Market Insights

The security analytics market was estimated at USD 14.13 billion in 2022 and is likely to grow at a CAGR of 16.15% during 2023-2028 to reach USD 34.84 billion in 2028.

Market Dynamics

The major factors driving the growth of the security analytics market are-

• Machine Learning and Artificial Intelligence for quick detection – Security analytics solutions have undergone a significant transformation from rule-based detection to higher and more advanced methodologies rooted in data science, including Machine Learning (ML) and Artificial Intelligence (AI). This is in response to growing data volumes, and a lack of skilled professionals. Effective threat management requires a combination of quick and reliable security analytics.
• Rising instances of Cybercrime – Security breaches are increasing due to which, organizations require strict solutions for end-to-end security. Security analytics offers endpoint security with user behavior, external threat alert, etc. to help organizations improve their security. Hence, with the increased usage of technology and the rise in cybercrime rates, the adoption of security analytics solutions is expected to increase.
• Increasing awareness – Organizations are gradually realizing the importance of the security analytics market to give their businesses the ability to foresee any threat and take informed decisions. To serve these purposes, many companies are working towards better security systems. For instance, in May 2023, Amazon announced the general availability of Amazon Security Lake (ASL), which is a purpose-built security data lake that enables customers to aggregate, normalize, and store data. It is a fully managed security data lake service offered by Amazon Web Services. It can enhance security operations, change the economics of data storage, promote the adoption of open cybersecurity schema frameworks, facilitate detection engineering, enable new types of analytics, and serve as a foundation for AI models.

Segment Analysis

Based on the application type, the market is segmented as web security analytics, network security analytics, end-point security analytics, application security analytics, and others. The network security analytics segment held the largest share of the market in 2022 and is expected to remain dominant during the forecast period. Network security analytics collect and analyze different types of network security event information and generate comprehensive security analytic solutions in order to secure the network from advanced threats.

Based on the component type, the market is segmented into solutions and services. The services segment is expected to grow at a higher rate, over the forecast period, owing to the increased rate of security-related instances, demanding organizations to adopt security analytic services in order to address the risks in the constantly evolving global threat landscape. Security vendors assist their customers by offering support for the efficient use and maintenance of security analytic solutions, which constitute the services segment, an integral part of the security analytics market.

Based on the deployment mode type, the market is segmented as cloud and on-premises. The cloud segment is expected to grow at a higher rate, during the forecast period, driven by its advantages such as enabling cost savings by eliminating the need for an Information Technology (IT) staff to manage the software. Monitoring the security system can be done internally or it can be granted to the vendor. As this deployment mode requires low startup costs, it is being used by Small & Medium-Sized Enterprises (SMEs), offering web-based management and enterprise-class protection.

Another factor driving the market for cloud-based security analytic solutions is that it provides scalability and flexibility. The Software-as-a-Service (SaaS) model of deployment is generating demand for cloud-based security analytic solutions, further fueling the market growth.

In terms of regions, North America is estimated to be the largest market during the forecast period, with the USA and Canada being the major countries with lucrative growth opportunities. This growth can be attributed to a large number of security breach incidents, leading to fast technological adoptions, and the presence of a number of leading players in North America. Cybersecurity has been identified by the government as the most serious economic and national security challenge in the region.

The region has experienced tremendous technological growth owing to the emergence of trends such as Bring Your Own Device (BYOD), the Internet of Things (IoT), and the Internet of Everything (IoE). This major trend has, in turn, led to a rise in next-generation threats, added complexities, and increased concerns and vulnerabilities for the existing technological infrastructure in the region. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

Research Methodology

The specific procedures or techniques used to identify, select, and analyse information about the Security Analytics market allows the user to get a sneak peek into the market’s present and future position. The information provided in the report plays a crucial role for the market participants and investors in the identification of the low-hanging fruits available in the market and formulate the growth strategies to expedite their growth process. This report is the outcome of a detailed research methodology comprising broad secondary research, and rigorous primary interviews with industry stakeholders. Several authenticated secondary sources, such as company annual reports, fact books, press releases, and articles have been leveraged to gather the data.

Key Players

Several businesses are actively shifting their strategies with an eye toward stimulating growth, gaining competitive advantage and plugging growing opportunities in this briskly expanding market. Most of these companies are well-diversified and have a good market position with several years of experience. Continuous product development and launching of best-fitting products according to the market needs, and the ability to adapt to the changing business environment have enabled these companies to establish their leadership in the market.

According to this report published by Stratview Research, below given is the list of the key players in the Security Analytics market-

• IBM Corporation, Cisco Systems, Inc.
• Splunk, Inc.
• RSA Security LLC
• FireEye
• HP Enterprise Company
• McAfee LLC
• NortonLifeLock, Inc.
• LogRhythm, Inc.
• Huntsman Security
• Securonix, Inc.
• Gurucul
• Juniper Networks, Inc.
• Hillstone Networks Co Ltd
• Exabeam, Inc.
• Rapid7
• Alert Logic
• Forcepoint, Assuria Ltd, and
• Haystax Technology, Inc.

What to expect from this report?

The report structure has been kept such that it offers maximum business value to the user. It provides vital insights into the market dynamics and enables strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

-        Market structure: Overview, industry life cycle analysis, supply chain analysis.

-        Market environment analysis: Growth drivers and constraints.

-        Market trend and forecast analysis, Market segment trend.

-        Competitive landscape and dynamics: Market shares, Product portfolios, New Product Launches, etc.

-        Attractive market segments and associated growth opportunities.

-        Emerging trends and Key success factors.

-        Strategic growth opportunities for the existing and new players.

Critical Questions Answered in the Report

l  What are the key trends in the Security Analytics market?

l  How the market has grown in the last five years and what would be the growth rate in the next five years?

l  What is the impact of COVID-19 on Security Analytics market?

l  What are the key strategies adopted by the major vendors to lead in Security Analytics market?

l  What is the market share of the top vendors?

Customisation of this study-

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sales@stratviewresearch.com.

About Stratview Research

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