Overview and Scope
Security analytics refers to a method of analyzing various data sources within an organization’s IT infrastructure to help identify and address risks to cyber security. It is used to help organizations proactively detect, respond to, and mitigate cyber security threats, improving their overall security stance and lowering the possibility of cyberattacks and data breaches.
Sizing and Forecast
The security analytics market size has grown rapidly in recent years. It will grow from $14.60 billion in 2023 to $17.00 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. The growth in the historic period can be attributed to increasing cyber threats, regulatory compliance requirements, big data and iot growth, data breaches and incidents, skills gap in cybersecurity, and cloud adoption.
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Segmentation & Regional Insights
The security analytics market covered in this report is segmented –
1) By Component: Platform, Service, Professional Services
2) By Application: Web Security Analytics, Network Security Analytics, Endpoint Security Analytics, Application Security Analytics, Others Applications
3) By Verticals: Banking, Financial Services, and Insurance (BFSI), Retail and eCommerce, Media and Entertainment, Travel and Hospitality, Telecom and Information Technology, Healthcare, Others Verticals
North America was the largest region in the security analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the security analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing need for cloud-based solutions is expected to propel the growth of the security analytics market going forward. Cloud-based solutions, also known as cloud computing or cloud services, refer to services, applications, or resources that are hosted and delivered over the Internet rather than being located on local servers or personal computers. Cloud-based solutions are experiencing a rapid rise in popularity due to their inherent advantages in scalability, flexibility, and cost-effectiveness. Security analytics often involve processing large volumes of data from diverse sources. Cloud-based solutions provide the scalability needed to handle this data effectively, allowing organizations to dynamically scale resources up or down based on demand without the constraints of on-premises infrastructure. For instance, in December 2021, according to Eurostat, a Luxembourg-based intergovernmental organization, 41% of EU enterprises used cloud computing in 2021, primarily for hosting their e-mail systems and storing files in electronic form, an increase of 5 percentage points compared to 2020. In the EU, large businesses adopted cloud computing at a rate of 72% in 2021, an increase of 7 percentage points from 2020. Therefore, the increasing need for cloud-based solutions is driving the growth of the security analytics market.
Key Industry Players
Major companies operating in the security analytics market are The International Business Machines Corporation, Cisco Systems Inc., Palo Alto Networks Inc., Fortinet, Akamai Technologies, Nortonlock life, F5 Networks Inc., Micro Focus International PLC, Check Point Software Technologies, CrowdStrike, FireEye, RSA Security, Rapid7, Forcepoint, Darktrace, SentinelOne, LogRhythm, Trustwave, Alert Logic Inc., Exabeam, CyberArk, Arbor Networks Inc., Securonix, Splunk, Darktrace Limited
The security analytics market report table of contents includes:
1. Executive Summary
- Security Analytics Market Characteristics
- Security Analytics Market Trends And Strategies
- Security Analytics Market – Macro Economic Scenario
- Global Security Analytics Market Size and Growth
.
- Global Security Analytics Market Competitive Benchmarking
- Global Security Analytics Market Competitive Dashboard
- Key Mergers And Acquisitions In The Security Analytics Market
- Security Analytics Market Future Outlook and Potential Analysis
- Appendix
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