2021 /PRNewswire/ -- The "Security Analytics Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The security analytics market was valued at US$2.981 billion in 2019 and is expected to grow at a CAGR of 33.65% to reach a market size of US$22.705 billion by the year 2026. Security analytics tools are very crucial for any form of enterprise as these tools enable to identify and rank threats according to priority, plan appropriate responses and launch them against threats. Security infrastructure is required in every type of organization irrespective of the size of a company or the kind of information is stored in the organization. Security analytics mechanisms help companies to execute real-time monitoring of servers consolidate and coordinate diverse event data from an application, endpoints and network traffic, and network logs. It also performs forensic analysis to better comprehend attack methods and system vulnerabilities.
The key drivers of the security analytics market are the rise in the level of sophistication of security breaches and threats, rapidly growing compliance requirements, and stringent regulations. In addition, the growing numbers of cyber threats from advanced targeted attacks (ATA) or advanced persistent threats (APT) are projected to propel market growth. Often, the APTs or ATAs remained undetected, due to which they stay within the enterprise networks for a longer period; this causes severe damages to the network infrastructure. To prevent such attacks companies can implement real-time monitoring of servers, endpoints, network traffic, network logs, and diverse event data from applications and perform forensic analysis by adopting security analytics solutions. Thus, to curb and prevent such attacks the adoption of security analytics is bound to prevail to easily detect and remediate these threats. The standard security solutions, fail to detect data leakages owing to which the companies suffer huge data breaches and threats. According to a report by FireEye, Inc., 2017, it takes a median time of 99 days to detect an ATP or ATA. The damage caused by the treats these days is severe. By adopting security analytics, such threats can easily be identified and prevented, this adoption will subsequently accelerate the market growth for the security analytics market during the forecast period.
The increasing demand for analytics-driven platforms for all types of organizations globally is expected to drive the security analytics market during the forecast period. The rising number of cybersecurity threats, data breaches, malware, ransomware attacks, and phishing across the globe are pressurizing the companies to adopt these solutions. According to a report by IBM, in 2018, the average annual cost for a business to face a data breach is about $3.86 billion. To eliminate such costs, organizations across the globe are adopting security analytics solutions, which will drive market growth during the forecast period.
Adopting security analytics solutions, the organizations can avail multiple benefits such as analyze digital data, derive meaningful insights, convert raw data into statistics, pre-detect threats, leverage big data analytics, prevent cyber attacks, etc. The vast-ranging benefits of security analytics solutions across industry verticals are expected to expand the market growth during the forecast period.
Organizations across the globe, lack the expertise and manpower to install, configure, and monitor threat detection platforms and solutions. To develop and implement security analytics solutions it is essential to have specialized technical skills, which especially the developing countries lack. The lack of qualified personnel may hamper the market growth during the forecast period.
In August 2019, Cisco upgraded its security analytics solution Cisco Stealthwatch to version 7.1.2, it adds enhanced analytics, context-aware mitigation capabilities, and improved features for controlling and managing the tool. Major market players in the market have been covered along with their relative competitive strategies in this report and the report mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Security Analytics Market.
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