Security Analytics Market Report 2024 | Size, Share, Trends, Growth Drivers, Forecast To 2033

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.

The security analytics market size is expected to see rapid growth in the next few years. It will grow to $30.80 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to ai and machine learning advancements, zero trust architecture adoption, extended detection and response (XDR), 5G and IoT security challenges, and cloud security challenges. Major trends in the forecast period include ai and machine learning integration, behavioral analytics, cloud security analytics, and zero trust security market.

Market Overview -
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.

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Cloud-Based Solutions Fueling Growth In The Security Analytics Market
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.

Competitive Landscape -

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

Innovative Technological Platforms Driving Growth In Security Analytics Market
Major companies operating in the security analytics market are innovating new technological platforms, such as next-gen XDR and AI capabilities platforms, to gain profitability in the market. The platform's XDR capabilities include the widest range of native security sensors to provide thorough security protection at different tiers, such as network, server, cloud, and IoT. For instance, in June 2023, Trend Micro Inc., a Japan-based IT security company, launched Trend Vision One, a next-gen XDR (extended detection and response) and AI (artificial intelligence) capabilities platform. It provides companion AI and generative AI driven by AI to enhance security operations, increase efficiency, and quicken threat detection, response, and cyber risk management. With its cutting-edge capabilities, the platform is intended to offer a unified and integrated approach to threat detection, investigation, and response, revolutionizing cyber resilience.

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Key Segments -

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

Key highlights covered in the report -

1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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