Feb 24, 2020   SOURCE: PR NewsWire

$18.1 Bn Security Analytics Market Outlook, 2020-2024 - Market Dynamics, Industry Trends, Use Cases, Regulatory Implications, Company Profiles

DUBLIN, Feb. 24, 2020 /PRNewswire/ -- The "Security Analytics Market by Application (Web Security, Network Security, Endpoint Security, and Application Security Analytics), Component, Deployment Mode, Organization Size, Industry Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

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The global security analytics market is projected to grow from USD 7.8 billion in 2019 to USD 18.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.2% during the forecast period.

Major vendors include IBM (US), Cisco (US), Splunk (US), RSA (US), FireEye (US), HPE (US), McAfee (US), Symantec (US), LogRhythm (US), Huntsman Security (Australia), Securonix (US), Gurucul (US), Juniper Networks (US), Hillstone Networks (China), Exabeam (US), Rapid7 (US), Alert Logic (US), Forcepoint (US), Assuria (UK), and Haystax (US). The study included an in-depth competitive analysis of these key players with their company profiles, recent developments, and key growth strategies adopted by them.

Growing demand to discover threat patterns, prioritization of network-based threats with actionable intelligence to avert data losses, and prevention of onward intrusion

Security analytics solutions have expanded from rules-based detection to data science methods, such as Machine Learning (ML) and Artificial Intelligence (AI). This is in response to environmental factors, such as growing data volumes, infrastructure complexity, and the scarcity of skilled security professionals. Effective threat management requires security teams to combine security analytics with the abundance of machine-generated data that is prevalent in most enterprise environments.

Tools, such as network traffic analysis, endpoint detection, Security Information and Event Management (SIEM), and User Behaviour Analytics (UBA) harvest this data and reveal who is doing what in the Information Technology (IT) environment, and when, and how they are doing it.

Security analytics involves the collection, normalization, and analysis of data generated throughout the network. This means real-time data monitoring, actions taken by all users, applications, and systems connected to the network, placing those actions in the context of expected behavior, and sifting out suspicious or unexpected behavior that could indicate the exploitation of a security vulnerability. It further helps organizations by raising alerts on incidents that require further investigation so that solutions can be adopted in a timely and efficient manner. Therefore, security analytics is the key to gain actionable insights from raw information.

Security analytics helps guide professionals to see where real-world threat vectors are originating from and can help prioritize the order in which the infrastructure and code are patched and hardened. Security analytics demonstrate the patterns of attempts and the patterns of successful actions, which offer professionals the opportunity to use the intelligence to defend and/or honey-pot attacks.

On-premises deployment mode to witness higher growth rate during the forecast period

On-premises deployment is the traditional approach to implement security analytics solutions across enterprises. On-premises solutions provide organizations with full control over all platforms and systems, which can be handled and managed by their own Information Technology (IT) staff. When data centers are housed onsite, applications handling data can be improved by adding new security updates that verify new virus signatures and provide countermeasures to deal with them. On-premises deployment remains the most flexible option, with respect to customization and analytics of data.

The government and defense and Banking, Financial Services and Insurance (BFSI) sectors are likely to prefer on-premises security because they cannot risk losing sensitive data, financial records, accounting information, and money transfers. Security analytics solutions provide visibility at the on-premises endpoints and perform dynamic behavioral analytics on them. The major providers of on-premises-based endpoint security solutions are IBM, Cisco, and Splunk.

By vertical, the banking, financial services and insurance segment to record the highest growth rate during the forecast period

Banking, Financial Services and Insurance (BFSI) is an industry term for commercial banks, insurance institutes, and non-banking financial organizations that provide financial products and services. Service providers are expanding their offerings to maintain a competitive edge in the market, save costs, and improve customer experience with value-added services. BFSI and other financial institutions are upgrading cybersecurity solutions to protect the industry's employees, customers, assets, offices, branches, and operations, and to optimize against internal and external threats. The critical data, database, applications, and servers are under constant risk of being breached by attackers.

The rise in the use of smart banking, internet banking, and mobile banking requires security analytics to be embedded in every micro and macro component of information systems in the BFSI sector. Employees and customers in financial institutions are demanding the convergence of various security solutions to design an integrated environment for secure and faster access to information, whenever and wherever required. Thus, banks need a multilayered security approach to deliver an authenticated and authorized experience to customers.

