Security Analytics Market 2024-2032 By Applications, Types And Top Key Players: Cisco Systems, Inc., Hewlett Packard Enterprise Development LP

The global security analytics market size was USD 13.90 Billion in 2022 and is expected to register a steady revenue CAGR of 12.1% during the forecast period, according to latest analysis by Emergen Research. Rising demand for future intrusion prevention and Internet penetration, accelerating adoption of Internet of Things (IoT) and cloud computing, and increasing number of connected devices are key factor driving market revenue growth.

Security analytics uses big data analytics and Machine Learning (ML) to gather, categorize, and analyze data collected from network devices to detect advanced threats. Major advantages of security analytics include quicker response time limits by enabling faster detection and investigation processes, recognition of new risks, sophisticated threats, and recurring threats, and history identification and tracking of previous cyber-attacks.

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Security analytics solutions combine the capabilities of aggregating, analyzing, and monitoring security-related data across an enterprise network. These solutions provide protection from unauthorized access of robots or various automatic attacks to various Internet applications or services. In addition, major companies are adopting and launching new products in this regard for enhanced security from cyber threats, which is another key factor driving revenue growth of the market.

For instance, on 12 October 2022, Stytch announced the launch of strong CAPTCHA, the first product in a family of security tools to lower online fraud and risk. The software addresses the enormous CAPTCHA fraud issue that harms consumers and undermines the reputations of online merchants, financial services providers, and other businesses. Moreover, government initiatives towards the protection of the digital ecosystem is also expected to drive market revenue growth during the forecast period. For instance, on 2 March 2023, the U.S. government announced the National Cybersecurity Strategy to ensure the total advantages of a secure and safe digital ecosystem for its citizens.

However, cutting-edge and complex solutions used by attackers to breach security is a key factor, which could restrain market revenue growth. The government regulations combined with increasing Internet usage are sidelined by hackers resulting in huge losses incurred by many organizations due to cyberfraud and hack of their data systems. In addition, lack of business, paucity of qualified security analysts, and ignorance of sophisticated targeted attacks are other key factors, which could restrain market revenue growth.

Some Key Highlights From the Report

• The solution accounted for largest revenue share in the global security analytics market in 2022. This is due to increasing customer reliability, protection of sensitive data, ease of business growth and continuity, threat identification and subsequent response addressing, intellectual property protection, and improved competitive edge.

• The recent evolution of Security Information and Event Management (SIEM) offers threat detection in advance, centralized reporting, and information for reporting compliance and real-time incident response. In addition, these services also enable threat detection from unrecorded problems by analyzing massive amounts of data to uncover hidden inconsistency, trends, and defrauding practices, as well as compliance reporting. As a result, large corporations are improving and altering Security Information and Event Management (SIEM) systems to better meet the needs of their customers. For instance, on 27 April 2023, ManageEngine announced the debut of Managed Security Service Provider (MSSP) version of Log360 Cloud, a cloud-based SIEM platform.

• The cloud segment is expected to register steadily fast revenue growth rate in the global security analytics market during the forecast period. This is because cloud computing provides reliability, agility, cost reduction, efficiency, scalability, safety, and enhanced visibility. In addition, combination of cloud storage and security analytics allows enterprises for enhancement in investment in devoted hardware and reduced administrative and capital expenses. Moreover, cloud security analytics offers increased visibility to cloud platforms and solutions by proper assessment of events for threat detection in advance. Furthermore, cloud security analytics provide enhanced scalability, agility, data security, and competitive edge, proper compliance of functional issues.

• The web security analytics segment is expected to account for significantly large revenue share in the global security analytics market during the forecast period. This is because web security analytics protect user information, increase return on investment, improve website validation, search engine optimization, and Google ranking. In addition, major corporations are introducing cutting-edge solutions to improve customer service with the use of digital twins. For instance, on 9 February 2023, Hitachi, Ltd. developed Security Digital Twin (SDT) technology to aid in the preparation of security corrective initiatives that guarantee business continuity, allowing customers to locate high-risk susceptibility, and suggest various effective security solutions in advance prior to implementing these security countermeasures in an OT system.

• The North America market accounted for largest revenue share in the global security analytics market in 2022. This is attributed to various strategic initiatives implemented by major market companies in this region and rapid adoption of new technologies and advancement along with the launch of products for increasing the security and efficiency of working. For instance, on 25 March 2021, Threat Stack, the pioneer in infrastructure and application cloud security and compliance announced the launch of the Threat Stack Cloud Security Platform that provided new security analytics and enabled organizations to proactively review and upgrade their security posture by swiftly accessing, filtering, and visualizing security data.

• Some major companies in the global market report include Cisco Systems, Inc., Hewlett Packard Enterprise Development LP, Broadcom, McAfee, LLC, Splunk Inc., RSA Security LLC, LogRhythm, Inc., Huntsman, Fortinet, Inc., and Forcepoint.

• On 5 January 2023, LogRhythm, the business that enables security teams to confidently manage the ever-changing threat landscape, announced a number of expanded capabilities and connectors for its security operations solutions. Following the October release of LogRhythm Axon, a revolutionary cloud-native security operations platform, the firm is providing new visualizations and advanced analytics that provide seamless visibility into potential security issues.

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Emergen Research has segmented the global security analytics market on the basis of component, deployment, organization size, application, industry, and region:

• Component Outlook (Revenue, USD Billion; 2019-2032)
o Platform
o Services
1. Professional Services
2. Consulting Services
3. Maintenance and Support

• Deployment Mode Outlook (Revenue, USD Billion; 2019-2032)
o On-Premise
o Cloud

• Organization Size Outlook (Revenue, USD Billion; 2019-2032)
o Large Enterprises
o Small and medium-scale enterprises

• Application Outlook (Revenue, USD Billion; 2019-2032)
o Web Security
o Network Security
o Endpoint Security
o Application Security
o Others (Content Security, ICS Security, Database Security, Cloud Security)

• End-Use Outlook (Revenue, USD Billion; 2019-2032)
o Media & Entertainment
o IT & Telecommunication
o BFSI
o Healthcare
o Retail and E-Commerce
o Others (Automobile, Government and Education)

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
o Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. Benelux
7. Russia
8. Rest of Europe
o Asia Pacific
1. China
2. Japan
3. South Korea
4. India
5. ASEAN Countries
6. Oceania
7. Rest of APAC
o Latin America
1. Brazil
2. Mexico
3. Rest of LATAM
o Middle East & Africa
1. GCC Countries
2. Israel
3. Turkey
4. South Africa
5. Rest of MEA

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