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The global security analytics market size is forecasted to reach USD 28.55 billion by 2027 owing to increasing vulnerability of web services to cyber-attacks, states Fortune Business Insights™ in its new report, titled “Security Analytics Market Size, Share & Industry Analysis, By Component (Solutions, and Services), By Application (Network Security Analytics, Web Security Analytics, Endpoint Security Analytics, and Application Security Analytics), By Vertical (BFSI, Government and Defense, IT and Telecommunication, Manufacturing, Healthcare, Energy and Utilities, and Others), and Regional Forecast, 2020-2027”. The report further states that the market value was at USD 5.05 billion in 2019 and is expected to exhibit an impressive CAGR of 24.3% from 2020 to 2027.
McAfee Launches Integrated Security Solution for Cloud
McAfee, the US-based computer security company, introduced advancements to its trusted cloud-based MVISION platform in the form of Unified Cloud Edge (UCE) in February 2020. The new addition will enable a well-integrated tool for data protection from various threats for both the device and the cloud. The launch of the UCE makes McAfee the only company to offer a unified security analytics solution, which will also facilitate smooth adoption of Secure Access Service Edge architecture among organizations. Together, these solutions will raise the security quotient and at the same time, make cyber-security technologies cost-effective and efficient. Thus, development of comprehensive data security solutions by key players will elevate the potential of this market during the forecast period.
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COVID-19 Pandemic to Fuel Adoption of Security Analytics
The unprecedented spread of the COVID-19 infection has created new working trends in the corporate sector. Of these, the most prominent one is that of ‘work from home’, an extension of social distancing measures and a necessity due to enforced lockdowns, wherein employees and employers perform their job duties sitting at home. This has substantially raised the demand for video-conferencing tools such as Zoom and Skype, which are cloud-based applications, designed to enable virtual-visual communication. However, in April 2020, when the Zoom app was already being widely by companies, the Indian Ministry of Home Affairs announced that the app was unsafe and the data generated and stored by it was susceptible to cyber-attacks. This announcement carries weight in these troubled times as the COVID-19 outbreak has provided cyber-criminals the perfect opportunity to harvest data and infringe privacy of users. As a result, the security analytics market growth is set to surge as the pandemic creates chaos around globe.
Strategic Partnerships among Players to Characterize Market Competition
Key players are taking decisive steps to crystallize their position in this market. To that end, many companies are actively and enthusiastically entering into strategic collaborations to explore and exploit different avenues of innovation. Higher innovation capacity will also aid smaller players to widen their offerings and diversify their revenue streams. Moreover, collaborations with larger companies will expand their presence globally, tap new markets, and broaden their customer base.
List of Companies Covered in this Market Report:
Further Report Findings:
Table of Segmentation:
2016 - 2027
2020 - 2027
2016 - 2018
Value (USD billion)