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Prescriptive Security is a fusion of processes designed and technology that helps in reducing the efforts and time needed to respond and detect to cyber security incidents and threats. In addition, prescriptive security uses artificial intelligence (AI) and automation technologies. The increasing banking, financial services and insurances (BFSI) sector, growing investment in cyber security and increased security threats and safety concerns has accelerated the adoption of prescriptive security across various industries.
The prescriptive security market is witnessing the significant growth due to rising cybercriminal activities and cyberattacks and the growing concern towards safety of financial institutions. Further, the rapid digitization across the globe help in accelerating the prescriptive security market. Prescriptive technology helps in identifying and reacting to threats before they occur. In addition, it is based on subjective and objective prioritized and indicators to address security vulnerabilities based on prevalence and severity. SAFECode’s “Fundamental Practices for Secure Software Development Lifecycle (SDL), Microsoft Security Development Lifecycle1 (SDL) and Adobe Systems’ Secure Product Lifecycle (SPLC) are some of the prescriptive methods used nowadays, these methods of safety uses big data analytics and automation to detect security events more precisely.
The outbreak of COVID 19 has positively impacted the prescriptive market as the companies shifted towards digital technology and remote working policies. Further, for safety of the data, companies are taking measures such as network security this would create the demand for prescriptive solutions and help in boosting the growth of the market.
Key Market Driver -
• Increasing safety concern and security threats are expected to boost the growth of prescriptive market. • Adoption of advanced technologies that helps in identifying and reacting to the threats before they occur is anticipated to fuel the growth of the market.
Key Market Restraint -
• Rules and regulation imposed by the government mandating prescriptive standards for all market players is anticipated to restrict the growth of the market. • High cost of prescriptive security systems is expected to hinder the growth of the market.
Major companies operating in prescriptive security market includes ATOS, NEC Corporation, ESRI, Hexagon, Nice Systems Ltd., Skybox Security, Cisco System Inc., SAS Institute Inc., IBM Corporation, SAP ERP, Splunk Inc., and Verint Systems Inc., among others.
The companies providing workplace as a service solution are adopting effective business strategies such as investment in R&D, acquisition, joint venture, collaborations, mergers etc., to enhance their market presence. For instance, in June 2021, Skybox Security launched new vulnerability prioritization capabilities with prescriptive remediation analysis. This will help the companies in reducing the cybersecurity attacks, remediation across complex hybrid environment and automate risk scoring.
North America is expected to have significant growth due to the increase deployment digitization in businesses and rising adoption bring your own device (BYOD) trends. Further, enterprise in the region are looking for data security measures and strategies. Prescriptive security consists of strategies such as identification and detection of cyberattacks and cybercrime, responding, and recovering the data, these measures and strategies helps in safeguarding the data while remote work and helps in driving the market growth.
Asia Pacific is expected to have the fastest growth in the market due to mobile workforce expansion, promoted by the increase adoption of mobile gadgets. Further, SMEs in the region are adopting prescriptive security solutions to safeguard their sensitive and important business data from, misuse of data, and cyber threats. Countries in Asia Pacific such as Japan, China, and India are widely adopting encryption technologies to protect their data that further helps in the growth of the market.
Europe is also witnessing significant growth due to expansion of SMEs in the region and the adoption of prescriptive security by banking and finance sector as they are major victims of cybercrime and data loss, this create high demand for prescriptive security across the region and aid to market growth. Middle East and Africa are expected to have significant growth as the region is adopting digital technologies across all the sectors that generate a huge amount of data that need to be safeguard, this in return create high demand for prescriptive security and helps driving the market.
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