Security Analytics Market | Recent Industry Trends and Developments
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Increasing Adoption of Security Analytics Solution amid the COVID-19 Pandemic outbreak
The COVID-19 pandemic outbreak has created disruption in many industries, including the cybersecurity market. Many private as well as government organizations have allowed their employees to work from home amid the lockdowns, which has created need for monitoring the network security proactively, as people are remotely connected consuming enterprise resources and sharing documents using collaboration tools. Business are increasingly adopting security solutions to manage such security risks in the new home-working environment.
Amid the COVID-19 lockdown, there has been surge in potential cyber-attacks such as email phishing, VPN-based attacks, enterprise network attacks and other threat vectors. According to a leading IT security company Barracuda Networks, there has been a surge in spear-phishing email attacks since January 2020, where they detected more than 9000 phishing emails linked to COVID-19 financial donation subjects, alone in the month of March 2020. As VPN servers are becoming vital to enterprises, there is been a significant spike in DDoS attacks against VPN infrastructure. DDoS attacks rose about 180% in 2019 as compared to the year 2018, which could further rise to more than 200% in 2020. Moreover, about 85% cyberattacks in the year 2019 used 2 or more attack vectors, which could rise to nearly 90% in 2020 as cyber criminals are exploiting COVID-19 crisis. Hence, implementation of security analytics tools would be highly valuable for the enterprises to conduct forensics investigation by analyzing such security incidents to safeguard the intellectual enterprise data.
Security Analytics Market: Drivers and Restraints
The global security analytics market is expected to witness significant growth during the forecast period, which can be attributed to the increasing adoption of security analytics solution such as network analysis and visibility (NAV), security orchestration, automation, and response (SOAR) and growing demand for data protection worldwide. The security analytics technology offers various benefits such as behavioral analytics, external threat intelligence, access and identity management, and rapid detection and response. The growing demand for a security monitoring and threat analysis to help the business to protect the integrity of systems and data is expected to create a huge opportunity for the global security analytics market. In addition, the need for security technology for transitioning from protection to detection and increasing importance of a unified security view across enterprise, are anticipated to drive the security analytics market growth.
However, as the threat landscape continues to grow, security analytics solution providers are not regularly upgrading their software and solutions when it comes to security updates, which could poses a bigger challenge. Complex security testing and restricted development environment, among other factors, are anticipated to restrict the growth of the security analytics market over the forecast period.
Security Analytics Market: Segmentation
The security analytics market has been segmented on the basis of Component, Deployment, Organization size, Industry and Region.
The security analytics market is segmented on the basis of Component:
Network Analysis and Visibility (NAV)
Security Orchestration, Automation, and Response (SOAR)
Support & Maintenance
The security analytics market is segmented on the basis of Deployment:
The security analytics market is segmented on the basis of Organization Size:
Small and Medium-sized Enterprises (SMEs)
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The security analytics market is segmented on the basis of Industry:
Banking, Financial Services, and Insurance (BFSI)
Consumer Goods and Retail
Aerospace and Defense
Energy and Utilities
Security Analytics Market: Competition Landscape
Some of the prominent players in security analytics market are IBM, Cisco, McAfee, Splunk, FireEye, LogRhythm, Inc., Assuria, Haystax, and among others.
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