Security Analytics Market Growing at a CAGR 18.2% | Key Player IBM, Cisco, Splunk, RSA, FireEye

Security Analytics Market Growing at a CAGR 18.2% | Key Player IBM, Cisco, Splunk, RSA, FireEye

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)
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

The Security Analytics Market size 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. The major factors driving the growth of the security analytics market include an increasing focus to maintain regulatory compliance and demand to discover threat patterns, prioritization of network-based threats with actionable intelligence to avert data losses, and prevention of onward intrusion.

By deployment mode, the cloud segment to hold a larger market size during the forecast period

Cloud deployment of security analytics solutions allow users to deploy security analytics solutions without the need of Information Technology (IT) staff to manage the software. The task of monitoring the security system is granted to the vendor or can be done internally. The cloud deployment mode is being used by Small and Medium-sized Enterprises (SMEs) to reap the benefits of security systems that require low startup costs. The system offers web-based management and enterprise-class protection. The market for cloud-based security analytics solutions is growing with SMEs opting for these services. The Software-as-a-Service (SaaS) mode of deployment is generating demand for cloud-based security analytics solutions as it provides scalability and flexibility. The major providers of cloud-based security analytics solutions are IBM, Splunk, and FireEye.

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The government and defense vertical to hold the largest market size during the forecast period

Government and defense agencies and institutions across the globe handle critical and sensitive information by serving citizens and collecting intelligence. The growing number of breaches in the government and public utilities sector has increased the need for security analytics solutions to combat advanced threats. Attackers are targeting the government sector to breach the sensitive information regarding the government administration, departmental activities, and prime security intelligence. Next-generation firewalls, Intrusion Prevention Systems (IPS), anti-malware gateways, and endpoint security applications are capable of protecting data from known threats, but attackers have innovated many techniques to bypass these products and access the confidential data. Hence, the protection of this data and applications is the top priority.

Key market players profiled in this report 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). These players have adopted various growth strategies, such as partnerships and new service launches to expand their presence in the security analytics market and broaden their customer base.

IBM (US) offers security analytics solutions through IBM QRadar, an enterprise Security Information and Event Management (SIEM) product that collects log data from an enterprise, its network devices, host assets and Operating Systems (OS), applications, vulnerabilities, and user activities and behaviors. This log data is analyzed further on a real-time basis to identify malicious activities so it can be stopped quickly, preventing or minimizing the damage to the organization. In December 2019, IBM enhanced the IBM QRadar Advisor with Watson solution by combining IBM Cognitive Artificial Intelligence (AI) and the QRadar Security Analytics platform to uncover hidden threats and assist users with the incident and risk analysis, triage, and response. QRadar Advisor with Watson enriches security incidents compiled by the QRadar platform, with insights from Watson for Cyber Security to investigate and respond to threats at an increased speed and scale.

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Cisco’s (US) security analytics products include Cisco Stealthwatch, Cisco Defense Orchestrator with Security Analytics and Logging, and Cisco Endpoint Security Analytics, and Cisco Tetration. These solutions provide organizations with comprehensive threat visibility capabilities into the extended network by detecting and responding to advanced threats and helping simplify network segmentation using a combination of behavioral modeling, multilayered Machine Learning (ML), and global threat intelligence. In August 2019, Cisco upgraded its security analytics solution Cisco Stealthwatch to version 7.1.2 that adds enhanced analytics, context-aware mitigation capabilities, and improved features to control and manage a tool. The update fixes various bugs, defects, and issues reported by customers in previous releases while adding on new features and improvements that include new alarms, Cisco Threat Response (CTR) integration, automatic removal of inactive exporters and interfaces, Terminal Access Controller Access-Control System (TACACS+), cognitive integration enhancements, and contacting support.

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