Security analytics market size was valued over USD 2 billion in 2015. It is estimated to grow at over 26% during the coming few years and exceed USD 8 billion by 2023. With the increasing number of cyber vulnerabilities and threats, the need for security analytics is mounting rapidly. With the convergence of big data with security intelligence, the industry has huge opportunity to grow from 2016 to 2023.
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It combines the capabilities of threat intelligence and big data so as to, detect, mitigate and analyze targeted attacks and other persistent threats. Data & information application is estimated to dominate the industry over the forecast period owing to data-driven security. Endpoint security analytics is expected to play a key role in changing the landscape of the industry and is expected to witness signification gains over the forecast period due to increasing BYOD market penetration in enterprises.
Convergence of big data analytics with security intelligence along with emergence of managed security services are identified as potential growth opportunities for the security analytics market. Moreover, key players are focusing in new product development for the betterment of their clients. For instance, IBM has released its security analytics platform, security app and security QRadar, for the sharing and formation of programs developed on the company’s security infrastructure in 2015. Security QRadar can determine the exposed endpoints and assists the customers in order to find unmanaged assets.
Cloud deployment is the foremost deployment model as it offers various benefits to the industry such as scalability, 24/7 service, enhanced network security and speed. Mainly, small and medium-sized businesses have adopted cloud technology as it can avoid costs pertaining to software, hardware, technical staff and storage. On premises is the most popular deployment type where information is extremely complex for business operations. The government & defense sector is likely to lead the security analytics market, contributing the prime share over the forecast period. The industry is also anticipated to observe significant growth in healthcare and consumer goods & retail sectors over the next few years.
Rise in the sophistication level of security breaches coupled with growing government regulations and standards are supporting the global demand for the security analytics from 2016 to 2023. In addition, increasing application in cloud is also expected to fuel the industry demand over the forecast period. However, inefficient knowledge related to advanced targeted attacks and threats along with the lack of qualified security professional, the industry are exposed to potential threats and are expected to restrain the demand growth over the forecast period.
The industry can be bifurcated on the basis of service which includes consulting, training and support and managed services. In addition, the market is segmented on the basis of deployment type which includes on-premises and cloud. The industry is further segmented on the basis of application which includes network security analytics, data and information security analytics, application security analytics and endpoint security analytics.
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Moreover, the industry is segregated on the basis of vertical which comprise of government & defense, consumer goods & retail, BFSI, IT and telecom, academic research, transportation, energy & utilities, healthcare and manufacturing. Furthermore, key regional industries include North America, Europe, Asia Pacific, Latin America and MEA security analytics market.
North America security analytics market is estimated to hold the biggest share and dominate the industry over the forecast period. Asia Pacific region offers potential growth opportunities, as large enterprises and small and medium-sized business are moving towards security analytics suppliers in order to secure against potential threats such as zero-day vulnerabilities and advanced persistent threat.
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