Security Analytics Market by Application, Component, Deployment Mode, Organization Size, Industry Vertical, and Region – Forecast to 2024

Dublin, Feb. 21, 2020 (GLOBE NEWSWIRE) — The “Security Analytics Market by Application (Web Security, Network Security, Endpoint Security, and Application Security Analytics), Component, Deployment Mode, Organization Size, Industry Vertical, and Region – Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
The global security analytics market is projected to grow from USD 7.8 billion in 2019 to USD 18.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.2% during the forecast period.Major vendors include IBM (US), Cisco (US), Splunk (US), RSA (US), FireEye (US), HPE (US), McAfee (US), Symantec (US), LogRhythm (US), Huntsman Security (Australia), Securonix (US), Gurucul (US), Juniper Networks (US), Hillstone Networks (China), Exabeam (US), Rapid7 (US), Alert Logic (US), Forcepoint (US), Assuria (UK), and Haystax (US). The study included an in-depth competitive analysis of these key players with their company profiles, recent developments, and key growth strategies adopted by them.Growing demand to discover threat patterns, prioritization of network-based threats with actionable intelligence to avert data losses, and prevention of onward intrusionSecurity analytics solutions have expanded from rules-based detection to data science methods, such as Machine Learning (ML) and Artificial Intelligence (AI). This is in response to environmental factors, such as growing data volumes, infrastructure complexity, and the scarcity of skilled security professionals. Effective threat management requires security teams to combine security analytics with the abundance of machine-generated data that is prevalent in most enterprise environments.Tools, such as network traffic analysis, endpoint detection, Security Information and Event Management (SIEM), and User Behaviour Analytics (UBA) harvest this data and reveal who is doing what in the Information Technology (IT) environment, and when, and how they are doing it.Security analytics helps guide professionals to see where real-world threat vectors are originating from and can help prioritize the order in which the infrastructure and code are patched and hardened. Security analytics demonstrate the patterns of attempts and the patterns of successful actions, which offer professionals the opportunity to use the intelligence to defend and/or honey-pot attacks.The government and defense and Banking, Financial Services and Insurance (BFSI) sectors are likely to prefer on-premises security because they cannot risk losing sensitive data, financial records, accounting information, and money transfers. Security analytics solutions provide visibility at the on-premises endpoints and perform dynamic behavioral analytics on them. The major providers of on-premises-based endpoint security solutions are IBM, Cisco, and Splunk.The rise in the use of smart banking, internet banking, and mobile banking requires security analytics to be embedded in every micro and macro component of information systems in the BFSI sector. Employees and customers in financial institutions are demanding the convergence of various security solutions to design an integrated environment for secure and faster access to information, whenever and wherever required. Thus, banks need a multilayered security approach to deliver an authenticated and authorized experience to customers.Rise in the adoption of Bring Your Own Device (BYOD) trend, work from home, cloud storage data leaks, and fragile data center security have increased attacks on the BFSI infrastructure. Various government mandates, such as Personal Information Protection and Electronic Documents Act (PIPEDA), along with standards, including Payment Card Industry Data Security Standard (PCI DSS) and Sarbanes Oxley Act (SOX), require financial institutions to ensure endpoint security. An increase in Internet of Things (IoT) usage, sophisticated attacks, and enforcement of regulatory compliances are some of the drivers for the growth of the security analytics market in the BFSI sector.In addition to this, with the technological innovations and the rapid adoption of the BYOD culture, enterprises now not only have to protect the endpoints that are physically connected to enterprise networks but also have to manage their systems and endpoints that are interconnected to the enterprise network from a remote location. With the rising number of sophisticated attacks and to have a view of when and how end users are using the corporate data, the demand for security analytics solutions is on the rise in large enterprises.Countries across this region are flooded with a large number of Small and Medium-sized Enterprises (SMEs), which account for the employment of more than 70% of the population. The huge cost associated with the successful deployment of adaptive security projects is restricting such SMEs from adopting a strong security analytics practice. However, factors such as continual growth in the mobile workforce, increasing complexity of businesses, and the unregulated nature of the internet are now expected to push such SMEs into adopting various security analytics solutions that combat advanced threats.With the increasing number of cyberattacks and the growing cyber war between organizations and hackers, organizations and governments in the region are becoming aware of the need for robust cyber defense; hence, organizations have started adopting proactive security analytics solutions to combat cybersecurity issues.
Market DynamicsDemand to Discover Patterns, Prioritization of Network-Based Threats with Actionable Intelligence to Avert Data Losses, and Prevention of Onward IntrusionIncreasing Focus on Maintaining Regulatory ComplianceRestraintLack of AutomationOpportunitiesBig Data Analytics and Cloud Infrastructure to be Imperative for Security Analytics Solutions Going ForwardThe Necessity of a Balanced Security ApproachChallengeLack of End-User Knowledge About Advanced ThreatsIndustry Trends (Use Cases)
To Proactively Detect and Prevent CyberattacksTo Increase Visibility Over Network and Fix the Inability to Resolve Security Incidents QuicklyTo Improve Security Operations in a Global Healthcare ProviderRegulatory Implications
General Data Protection RegulationSarbanes-Oxley Act of 2002BaselGovernance, Risk, and ComplianceEuropean Union Data Protection RegulationHealth Information Technology for Economic and Clinical Health ActHealth Insurance Portability and Accountability Act
Companies Profiled
IBMCiscoSplunkRSAFireEyeHPEMcAfeeSymantecLogRhythmFortinetHuntsman SecuritySecuronixGuruculJuniper NetworksHillstone NetworksExabeamRapid7Alert LogicForcepointAssuriaHaystaxFor more information about this report visit https://www.researchandmarkets.com/r/3hck5oResearch and Markets also offers Custom Research services providing focused, comprehensive and tailored research.CONTACT: ResearchAndMarkets.com
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