Global security analytics market is likely to showcase substantial growth by 2022. Rising complexity of threats, security breaches, and strict regulatory framework and compliance necessities can propel the market over the forecast period (2018 to 2022). In addition, increasing adoption in government and defense and IT and telecom is expected to boost the market growth.
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Increasing adoption of internet of things (IoT), trend of bring your own devices (BYOD), and increasing deployment of web and cloud-based applications are expected to boost the market growth in the coming years. These trends have increased the number of devices and software connected to networks like mobile devices, cloud devices and others. Rapidly growing network of connected devices has increased the chances of vulnerable events such as data loss, security breaches, and other cyber threats in the digitally-advanced organizations. Therefore, adoption of effective security analytics tools can help to prevent the possibilities of intrusions in the organizations.
Security analytics tools can help organizations analyze unusual traffic between servers and to detect the sources and occurrences of threats as well as possible attack on the systems. Increasing cases of security breaches on enterprise network in which hackers attempt to access sensitive information or data can boost the adoption of these tools. Such events have encouraged the implementation of strict regulation and compliance policies in various organizations across different industrial verticals. This factor is anticipated to support the market growth in the years to come.
However, lack of skilled professionals and requirement of high investments to implement these systems are expected to restrict the market growth.
The worldwide security analytics market can be segmented on the basis of application, deployment, and regions. Based on application, the market can be divided into web security analytics, network security analytics, application security analytics, end point security analytics, and others. As per deployment type, the market can be bifurcated into cloud and on premises. Geographically, the market can be divided into North America, Europe, and Asia Pacific.
North America has been dominating the market followed by Europe and Asia Pacific. The region is likely to maintain its dominance over the forecast period.
The U.S. and Canada are the major growth contributor in the region. Factors such as growing trend of BYOD and high penetration of IoT, rising need for management for complicated threats are expected to create immense opportunities in the region. In addition, availability of well-established infrastructure is also expected to enable implementation of advanced technologies in the forthcoming years.
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Asia Pacific is anticipated to exhibit rapid growth during the forecast period. The region has huge opportunities across numerous industry verticals, mainly in emerging countries such as India and China with high rate of deployment. These countries are home to a huge number if small and medium-sized companies gradually digitizing their business. Rising implementation of cloud-based services in the region is expected to spur the regional market for security analytics in the coming years.
Some of the leading vendors operating in the security analytics market include Arbor Networks, Inc.; Cisco Systems, Inc.; FireEye, Inc.; Blue Coat Systems, Inc.; and IBM Corporation. In a recent market development, Thycotic formed an agreement with IBM Security. With this agreement, the latter will provide Security Secret Server and privileged access management solution based on the former’s technology. The Secret Server is developed to provide security, accountability, and transparency in the organization to protect the user accounts since more than 80% of cybersecurity breaches involves compromised user passwords and credentials.
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