Rise in the adoption of Bring Your Own Device (BYOD) trend, work from home, cloud storage data leaks, and fragile data center security have increased attacks on the BFSI infrastructure. Various government mandates, such as Personal Information Protection and Electronic Documents Act (PIPEDA), along with standards, including Payment Card Industry Data Security Standard (PCI DSS) and Sarbanes Oxley Act (SOX), require financial institutions to ensure endpoint security. An increase in Internet of Things (IoT) usage, sophisticated attacks, and enforcement of regulatory compliances are some of the drivers for the growth of the security analytics market in the BFSI sector.

The large enterprise segment to hold a larger market size during the forecast period

Enterprises with more than 1,000 employees are considered large enterprises. Large enterprises are one of the early adopters of security analytics solutions. They are faced with the troublesome task of effectively managing security on the diverse nature of IT infrastructure spread across the enterprise, most complex in nature.

In addition to this, with the technological innovations and the rapid adoption of the BYOD culture, enterprises now not only have to protect the endpoints that are physically connected to enterprise networks but also have to manage their systems and endpoints that are interconnected to the enterprise network from a remote location. With the rising number of sophisticated attacks and to have a view of when and how end users are using the corporate data, the demand for security analytics solutions is on the rise in large enterprises.

Asia Pacific to record the highest growth during the forecast period

The Asia Pacific (APAC) region comprises emerging economies, such as India, China, Australia, Hong Kong, and Japan. Rapid economic developments in the region; globalization; favorable government policies, such as encouragement to foreign direct investments and increasing digitalization with interest toward technologies, such as Business Intelligence (BI), big data, and Internet of Things (IoT) are fueling the adoption of digital solutions across enterprises.

Countries across this region are flooded with a large number of Small and Medium-sized Enterprises (SMEs), which account for the employment of more than 70% of the population. The huge cost associated with the successful deployment of adaptive security projects is restricting such SMEs from adopting a strong security analytics practice. However, factors such as continual growth in the mobile workforce, increasing complexity of businesses, and the unregulated nature of the internet are now expected to push such SMEs into adopting various security analytics solutions that combat advanced threats.

Security spending in the APAC region is increasing significantly due to the ever-growing threat landscape. Traditional methods are no longer adequate to manage and mitigate advanced cyberattacks. Hence, security analytics vendors in this region are focusing on innovating their product line. They are developing pioneering security analytics products and technologies, enhancing features and functionalities of the existing security products, and integrating the traditional security solutions with the advanced technologies to offer comprehensive security analytics platforms.

With the increasing number of cyberattacks and the growing cyber war between organizations and hackers, organizations and governments in the region are becoming aware of the need for robust cyber defense; hence, organizations have started adopting proactive security analytics solutions to combat cybersecurity issues.

Market Dynamics

Drivers

    --  Demand to Discover Patterns, Prioritization of Network-Based Threats
        with Actionable Intelligence to Avert Data Losses, and Prevention of
        Onward Intrusion
    --  Increasing Focus on Maintaining Regulatory Compliance

Restraint

    --  Lack of Automation

Opportunities

    --  Big Data Analytics and Cloud Infrastructure to be Imperative for
        Security Analytics Solutions Going Forward
    --  The Necessity of a Balanced Security Approach

Challenge

    --  Lack of End-user Knowledge About Advanced Threats

Industry Trends (Use Cases)

    --  To Proactively Detect and Prevent Cyberattacks
    --  To Increase Visibility Over Network and Fix the Inability to Resolve
        Security Incidents Quickly
    --  To Improve Security Operations in a Global Healthcare Provider

Regulatory Implications

    --  General Data Protection Regulation
    --  Sarbanes-Oxley Act of 2002
    --  Basel
    --  Governance, Risk, and Compliance
    --  European Union Data Protection Regulation
    --  Health Information Technology for Economic and Clinical Health Act
    --  Health Insurance Portability and Accountability Act

Companies Profiled 

    --  IBM
    --  Cisco
    --  Splunk
    --  RSA
    --  FireEye
    --  HPE
    --  McAfee
    --  Symantec
    --  LogRhythm
    --  Fortinet
    --  Huntsman Security
    --  Securonix
    --  Gurucul
    --  Juniper Networks
    --  Hillstone Networks
    --  Exabeam
    --  Rapid7
    --  Alert Logic
    --  Forcepoint
    --  Assuria
    --  Haystax

For more information about this report visit https://www.researchandmarkets.com/r/kfydpc

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